<SEC-DOCUMENT>0001571049-15-005763.txt : 20150722
<SEC-HEADER>0001571049-15-005763.hdr.sgml : 20150722
<ACCEPTANCE-DATETIME>20150722092329
ACCESSION NUMBER:		0001571049-15-005763
CONFORMED SUBMISSION TYPE:	10-K
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20150430
FILED AS OF DATE:		20150722
DATE AS OF CHANGE:		20150722

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VALUE LINE INC
		CENTRAL INDEX KEY:			0000717720
		STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
		IRS NUMBER:				133139843
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			0430

	FILING VALUES:
		FORM TYPE:		10-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-11306
		FILM NUMBER:		15999167

	BUSINESS ADDRESS:	
		STREET 1:		485 LEXINGTON AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017-2630
		BUSINESS PHONE:		212 907-1500

	MAIL ADDRESS:	
		STREET 1:		485 LEXINGTON AVENUE
		STREET 2:		9TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10017-2630
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-K
<SEQUENCE>1
<FILENAME>t82773_10k.htm
<DESCRIPTION>FORM 10-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">



<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 4pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="text-align: center; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="text-align: center; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in">&nbsp;</P>

<P STYLE="text-align: center; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">UNITED
STATES</FONT></P>

<P STYLE="text-align: center; text-indent: -0.5in; margin: 0pt 0 0pt 0.5in"></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Washington, D.C. 20549</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>FORM 10-K</B></FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Mark One)</FONT></P>

<P STYLE="margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9746;</B></FONT></TD>
    <TD STYLE="width: 98%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ANNUAL REPORT PURSUANT TO SECTION 13 OR 15
    (d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the fiscal year ended April <U>30, 2015</U></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">or</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&#9744;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
    EXCHANGE ACT OF 1934</B></FONT></TD></TR>
</TABLE>


<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the transition period from ____________________________________<B>_
</B>to __________________________________</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0"></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Commission file number: <U>0-11306</U></FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;<IMG SRC="t82773001_v1.jpg" ALT="(VALUE LINE LOGO)"></FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 10%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD NOWRAP STYLE="width: 100%; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VALUE
    LINE, INC.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white">
<TR>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Exact name of registrant
    as specified in its charter)</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 24%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
    York</FONT></TD>
    <TD STYLE="width: 22%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 22%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;13-3139843</FONT></TD>
    <TD STYLE="width: 22%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(State or other jurisdiction
    of incorporation or organization)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(I.R.S. Employer Identification
    No.)</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">485
    Lexington Avenue, New York, New York</FONT></TD>
    <TD STYLE="width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 21%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10017-2630</FONT></TD>
    <TD STYLE="width: 21%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;(Address of principal
    executive offices)&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Zip Code)</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Registrant&rsquo;s
telephone number, including area code&nbsp;&nbsp;<U>(212) 907-1500</U></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities
registered pursuant to Section 12(b) of the Act:&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white">
<TR>
    <TD STYLE="width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common
    Stock, $0.10 par value</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    NASDAQ  Capital Market</FONT></TD>
    <TD STYLE="width: 16%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Title of class)</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name
    of each exchange on which registered)</FONT></TD></TR>
</TABLE>


<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Securities registered pursuant
to Section 12 (g) of the Act: None</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &#9744; Yes &#9746;
&nbsp;No</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; margin-bottom: 0; margin-left: 0in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate
by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. &#9744; Yes
&#9746; &nbsp;No</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the </FONT>Securities
Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such
reports), and (2) has been subject to such filing requirements for the past 90 days.</P>

<P STYLE="margin: 0pt 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9746; &nbsp;Yes &#9744; &nbsp;No</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check mark whether
the registrant has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required
to be submitted and posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during the preceding 12 months
(or for such shorter period that the registrant was required to submit and post such files).</FONT></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9746; &nbsp;Yes &#9744;  No</FONT></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check mark if
disclosure of delinquent filers pursuant to Item 405 of Regulations S-K (&sect;229.405 of this chapter) is not contained herein,
and will not be contained, to the best of registrant&rsquo;s knowledge, in definitive proxy or information statements incorporated
by reference in Part III of this Form 10-K or any amendment to this Form 10-K.</FONT></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9746; </FONT></P>

<P STYLE="margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See
definition of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; and &ldquo;smaller reporting company&rdquo;
in Rule 12b-2 of the Exchange Act. (Check one):</FONT></P>

<P STYLE="text-indent: 0.25in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 24%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Large accelerated filer &#9744;</FONT></td>
    <TD STYLE="width: 22%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accelerated filer &#9744;</FONT></td>
    <TD STYLE="width: 25%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-accelerated filer &#9746; </FONT></td>
    <TD STYLE="width: 29%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Smaller reporting company &#9744;</FONT></td>
    </tr>
</table>
<P STYLE="text-indent: 0.25in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Indicate by check mark whether
the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes &#9744;&nbsp;No &#9746; </FONT></P>

<P STYLE="text-indent: 0.25in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
aggregate market value of the registrant&rsquo;s voting and non-voting common stock held by non-affiliates at October 31, 2014
was $18,406,297.</FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There were 9,803,261 shares
of the registrant&rsquo;s Common Stock outstanding at June 30, 2015.</FONT></P>

<P STYLE="text-indent: 0.25in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">DOCUMENTS INCORPORATED BY
REFERENCE</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Portions of the registrant&rsquo;s
Proxy Statement relating to the registrant&rsquo;s 2015 Annual Meeting of Shareholders, to be held on&nbsp;</U></FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>September 29, 2015, are
incorporated by reference into Part III of this Annual Report on Form 10-K where indicated.</U>&nbsp;</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="text-align: center; margin: 0pt 0"></P>

<P STYLE="text-align: center; margin: 0pt 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: center; margin: 0pt 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><IMG SRC="t82773001_v1.jpg" ALT="(VALUE LINE LOGO)"></FONT></P>

<P STYLE="text-align: center; margin: 0pt 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; margin: 0pt 0; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><U>TABLE
OF CONTENTS&nbsp;</U></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<tr style="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 85%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td colspan="9" style="text-align: center; text-indent: -10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART&nbsp;I</B></FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;1</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Business</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;1A</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Risk Factors</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;1B</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unresolved Staff Comments</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;2</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Properties</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;3</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Legal Proceedings</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;4</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mine Safety Disclosures</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="9"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td colspan="9" style="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART&nbsp;II</B></FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;5</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market for Registrant&rsquo;s Common
    Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;6</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Selected Financial Data</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;7</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management&rsquo;s Discussion and
    Analysis of Financial Condition and Results of Operations</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;7A</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quantitative and Qualitative Disclosures
    About Market Risk</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;8</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Statements and Supplementary
    Data</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;9</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes in and Disagreements with
    Accountants on Accounting and Financial Disclosure</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;9A</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Controls and Procedures</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;9B</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other Information</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">43</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="9"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td colspan="9" style="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART&nbsp;III</B></FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;10</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Directors, Executive Officers, and
    Corporate Governance&nbsp;&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;11</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive Compensation</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;12</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Security Ownership of Certain Beneficial
    Owners and Management and Related Stockholder Matters</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;13</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certain Relationships and Related
    Transactions and Director Independence</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;14</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Principal Accounting Fees and Services</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: bottom; background-color: white">
    <td colspan="9"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
<tr style="vertical-align: top; background-color: white">
    <td colspan="9" style="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>PART&nbsp;IV</B></FONT></td></tr>
<tr style="background-color: white">
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item&nbsp;15</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits and Financial Statement
    Schedules</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD NOWRAP STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48</FONT></td>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td></tr>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line, the Value Line
logo, The Most Trusted Name In Investment Research, &ldquo;Smart research. Smarter investing&rdquo;, The Value Line Investment
Survey, Value Line Select, The Value Line Special Situations Service, Timeliness and Safety are trademarks or registered trademarks
of Value Line Inc. and/or its affiliates in the United States and other countries. All other trademarks are the property of their
respective owners.</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cautionary Statement Regarding Forward-Looking
Information</B></FONT></P>

<P STYLE="margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
report contains statements that are predictive in nature, depend upon or refer to future events or conditions (including certain
projections and business trends) accompanied by such phrases as &ldquo;believe&rdquo;, &ldquo;estimate&rdquo;, &ldquo;expect&rdquo;,
&ldquo;anticipate&rdquo;, &ldquo;will&rdquo;, &ldquo;intend&rdquo; and other similar or negative expressions, that are &ldquo;forward-looking
statements&rdquo; as defined in the Private Securities Litigation Reform Act of 1995, as amended. Actual results for Value Line,
Inc. (&ldquo;Value Line&rdquo; or &ldquo;the Company&rdquo;) may differ materially from those projected as a result of certain
risks and uncertainties, including but not limited to the following:</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<tr style="vertical-align: top">
    <TD STYLE="width: 6%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD STYLE="width: 4%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="width: 90%; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">maintaining revenue from subscriptions for the
    Company&rsquo;s digital and print published products;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">changes in market and economic conditions, including global financial
    issues;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">protection of intellectual property rights;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">dependence on non-voting revenues and non-voting profits interests
    in EULAV Asset Management, a Delaware statutory trust (&ldquo;EAM&rdquo; or &ldquo;EAM Trust&rdquo;), which serves as the
    investment advisor to the Value Line Funds and engages in related distribution, marketing and administrative services;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">fluctuations in EAM&rsquo;s assets under management due to broadly
    based changes in the values of equity and debt securities, redemptions by investors and other factors, and the effect these
    changes may have on the valuation of EAM&rsquo;s intangible assets;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">dependence on key personnel;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">competition in the fields of publishing, copyright data and investment
    management;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the impact of government regulation on the Company&rsquo;s and
    EAM&rsquo;s businesses;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">availability of free or low cost investment data through discount
    brokers or generally over the internet;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">terrorist attacks, cyber attacks and natural disasters;</FONT></td></tr>
<tr style="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></td>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></td>
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">other risks and uncertainties, including but not limited to the
    risks described in Item 1A, &ldquo;Risk Factors&rdquo; herein; and other risks and uncertainties arising from time to time.</FONT></td></tr>
</table>
<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">These
factors are not necessarily all of the important factors that could cause actual results to differ materially from those expressed
in any of our forward-looking statements. Other unknown or unpredictable factors which may involve external factors over which
we may have no control or changes in our plans, strategies, objectives, expectations or intentions, which may happen at any time
at our discretion, could also have material adverse effects on future results. Except as otherwise required to be disclosed in
periodic reports required to be filed by public companies with the SEC pursuant to the SEC&rsquo;s rules, we have no duty to update
these statements, and we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result
of new information, future events or otherwise. In light of these risks and uncertainties, current plans, anticipated actions,
and future financial conditions and results may differ from those expressed in any forward-looking information contained herein.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Explanatory
Notes</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">References
in this Annual Report on Form 10-K for the fiscal year ending April 30, 2015, to &ldquo;the Company&rdquo;, &ldquo;Value Line&rdquo;,
&ldquo;we&rdquo;, &ldquo;us&rdquo; and &ldquo;our&rdquo; refer to Value Line, Inc. and its consolidated subsidiaries, unless the
context otherwise requires. In addition, unless the context otherwise requires, references to:</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;fiscal
2015&rdquo; are to the twelve month period from May 1, 2014 to April 30, 2015;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;fiscal
2014&rdquo; are to the twelve month period from May 1, 2013 to April 30, 2014;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;fiscal
2013&rdquo; are to the twelve month period from May 1, 2012 to April 30, 2013;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the &ldquo;Adviser&rdquo;
or &ldquo;EAM&rdquo; are to EULAV Asset Management Trust, a Delaware business statutory trust;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the &ldquo;Distributor&rdquo;
or &ldquo;ES&rdquo; are to EULAV Securities LLC, a Delaware limited liability company wholly owned by EAM;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;EAM LLC&rdquo;
are to EULAV Asset Management LLC, a Delaware limited liability company and wholly-owned former subsidiary of the Company, which
prior to the Restructuring Date, was the adviser to the Value Line Funds;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&ldquo;ESI&rdquo;
are to EULAV Securities, Inc., a New York corporation and wholly-owned subsidiary of the Company which, prior to the Restructuring
Date was the distributor of the Value Line Funds;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the &ldquo;EAM
Declaration of Trust&rdquo; are to the EAM Declaration of Trust dated December 23, 2010;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the &ldquo;Restructuring
Date&rdquo; are to December 23, 2010, the effective date of the Restructuring Transaction;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the &ldquo;Restructuring
Transaction&rdquo; are to the restructuring of the Company&rsquo;s asset management and mutual fund distribution businesses whereby
(1) ESI was restructured into ES, (2) the Company transferred 100% of its ownership interest in ES to EAM LLC, (3) EAM LLC was
converted into EAM and (4) the capital structure of EAM was established so that the Company owns only non-voting revenue and non-voting
profits interests of EAM, and each of five individuals owns 20% of the voting profits interests of EAM; and</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the &ldquo;Value
Line Funds&rdquo; or the &ldquo;Funds&rdquo; are to the Value Line Mutual Funds registered under the Investment Company Act of
1940 for which EAM serves (and, prior to the Restructuring Date, EAM LLC served) as investment adviser.</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"></P>

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<P STYLE="text-align: justify; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Part
I</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 1.
BUSINESS.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
Line, Inc. is a New York corporation headquartered in New York City and formed in 1982. The Company&rsquo;s core business is
producing investment periodicals based on underlying research and making available copyright data, including certain
Proprietary Ranking System and other proprietary information, to third parties under written agreements for use in
third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands
including <I>Value Line</I>&reg;<I>, the Value Line </I>logo&reg;, <I>The Value Line Investment Survey</I>&reg;<I>, Smart
Research. Smarter Investing&trade; </I>and <I>The Most Trusted Name in Investment Research</I>&reg;<I>.</I> The name
&ldquo;Value Line&rdquo; as used to describe the Company, its products, and its subsidiaries, is a registered trademark of
the Company. Prior to December 23, 2010, (see &ldquo;Asset Management and Mutual Fund Distribution Businesses&rdquo; below),
the Company provided investment management services to the Value Line Mutual Funds (&ldquo;Value Line Funds&rdquo;),
institutional and individual accounts and provided distribution, marketing, and administrative services to the Value Line
Funds. Since December 23, 2010, EULAV Asset Management Trust (&ldquo;EAM&rdquo;) provides the investment management services
to the Value Line Funds accounts and provides distribution, marketing, and administrative services to the Value Line Funds.
Value Line holds substantial non-voting revenues and non-voting profits interests in EAM.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company is the successor to substantially all of the operations of Arnold Bernhard &amp; Company, Inc. (&ldquo;AB&amp;Co.&rdquo;).
AB&amp;Co. is the controlling shareholder of the Company and, as of April 30, 2015, owns 88% of the outstanding shares of the
common stock of the Company. Jean B. Buttner owns all of the outstanding voting stock of AB&amp;Co.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt/normal Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Asset
Management and Mutual Fund Distribution Businesses</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company completed a restructuring of its asset management and mutual fund distribution businesses (the &ldquo;Restructuring Transaction&rdquo;)
on December 23, 2010 (the &ldquo;Restructuring Date&rdquo;) and executed the EAM Declaration of Trust (the &ldquo;EAM Declaration
of Trust&rdquo;). Pursuant to the EAM Declaration of Trust, the Company received an interest in certain revenues of EAM and a
portion of the residual profits of EAM but has no voting authority with respect to the election or removal of the trustees of
EAM.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
business of EAM is managed by five individual trustees and a Delaware resident trustee (collectively, the &ldquo;Trustees&rdquo;)
and by its officers subject to the direction of the Trustees.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Collectively,
the holders of the voting profits interests in EAM are entitled to receive 50% of the residual profits of the business, subject
to temporary adjustments in certain circumstances. Value Line holds a non-voting profits interest representing 50% of residual
profits, subject to temporary adjustments in certain circumstances, and has no power to vote for the election, removal or replacement
of the trustees of EAM. Value Line also has a non-voting revenues interest in EAM pursuant to which it is entitled to receive
a portion of the non-distribution revenues of the business ranging from 41% at non-distribution fee revenue levels of $9 million
or less to 55% at such revenue levels of $35 million or more. In the event the business is sold or liquidated, the first $56.1
million of net proceeds (the value of the business at the time the Restructuring Transaction was approved as determined by the
directors of Value Line after reviewing a valuation report by the directors&rsquo; financial advisors) plus any additional capital
contributions (Value Line or any holder of a voting profits interest, at its discretion, may make future contributions to its
capital account in EAM), which contributions would increase its capital account but not its percentage interest in operating profits,
will be distributed in accordance with capital accounts; 20% of the next $56.1 million will be distributed to the holders of the
voting profits interests and 80% to the holder of the non-voting profits interests (currently, Value Line); and the excess will
be distributed 45% to the holders of the voting profits interests and 55% to the holder of the non-voting profits interest (Value
Line). EAM has elected to be taxed as a pass-through entity similar to a partnership.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Also,
in connection with the Restructuring Transaction and pursuant to the EAM Declaration of Trust, Value Line (1) granted each Fund
use of the name &ldquo;Value Line&rdquo; so long as EAM remains the Fund&rsquo;s adviser and on the condition that the Fund does
not alter its investment objectives or fundamental policies from those in effect on the date of the investment advisory agreement
with EAM, provided also that the Funds do not use leverage for investment purposes or engage in, short selling or other complex
or unusual investment strategies that create a risk profile similar to that of so-called hedge funds, (2) agreed to provide EAM
its proprietary Ranking System information without charge or expense on as favorable a basis as to Value Line&rsquo;s best institutional
customers and (3) agreed to capitalize the business with $7 million of cash and cash equivalents at inception.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EAM
is organized as a Delaware statutory trust and has no fixed term. However, in the event that control of the Company&rsquo;s majority
shareholder changes, or in the event that the majority shareholder no longer beneficially owns 5% or more of the voting securities
of the Company, then the Company has the right, but not the obligation, to buy the voting profits interests in EAM at a fair market
value to be determined by an independent valuation firm in accordance with the terms of the EAM Declaration of Trust.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
Line also has certain consent rights with respect to extraordinary events involving EAM, such as a proposed sale of all or a significant
part of EAM, material acquisitions, entering into businesses other than asset management and fund distribution, paying compensation
in excess of the mandated limit of 22.5%-30% of non-distribution fee revenues (depending on the level of such revenues), declaring
voluntary bankruptcy, making material changes in tax or accounting policies or making substantial borrowings, and entering into
related party transactions. These rights were established to protect Value Line&rsquo;s non-voting revenues and non-voting profits
interests in EAM.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>A.
&nbsp;&nbsp;Investment Related Periodicals &amp; Publications</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
investment periodicals and related publications offered by Value Line Publishing LLC (&ldquo;VLP&rdquo;), a wholly-owned entity
of the Company, cover a broad spectrum of investments including stocks, mutual funds, ETFs, options and convertible securities.
The Company&rsquo;s periodicals and related publications and services are of interest to individual and professional investors,
as well as to institutions including municipal and university libraries and investment firms.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 -20pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 -20pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;The
services generally fall into four categories:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Comprehensive
                                         reference periodical publications</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Targeted,
                                         niche periodical newsletters</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
                                         analysis software</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current
                                         and historical financial databases </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
comprehensive research services (<I>The Value Line Investment Survey, The Value Line Investment Survey - Small and Mid-Cap, The
Value Line 600,</I> and <I>The Value Line Fund Advisor Plus</I>) provide both statistical and text coverage of a large number
of investment securities, with an emphasis placed on Value Line&rsquo;s proprietary research, analysis and statistical ranks.
<I>The Value Line Investment Survey</I> is the Company&rsquo;s flagship service, published each week and covering approximately
1,700 stocks.</FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
niche newsletters (<I>Value Line Select</I>&reg;, <I>Value Line Select: Dividend Income &amp; Growth</I>, and <I>The Value Line
Special Situations Service</I>&reg;) provide information on a less comprehensive basis for securities that the Company believes
will be of particular interest to subscribers. These services also make use of Value Line&rsquo;s proprietary statistical ranks.
<I>Value Line Select</I>&reg;&nbsp;is a targeted service with an emphasis on Value Line&rsquo;s&nbsp;proprietary in-depth research
analysis and statistical selections trended toward an investor&rsquo;s specialized investment style.&nbsp;&nbsp;<I>Value Line
Select: Dividend Income &amp; Growth</I>&nbsp;represents Value Line&rsquo;s targeted coverage of high dividend yielding stocks. <I>The
Value Line Special Situations Service</I>&reg; provides in-depth research analysis on small and mid-cap stocks.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; text-align: justify; text-indent: 0.5in; margin-right: 0; margin-left: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
Line offers digital versions of most of its products through the Company&rsquo;s website, www.valueline.com. Subscribers to the
print versions have, in some cases, received free access to the corresponding digital versions, although digital subscribers do
not receive a free print edition. The most comprehensive of the Company&rsquo;s online efforts are <I>The Value Line Research
Center </I>and its variations, which allow subscribers to access most of the Company&rsquo;s research and publications at a packaged
price via the Internet.</FONT></P>



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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
analysis software (<I>The Value Line Investment Analyzer</I> and <I>The Value Line</I> <I>Mutual Fund Survey for Windows&reg;</I>)
includes data sorting and filtering tools. In addition, for institutional and professional subscribers, VLP offers current and
historical financial databases (<I>DataFile, Estimates &amp; Projections, Convertibles</I> and <I>Mutual Funds</I>) via online.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;The
print and digital services include, but are not limited to the following:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The Value
Line Investment Survey </I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Investment Survey</I> is an investment periodical research service providing both timely articles on economic, financial
and investment matters and analysis and ranks for equity securities. Two of the evaluations for covered equity securities are &ldquo;Timeliness&trade;&rdquo; and &ldquo;Safety&trade;.&rdquo; &ldquo;Timeliness&rdquo; Ranks relate to the probable relative price
performance of one stock over the next six to twelve months, as compared to the rest of the approximately 1,700 stocks covered.
Ranks are updated each week and range from Rank 1 for the expected best performing stocks to Rank 5 for the expected poorest performers. &ldquo;Safety&rdquo; Ranks are a measure of risk and are based on the issuer&rsquo;s relative financial strength and its stock&rsquo;s price
stability. &ldquo;Safety&rdquo; ranges from Rank 1 for the least risky stocks to Rank 5 for the riskiest. VLP employs analysts and
statisticians who prepare articles of interest for each periodical and who evaluate stock performance and provide future earnings
estimates and quarterly written evaluations with more frequent updates when relevant. <I>The Value Line Investment Survey</I>
is comprised of three parts: The &ldquo;<I>Summary &amp; Index</I>&rdquo; provides updated Timeliness and Safety Ranks, selected
financial data, and &ldquo;screens&rdquo; of key financial measures; the &ldquo;<I>Ratings &amp; Reports</I>&rdquo; section contains
updated reports on about 130 stocks each week; and the &ldquo;<I>Selection &amp; Opinion</I>&rdquo; section provides economic
commentary and data, general interest articles, and four model portfolios managed by analysts covering a range of investment approaches.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Investment Survey - Small and Mid-Cap </I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Investment Survey - Small and Mid-Cap</I> is an investment research product introduced in 1995 that provides short
descriptions of and extensive data for approximately 1,800 small and medium-capitalization stocks, many listed on The NASDAQ Exchange,
beyond the approximately 1,700 equity securities of generally larger-capitalization companies covered in <I>The Value Line Investment
Survey</I>. Like <I>The Value Line Investment Survey</I>, the <I>Small and Mid-Cap</I> has its own &ldquo;<I>Summary &amp; Index</I>&rdquo;
providing updated performance ranks and other data, as well as &ldquo;screens&rdquo; of key financial measures and two model portfolios.
The &ldquo;<I>Ratings and Reports</I>&rdquo; section, providing updated reports on about 140 equity securities each week, has been
organized to correspond closely to the industries reviewed in <I>The Value Line Investment Survey</I>. One unique feature of the
<I>Small and Mid-Cap</I> is The Performance Ranking System, which incorporates many of the elements of the Value Line Timeliness
Ranking System, modified to accommodate the approximately 1,800 equity securities in the <I>Small and Mid-Cap Survey</I>. The
Performance Rank is based on earnings growth and price momentum, and is designed to predict relative price performance over the
next six to twelve months. The principal differences between the <I>Small and Mid-Cap Survey</I> and <I>The Value Line Investment
Survey</I> are that the <I>Small and Mid-Cap Survey</I> does not include Value Line&rsquo;s Timeliness Ranks, financial forecasts,
analyst commentary, or a <I>Selection &amp; Opinion</I> section. These modifications allow VLP to offer this service at a lower
price.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Fund Advisor</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Value Line Mutual Fund Ranking System was introduced in 1993. It is the system utilized in the <I>Fund Advisor </I>product, a
48-page newsletter featuring load, no-load, and low-load open-end mutual funds. This product was originally introduced as <I>The
Value Line No-Load Fund Advisor</I> in 1994 and augmented in 2009. Each issue offers strategies for maximizing total return, and
highlights of specific mutual funds. It also includes information about retirement planning and industry news. A full statistical
review, including latest performance, ranks, and sector weightings, is updated each month on approximately 800 leading load, no-load
and low-load funds. Included with this product is online access to Value Line&rsquo;s database of more than 12,000 mutual funds,
including screening tools and full-page printable reports on each fund. <I>Fund Advisor Plus</I> subscribers have access to the
entire population of up to approximately 20,000 funds.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Special Situations Service </I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Special Situations Service</I>&rsquo;s core focus is on smaller companies whose equity securities are perceived by
Value Line&rsquo;s analysts as having exceptional appreciation potential. This product was introduced in 1951. A second portfolio
of stocks for more conservative investors seeking small company exposure was added in 2009.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Options Survey </I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Options Survey </I>is an online only service that evaluates and ranks approximately 200,000 U.S. equity and equity
index options. Features include an interactive database, spreadsheet tools, and a weekly email newsletter. This product is only
offered as an online subscription due to the volatility in pricing of options.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Convertibles Survey</I></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Introduced
in 1972, this service evaluates and ranks over 550 convertible securities (bonds and preferred stocks) for future market performance.
In fiscal 2010, <I>The Value Line Convertibles Survey</I> became an online only product. By moving to online only delivery, all
of the product&rsquo;s subscribers benefit from an enhanced website that includes daily price updates, individual analysis of
each security with a printable fact sheet, and a weekly email newsletter alerting subscribers to recent rank changes.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Select </I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Select</I>, is a monthly stock selection service and was first published in 1998. It focuses each month on a single company
that senior Value Line analysts have selected from a group of high-quality companies whose stocks are viewed as having a superior
risk/reward ratio. Recommendations are backed by in-depth research and are subject to ongoing monitoring by senior research personnel.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Select: Dividend Income &amp; Growth</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Select: Dividend Income &amp; Growth </I>(formerly<I> Value Line Dividend Select</I>), a monthly stock selection service,
was introduced in June 2011. This product focuses on companies with dividend yields greater than the average of all stocks covered
by Value Line, with a preference for companies that have consistently increased their dividends above the rate of inflation over
the longer term and, based on Value Line analysis, have the financial strength both to support and increase dividend payments
in the future. <I>Value Line Select: Dividend Income and Growth</I> is available online and in print.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line 600</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line 600</I> is a monthly publication, which contains full-page research reports on approximately 600 equity securities.
Its reports provide information on many actively traded, larger capitalization issues as well as some smaller growth stocks. As
a lower priced service, it offers investors who want the same type of analysis provided in <I>The Value Line Investment Survey</I>,
but who do not want or need coverage of the approximately 1,700 companies covered by that product a suitable alternative. In fiscal
2015, most retail marketing and new orders in terms of numbers were accounted for by <I>The Value Line 600 </I>service.<I> </I>
Readers also receive supplemental reports as well as a monthly Index, which includes updated statistics, including proprietary
ranks and ratings. A model portfolio, delivered via a weekly email newsletter, was added to this service in January 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Investment Analyzer</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Investment Analyzer</I> is a powerful menu-driven software program with fast filtering, ranking, reporting and graphing capabilities
utilizing more than 230 data fields for various industries and indices and for the approximately 1,700 stocks covered in VLP&rsquo;s
flagship publication, <I>The Value Line Investment Survey</I>. <I>Value Line Investment Analyzer</I> allows subscribers to apply
numerous charting and graphing variables for comparative research.&nbsp;In addition to containing digital replicas of the entire
<I>Value Line Investment Survey</I>, the <I>Value Line Investment Analyzer </I>includes 20-minute delayed data updates through
its integration with the Value Line databases via the Internet.&nbsp; The software also includes a portfolio module that lets
users create and track their own stock portfolios in depth with up to five years of historical financial data for scrutinizing
performance, risk, yield and return.&nbsp; <I>Value Line Investment Analyzer Professional</I> is a more comprehensive product
which covers more than 6,000 stocks and allows subscribers to create standardized and customized screens.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Mutual Fund Survey for Windows<B>&reg;</B></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Mutual Fund Survey for Windows</I><B> </B>is<B> </B>a monthly Internet product with weekly updates. The program features
powerful sorting and filtering analysis tools. It includes features such as style attribution analysis, a portfolio stress tester,
portfolio rebalancing, correlation of fund returns and hypothetical assets. &ldquo;Windows&rdquo; is a registered trademark of
Microsoft Corp. Value Line and Microsoft Corp. are not affiliated companies.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line DataFile Products</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
our institutional customers, Value Line offers both current and historical data for equities, mutual funds, exchange traded funds
(&ldquo;ETFs&rdquo;), and convertibles. All Value Line DataFile products are offered in Microsoft Access and ASCII formats via
FTP. Below is a listing of the DataFile products:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Fundamental
DataFile I and II</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line&rsquo;s Fundamental DataFile I</I> contains fundamental data (both current and historical) on more than 6,000 publicly traded
companies that follow U.S. generally accepted accounting principles (&ldquo;GAAP&rdquo;). This data product provides annual data
from 1955, quarterly data from 1963, and full quarterly data as reported to the SEC from 1985. Value Line also offers historical
data on over 9,500 companies that no longer exist in nearly 100 industries via our &ldquo;Dead Company&rdquo; File. The <I>Fundamental
DataFile</I> has over 400 annual and over 80 quarterly fields for each of the companies included in the database. DataFile is
sold primarily to the institutional and academic markets. Value Line also offers a scaled down DataFile product, <I>Fundamental
DataFile II</I>, which includes a limited set of historical fundamental data.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Estimates
and Projections DataFile</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
DataFile offering contains the proprietary estimates and projections from Value Line analysts on approximately 1,700 companies.
Data includes earnings, sales, cash flow, book value, margin, and other popular fields. Estimates are for the current year and
next year, while projections encompass the three to five year period.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Mutual
Fund DataFile</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Value Line <I>Mutual Fund DataFile </I>covers approximately 20,000 mutual funds with up to 20 years of historical data with more
than 200 data fields. The <I>Mutual Fund DataFile</I> provides monthly pricing, basic fund information, weekly performance data,
sector weights, and many other popular mutual fund data fields. This file is available for download from the Internet on a monthly
basis.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>ETF
DataFile</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Introduced
in spring of 2010, this product is an extensive database containing the complete listing of every U.S.-listed ETF and every component
and component weight since inception for every ETF on a daily basis. This includes all rebalancing, cash components, excluded
assets, and distributions adjusted automatically on a daily basis. The data also includes the total return of the ETF and the
total return of the corresponding underlying index on a daily basis. ETFs are added to the database and corresponding data made
available usually by the first day of trading.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Convertible
DataFile</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
database is one of the largest sources of information available on convertible securities. Value Line offers data elements on
our universe of more than 600 convertible bonds, preferred stocks, and warrants, with our top 150 fundamental and proprietary
data items on each security.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Research Center</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Research Center</I> provides on-line access to select Company investment research services covering stocks, mutual
funds, options and convertible securities as well as special situation stocks. This service includes full digital subscriptions
to <I>The Value Line Investment Survey, The Value Line Fund Advisor Plus, The Value Line Daily Options Survey, The Value Line
Investment Survey<B> - </B>Small and Mid-Cap, The Value Line Convertibles Survey </I>and <I>The Value Line Special Situations
Service</I>. Users can screen more than 250 data fields, create graphs using multiple different variables, and access technical
history. <I>The Value Line Research Center</I> has the ability to track model portfolios, (large, small and mid-cap) as well as
providing ranks and news.</FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Digital
Service Nomenclature</I></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
July 10, 2014, Value Line updated digital services. These services, with their alternate names used in promotion include:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Investment Survey - Smart Investor</I> offers digital access to full reports, analyst commentary and Value Line proprietary
ranks on approximately 1,700 stocks. Online tools include screener, alerts, watch lists and charting. Print capabilities are included.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Investment Survey - Savvy Investor </I>offers digital access to full reports and Value Line proprietary
ranks on approximately 3,500 stocks. Online tools include screener, alerts, watch lists and charting. Print capabilities are included.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Investment Survey - Small Cap Investor </I>offers digital access to full reports and Value Line proprietary ranks
on approximately 1,800 stocks. One year&rsquo;s history is included. Online tools include screener, alerts, watch lists and
charting. Print capabilities are included.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Investment Survey - Investor 600</I>, equivalent to <I>The Value Line 600 </I>print, offers digital access to full
reports, analyst commentary and Value Line proprietary ranks on approximately 600 selected stocks covering the same variety of
industries as <I>The Value Line Investment Survey</I>. Online tools include screener, alerts, watch lists and charting. Print
capabilities are included.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Pro Premium </I>digital service includes <I>The Value Line Investment Survey</I>&reg;&nbsp;and <I>The Value Line Investment
Survey&reg; &mdash; Small &amp; Mid-Cap </I>and covers 3,500 stocks.. This equity package monitors companies with market values
ranging from $100 million to well over $300 billion, across 100 industries, representing 95% of daily U.S. trading volume. There
are over 300 data fields that can be screened to help make informed decisions. Features of the service include three years of
historical reports and data, customizable modules, alerts and screening.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line Pro Basic</I> digital service covers the 1,700 stocks included in <I>The Value Line Investment Survey</I>&reg;, drawn from
100 industries, representing 90% of total U.S. trading volume. There are over 300 data fields that can be screened to help make
informed decisions. Features of the service include three years of historical reports and data, customizable modules, alerts and
screening.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Value
Line&nbsp; Pro Elite</I> digital service includes <I>The Value Line Investment Survey</I>&reg;&nbsp; and <I>The Value Line Investment
Survey&reg; &mdash; Small &amp; Mid-Cap.</I> <I>Pro Elite </I>service package aimed at professional industry includes digital
access to full reports and Value Line proprietary ranks on approximately 3,500 stocks. In addition, our database of mostly microcap
firms adds more than 2,500 names, for a total of over 6,000 stocks. Five years&rsquo; history is included. Online tools include
screener, alerts, watch lists and charting. Downloading and print capabilities are included. Less expensive variant with fewer
features is  also available.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Investment Survey - LibraryElite </I>offers libraries digital access to full reports, analyst commentary and Value
Line proprietary ranks on approximately 3,500 stocks, along with one year of full-detail history. Online tools include screener,
and charting. Print capabilities are included. A less expensive variant with fewer features is also available..&#9;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>The
Value Line Pro Equity Research Center</I> is an equities-only package that includes access to exclusive premium services and provides
online access to all of Value Line&rsquo;s equity products. This service offered both to financial advisers and high-net-worth
individuals, includes full online subscriptions to <I>The Value Line Investment Survey</I>, <I>The Value Line Investment Survey
&ndash; Small &amp; Mid-Cap</I>, <I>Value Line Select</I>, <I>Value Line Select: Dividend Income and Growth</I>, and <I>The Value
Line Special Situations Service</I>. Users can screen more than 250 data fields, create graphs using multiple different variables,
and access technical history.&nbsp; <I>The Value Line Pro Equity Research Center</I> has the ability to track model portfolios,
(large, small and mid-cap) as well as providing ranks and news.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
the digital services have Charting features, including many options to chart against popular indexes with the ability to save
settings and print. All products for financial professionals have an Alerts Hub which allows the user to set up alerts for up
to 25 companies, with delivery via text, email or Facebook.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>B.
Copyright Data Fees Programs</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has copyright data, which include certain proprietary Ranking System information and other proprietary information made
available for use in third party products, such as unit investment trusts, variable annuities, managed accounts and exchange traded
funds, which it distributes under copyright data agreements. The sponsors of these products act as wholesalers and distribute
the products generally by syndicating them through an extensive network of national and regional brokerage firms. The sponsors
of these products will typically receive copyright data for one or more proprietary ranking systems, which may include Value Line
Timeliness, Safety, Technical and Performance ranks, as screens for their portfolios. The sponsors are also given permission to
associate Value Line&rsquo;s trademarks with the products. Value Line collects a copyright fee from each of the product sponsors/managers
primarily based upon the market value of assets invested in each product&rsquo;s portfolio utilizing the Value Line proprietary
data. Since these fees are based on the market value of the respective portfolios using the Value Line proprietary data, the payments
to Value Line, which are typically received on a quarterly basis, will fluctuate.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
Line&rsquo;s primary copyright data products are structured as ETFs, annuity products and other types of managed products, all
of which have in common some degree of reliance on the Value Line Ranking System for their portfolio creation. These products
are offered and distributed by our sponsors.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>C.
Investment Management Services</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Until
December 23, 2010, the Company, through its wholly-owned subsidiary EAM LLC, was the investment adviser for the Value Line Funds.
Since December 23, 2010, EAM has acted as the Adviser to the Value Line Funds.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 5pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Until
December 23, 2010, the Company through its wholly-owned subsidiary ESI, was the distributor for the Value Line Funds. Since December
23, 2010, EULAV Securities has acted as the Distributor for the Value Line Funds. State Street Bank, an unaffiliated entity, is
the custodian of the assets of the Value Line Funds and provides them with fund accounting and administrative services. Shareholder
services for the Value Line Funds are provided by Boston Financial Data Services, an affiliate of State Street Bank.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interests in
these businesses were restructured as non-voting revenues and non-voting profits interests in EAM. Accordingly, the Company no
longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows
generated by this business and will continue to receive ongoing payments in respect of its non-voting revenues and non-voting
profits interests, as discussed below. Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2015,
were $2.40 billion, which is 2.0% above total assets of $2.35 billion in the Value Line Funds managed by EAM at April 30, 2014.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
January 2015, the Value Line VIP Equity Advantage Fund was launched. The fund is an open end fund that invests primarily in a
basket of closed-end funds. The fund is exclusively available in the Guardian Pro Series Variable Annuities. EAM partnered with
Worthington Capital Management, a $2 billion Memphis based investment adviser, to create and launch the Worthington Value Line
Equity Advantage Fund which started in February 2015. The fund, similar to VIP, is actively managed and uses a proprietary model
created by Worthington, EAM, and Value Line Publishing LLC, to identify which closed end funds to hold in the portfolio and is
available in the retail and RIA (registered investment advisers) channels. In March 2015, Value Line Larger Companies Fund was
renamed Value Line Larger Companies Focused Fund and Value Line Fund was renamed Value Line Mid Cap Focused Fund. The names were
changed to emphasize both portfolios&rsquo; focus on high conviction ideas in the large cap and mid cap categories, respectively.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 94%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 6%">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total net assets of the Value Line Funds
    at April 30, 2015, were:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>($in
    thousands)</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 85%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Income &amp; Growth
    Fund</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">390,962</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Premier Growth Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">367,399</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Small Cap Opportunities</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">354,409</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Strategic Asset Mgt Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">313,374</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Asset Allocation Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">271,666</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Larger Companies Focused Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">227,430</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Centurion Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">146,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Mid Cap Focused Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">123,104</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Core Bond Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">79,053</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Tax Exempt Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">73,964</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Worthington Value Line Equity Advantage
    Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,794</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line VIP Equity Advantage Fund</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">347</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total EAM
    managed net assets</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,350,602</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Daily Income Fund managed by Reich &amp;
    Tang Asset Management LLC (&ldquo;Reich &amp; Tang&rdquo;)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">44,518</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net
    assets</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 3px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 3px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,395,119</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
March 2015, Reich &amp; Tang announced it will be liquidating the Daily Income Fund on or about July 27, 2015. In June 2015, EAM
added a new money market option, the Federated Government Obligations Fund, for the direct Value Line Funds&rsquo; shareholders
to exchange into in place of the Daily Income Fund.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
management fees and distribution service fees (which we refer to as &ldquo;12b-1fees&rdquo;) vary among the Value Line Funds and
may be subject to certain limitations. Certain investment strategies among the equity funds include, but are not limited to, reliance
on the Value Line Timeliness &trade; Ranking System (the &ldquo;Ranking System&rdquo;) and/or the Value Line Performance Ranking
System in selecting securities for purchase or sale. The Ranking System for Timeliness compares an estimate of the probable market
performance of each stock during the next six to twelve months to that of all of the approximately 1,700 stocks under review and
ranks stocks on a scale of 1 (highest) to 5 (lowest). All the stocks followed by the Ranking System are listed on U.S. stock exchanges
or traded in the U.S. over-the-counter markets. Prospectuses and annual reports for each of the Value Line open end mutual funds
are available on the Funds&rsquo; website <I>www.vlfunds.com</I>. Each mutual fund may use &ldquo;Value Line&rdquo; in its name
only to the extent permitted by the terms of the EAM Declaration of Trust.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>D.
Wholly-Owned Operating Subsidiaries</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Wholly-owned
operating subsidiaries of the Company as of April 30, 2015 include the following:</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
                                         Line Publishing LLC (&ldquo;VLP&rdquo;) is the publishing unit for the investment related
                                         periodical publications and copyright data.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 4.5pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vanderbilt
                                         Advertising Agency, Inc. places advertising on behalf of the Company&rsquo;s publications.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0; text-align: justify"></TD><TD STYLE="width: 0.25in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
                                         Line Distribution Center, Inc. (&ldquo;VLDC&rdquo;) is the successor to Compupower Corporation.
                                         It provides subscription fulfillment services and subscriber relations services for Value
                                         Line&rsquo;s publications and continues to distribute Value Line&rsquo;s print publications.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>E.
Trademarks</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;The
Company holds trademark and service mark registrations for various names and logo in multiple countries. Value Line believes that
these trademarks and service marks provide significant value to the Company and are an important factor in the marketing of its
products and services, as well as in the marketing of the Value Line Funds, now managed by EAM. The Company is utilizing all of
its trademarks and service marks, and properly maintaining all registrations.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 27pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>F.
Investments</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015 and April 30, 2014, the Company held total investment assets (excluding its interests in EAM) with a fair market
value of $9,632,000 and $9,226,000, respectively, including equity securities classified as available-for-sale on the Consolidated
Balance Sheets. As of April 30, 2015 and April 30, 2014, the Company held equity securities consisting of investments in common
stocks, ETFs that attempt to replicate the performance of certain equity indexes held for dividend yield, ETFs that attempt to
replicate the inverse of the price performance of certain equity indexes and ETFs that hold preferred shares primarily of financial
institutions. The Company did not hold any fixed income securities at April 30, 2015 or April 30, 2014.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 40.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>G.
Employees</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
April 30, 2015, the Company and its subsidiaries employed 195 people.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company and its affiliates, officers, directors and employees may from time to time own securities which are also held in the
portfolios of the Value Line Funds or recommended in the Company&rsquo;s publications. Value Line analysts are not permitted to own
securities of the companies they cover. The Company has adopted rules requiring reports of securities transactions by employees
for their respective accounts. The Company has also established policies restricting trading in securities whose ranks are about
to change in order to avoid possible conflicts of interest.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>H.
Principal Business Segments</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information with respect to revenues from external customers and profit and loss of the Company&rsquo;s identifiable principal business
segments is incorporated herein by reference to Note 16 of the Notes to the Company&rsquo;s Consolidated Financial Statements included
in this Form 10-K.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prior
to December 23, 2010, the Company&rsquo;s businesses consolidated into two reportable business segments. The investment periodicals
and related publications (retail and institutional) and fees from copyright data, including the proprietary Ranking System information
and other proprietary information, consolidated into one segment called Publishing, and the investment management services to
the Value Line Funds and other managed accounts were consolidated into a second business segment called Investment Management.
Subsequent to December 23, 2010, the Publishing segment constitutes the Company&rsquo;s only reportable business segment.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>I.
Competition</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
investment information and publishing business conducted by the Company and the investment management business conducted by EAM
are very competitive. There are many competing firms and a wide variety of product offerings. Some of the firms in these industries
are substantially larger and have greater financial resources than the Company and EAM. The Internet continues to increase the
amount of competition in the form of free and paid online investment research. With regard to the investment management business
conducted by EAM, the prevalence of broker supermarkets or platforms permitting easy transfer of assets among mutual funds, mutual
fund families, and other investment vehicles tends to increase the speed with which shareholders can leave or enter the Value
Line Funds based, among other things, on short term fluctuations in performance.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>J.
Executive Officers of the Registrant</I></B></FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table lists the names, ages (at June 30, 2015), and principal occupations and employment during the past five years
of the Company&rsquo;s Executive Officers. All officers are elected to terms of office for one year. Except as noted, each of the following
has held an executive position with the companies indicated for at least five years.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 25%; text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name</FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Age</FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 70%; text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Principal
    Occupation or Employment</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Howard A. Brecher</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">61</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman and
    Chief Executive Officer since October 2011; Acting Chairman and Acting Chief Executive Officer from November 2009 to October
    2011; Chief Legal Officer; Vice President and Secretary until January 2010; Vice President and Secretary of each of the Value
    Line Funds from June 2008 to December 2010; Secretary of EAM LLC from February 2009 until December 2010; Director and General
    Counsel of AB&amp;Co.&nbsp;&nbsp;Mr. Brecher has been an officer of the Company for more than 20 years.</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen R. Anastasio</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President
    since December 2010; Director since February 2010; Treasurer since 2005. Mr. Anastasio has been an officer of the Company
    for more than 10 years.</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -2.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.5in; text-indent: -2.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 2.5in; text-align: justify; text-indent: -2.5in"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">WEB
SITE ACCESS TO SEC REPORTS</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s Internet site address is <u>www.valueline.com</u>. The Company&rsquo;s annual report on Form 10-K, quarterly reports
on Form 10-Q, current reports on Form 8-K and any amendments to these reports are made available on the &ldquo;Corporate Filings&rdquo;
page under the &ldquo;About Value Line&rdquo; tab on the Company&rsquo;s website @www.valueline.com/About/corporate_filings.aspx.
free of charge as soon as reasonably practicable after the reports are filed electronically with the SEC. All of the Company&rsquo;s
SEC reports are also available on the SEC Internet site, <U>www.sec.gov</U>.</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ITEM
1A. RISK FACTORS</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
addition to the risks referred to elsewhere in this Form 10-K, the following risks, among others, sometimes may have affected,
and in the future could affect, the Company&rsquo;s businesses, financial condition or results of operations and/or the investment
management business conducted by EAM and consequently, the amount of revenue we receive from EAM. The risks described below are
not the only ones we face. Additional risks not discussed or not presently known to us or that we currently deem insignificant,
may also impact our businesses.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
Company and its subsidiaries are dependent on the efforts of its executives and professional staff.</I>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s future success relies upon its ability to retain and recruit qualified professionals and executives. The Company&rsquo;s
executive officers do not have employment agreements with the Company and the Company does not maintain &ldquo;key man&rdquo;
insurance policies on any of its executive officers. The loss of the services of key personnel could have an adverse effect on
the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>A
decrease in the revenue generated by EAM&rsquo;s investment management business could adversely affect the Company&rsquo;s cash
flow and financial condition.&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company derives a significant portion of its cash flow from its non-voting revenues and non-voting profits interests in EAM. A
decrease in the revenue generated by EAM&rsquo;s investment management business, whether resulting from performance, competitive,
regulatory or other reasons, would reduce the amount of cash flow received by the Company from EAM, which reduction could adversely
affect the Company&rsquo;s cash flow and financial condition.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>EAM&rsquo;s
assets under management, which impact EAM&rsquo;s revenue, and consequently the amount of the cash flow that the Company receives
from EAM, are subject to fluctuations based on market conditions and individual fund performance. &nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial
market declines and/or adverse changes in interest rates would generally negatively impact the level of EAM&rsquo;s assets under
management and consequently its revenue and net income. Major sources of investment management revenue for EAM (i.e., investment
management and service and distribution fees) are calculated as percentages of assets under management. A decline in securities
prices or in the sale of investment products or an increase in fund redemptions would reduce fee income. A prolonged recession
or other economic or political events could also adversely impact EAM&rsquo;s revenue if it led to decreased demand for products,
a higher redemption rate, or a decline in securities prices. Good performance of managed assets relative to both competing products
and benchmark indices generally assists in both retention and growth of assets, and may result in additional revenues. Conversely,
poor performance of managed assets relative to competing products or benchmark indices tends to result in decreased sales and
increased redemptions with corresponding decreases in revenues to EAM. Poor performance could, therefore reduce the amount of
cash flow that the Company receives from EAM, which reduction could adversely affect the Company&rsquo;s financial condition.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>EAM
derives all of its investment management fees from the Value Line Funds.&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EAM
is dependent upon management contracts and service and distribution contracts with the Value Line Funds under which these fees
are paid. As required by the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;), the Trustees/Directors of the Funds,
all of whom are all independent of the Company and of EAM, have the right to terminate such contracts. If any of these contracts
are terminated, not renewed, or amended to reduce fees, EAM&rsquo;s financial results, and consequently, the amount of cash flow
received by the Company from EAM, and the Company&rsquo;s financial condition, may be adversely affected.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>If
the Company does not maintain its subscriber base, its operating results could suffer.</I></B>&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
substantial portion of the Company&rsquo;s revenue is generated from print and digital subscriptions, which are paid in advance
by subscribers. Unearned revenues are accounted for on the Consolidated Balance Sheets of the Company within current and long
term liabilities. The backlog of orders is primarily generated through renewals and new subscription marketing efforts as the
Company deems appropriate. Future results will depend on the renewal of existing subscribers and obtaining new subscriptions for
the investment periodicals and related publications. The availability of competitive information on the Internet at low or no
cost has had and may continue have a negative impact on the demand for our products.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
Company believes that the negative trend in retail print subscription revenue experienced in recent years is likely to continue.&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the last several years, the Company has experienced a negative trend in retail print subscription revenue. It is expected that
print revenues will continue to decline long term, while the Company emphasizes digital offerings. The Company has established
the goal of maintaining competitive digital products and marketing them through traditional and digital channels to retail and
institutional customers. However, the Company is not able to predict whether these efforts will be successful in reversing the
trend of declining print subscription revenues, nor can the Company predict if revenues from digital retail publications will
grow more than print revenues decline, nor whether its initiatives to increase business in the professional investor market segment
will continue to be successful.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Loss
of copyright data clients or decline in their customers, or assets managed by third party sponsors could reduce the Company&rsquo;s
revenues.</I>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Copyright
data agreements are based on market interest in the respective proprietary information. The Company believes this part of the
business is dependent upon the desire of third parties to use the Value Line trademarks and proprietary research for their products,
competition and on fluctuations in segments of the equity markets. If the fees from proprietary information decline, the Company&rsquo;s
operating results could suffer.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Failure
to protect its intellectual property rights and proprietary information could harm the Company&rsquo;s ability to compete effectively
and could negatively affect operating results.&nbsp;</I></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s trademarks are important assets to the Company. Although its trademarks are registered in the United States and
in certain foreign countries, the Company may not always be successful in asserting global trademark protection. In the event
that other parties infringe on its intellectual property rights and it is not successful in defending its intellectual property
rights, the result may be a dilution in the value of the Company&rsquo;s brands in the marketplace. If the value of the Company&rsquo;s
brands becomes diluted, such developments could adversely affect the value that its customers associate with its brands, and thereby
negatively impact its sales. Any infringement of our intellectual property rights would also likely result in a commitment of
Company resources to protect these rights through litigation or otherwise. In addition, third parties may assert claims against
our intellectual property rights and we may not be able successfully to resolve such claims. The Company is utilizing all of its
trademarks and properly maintaining registrations for them.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Adverse
changes in market and economic conditions could lower demand for the Company&rsquo;s and EAM&rsquo;s products and&nbsp;services.</I></B>&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company provides its products and services to individual investors, financial advisors, and institutional clients. Adverse
conditions in the financial and securities markets may&nbsp;have an impact on the Company&rsquo;s subscription revenues,
securities income, and copyright data fees which could adversely affect the Company&rsquo;s results of operations and
financial condition. Adverse conditions in the financial and securities markets could also have an adverse effect on
EAM&rsquo;s investment management revenues and reduce the amount of cash flow that the Company receives from EAM, which
reduction could adversely affect the Company&rsquo;s financial condition.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>The
Company and EAM face significant competition in their respective businesses. &nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Both
the investment information and publishing business conducted by the Company and the investment management business conducted by
EAM are very competitive. There are many competing firms and a wide variety of product offerings. Some of the firms in these industries
are substantially larger and have greater financial resources than the Company and EAM. With regard to the investment information
and publishing business, barriers to entry have been reduced by the minimal cost structure of the Internet and other technologies.
With regard to the investment management business, the absence of significant barriers to entry by new investment management firms
in the mutual fund industry increases competitive pressure. Competition in the investment management business is based on various
factors, including business reputation, investment performance, quality of service, marketing, distribution services offered,
the range of products offered and fees charged. Access to mutual fund distribution channels has also become increasingly competitive.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Government
regulations, any changes to government regulations, and regulatory proceedings and litigation may adversely impact the business
of the EAM.</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
in legal, regulatory, accounting, tax and compliance requirements could have an effect on EAM&rsquo;s operations and results,
including but not limited to increased expenses and restraints on marketing certain funds and other investment products. EAM is
registered with the SEC under the Investment Advisers Act of 1940 (the &ldquo;Advisers Act&rdquo;). The Advisers Act imposes numerous
obligations on registered investment advisers, including fiduciary, record keeping, operational and disclosure obligations. ES
is registered as a broker-dealer under the Securities Exchange Act of 1934 and is a member of the Financial Industry Regulatory
Authority, also known as &ldquo;FINRA&rdquo;. Each Value Line Fund is a registered investment company under the 1940 Act. The
1940 Act requires numerous compliance measures, which must be observed, and involves regulation by the SEC. Each fund and its
shareholders may face adverse tax consequences if the Value Line Funds are unable to maintain qualification as registered investment
companies under the Internal Revenue Code of 1986, as amended. Those laws and regulations generally grant broad administrative
powers to regulatory agencies and bodies such as the SEC and FINRA. If these agencies and bodies believe that EAM, ES or the Value
Line Funds have failed to comply with their laws and regulations, these agencies and bodies have the power to impose sanctions.
EAM, ES and the Value Line Funds, like other companies, can also face lawsuits by private parties. Regulatory proceedings and
lawsuits are subject to uncertainties, and the outcomes are difficult to predict. Changes in laws, regulations or governmental
policies, and the costs associated with compliance, could adversely affect the business and operations of the EAM, ES and the
Value Line Funds. An adverse resolution of any regulatory proceeding or lawsuit against the EAM or ES could result in substantial
costs or reputational harm to them or to the Value Line Funds and have an adverse effect on their respective business and operations.
An adverse effect on the business and operations of EAM, ES and/or the Value Line Funds could reduce the amount of cash flow that
the Company receives in respect of its non-voting revenues and non-voting profits interests in EAM and, consequently, could adversely
affect the Company&rsquo;s cash flows, results of operations and financial condition.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Terrorist
attacks could adversely affect the Company and EAM. &nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">A
terrorist attack, including biological or chemical weapons attacks, and the response to such terrorist attacks, could have a significant
impact on the New York City area, the local economy, the United States economy, the global economy, and U.S. and/or global financial
markets, and could also have a material adverse effect on the Company&rsquo;s business and on the investment management business
conducted by EAM.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Our
controlling stockholder exercises voting control over the Company and has the ability to elect or remove from office all of our
directors.</I></B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015, AB&amp;Co., Inc. beneficially owned 88% of the outstanding shares of the Company&rsquo;s voting stock. AB&amp;Co.
is therefore able to exercise voting control with respect to all matters requiring stockholder approval, including the election
or removal from office of all of our directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
are not subject to most of the listing standards that normally apply to companies whose shares are quoted on NASDAQ.</I></B>&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
shares of common stock are quoted on the NASDAQ Capital Market (&ldquo;NASDAQ&rdquo;). Under the NASDAQ listing standards, we
are deemed to be a &ldquo;controlled company&rdquo; by virtue of the fact that AB&amp;Co. has voting power with respect to more
than 50% of our outstanding shares of voting stock. A controlled company is not required to have a majority of its board of directors
comprised of independent directors. Director nominees are not required to be selected or recommended for the board&rsquo;s selection
by a majority of independent directors or a nomination committee comprised solely of independent directors, nor do the NASDAQ
listing standards require a controlled company to certify the adoption of a formal written charter or board resolution, as applicable,
addressing the nominations process. A controlled company is also exempt from NASDAQ&rsquo;s requirements regarding the determination
of officer compensation by a majority of the independent directors or a compensation committee comprised solely of independent
directors. Although we currently comply with certain of the NASDAQ listing standards that do not apply to controlled companies,
our compliance is voluntary, and there can be no assurance that we will continue to comply with these standards in the future.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>We
are subject to cyber risks and may incur costs in connection with our efforts to enhance and ensure security from cyber attacks.</I>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Substantial
aspects of our&nbsp;business depend on the secure operation of our computer systems and e-commerce&nbsp;websites. Security breaches
could expose us to a risk of loss or misuse of&nbsp;sensitive information, including our own proprietary information and that
of our customers&nbsp;and employees.&nbsp; While we devote substantial resources to maintaining adequate levels of cyber security,&nbsp;our
resources&nbsp;and technical sophistication may not be adequate to prevent all of the rapidly evolving types of cyber attacks.&nbsp;
Anticipated attacks and risks may cause us to incur increasing costs for technology, personnel, insurance and services to enhance
security or to respond to occurrences. We maintain cyber risk insurance, but this insurance may not be sufficient to cover all
of our losses from any possible future breaches of our systems.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Changes
to existing accounting pronouncements or taxation rules or practices may affect how we conduct our business and affect our reported
results of operations.&nbsp;</I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
accounting pronouncements or tax rules and varying interpretations of accounting pronouncements or taxation practice have occurred
and may occur in the future. A change in accounting pronouncements or interpretations or taxation rules or practices can have
a significant effect on our reported results and may even affect our reporting of transactions completed before the change is
effective. Changes to existing rules and pronouncements, future changes, if any, or the questioning of current practices or interpretations
may adversely affect our reported financial results or the way we conduct our business.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
1B. UNRESOLVED STAFF COMMENTS.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
2. PROPERTIES.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company leases 44,493 square feet of office space at 485 Lexington Avenue in New York, NY. In addition to the New York office
space, the Company owns a warehouse facility with approximately 85,000 square feet in New Jersey. The facility primarily serves
the fulfillment and the distribution operations of VLDC for the various Company publications and serves as a disaster recovery
site for the Company.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 7, 2013, the Company and Citibank, N.A. (the &ldquo;Sublandlord&rdquo;) entered into a sublease agreement, pursuant to
which Value Line has leased 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY
(&ldquo;Building&rdquo; or &ldquo;Premises&rdquo;) beginning on July 1, 2013 and ending on February 27, 2017 (&ldquo;Sublease&rdquo;).
On August 16, 2013, the Company moved to the Building which became its new corporate office facility. Base rent under the Sublease
is $1,468,269 per annum, subject to customary concessions in the Company&rsquo;s favor and pass-through of certain increases in
operating costs and real estate taxes. The Company provided a security deposit in cash in the amount of $489,423, which is to
be partially returned over the course of the sublease term. The Company received $122,355 from sublandlord in March 2015. The
Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises.
The Sublease terms have provided for a significant decrease in the Company&rsquo;s annual rental expenses. The Company recorded
a deferred charge on its Consolidated Balance Sheets to reflect the excess of annual rental expense over cash payments since inception
of the lease due to free rent for the first six months of the sublease. </FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company believes the capacity of these facilities is sufficient to meet the Company&rsquo;s current requirements.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
3. LEGAL PROCEEDINGS.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
4. Mine Safety Disclosures</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Not
applicable.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Part
II</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
5. MARKET FOR REGISTRANT&rsquo;S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Registrant&rsquo;s Common Stock is traded on NASDAQ under the symbol &ldquo;VALU&rdquo;. The approximate number of record holders of
the Registrant&rsquo;s Common Stock at April 30, 2015 was 42. As of June 30, 2015, the closing stock price was $10.38.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
reported high and low prices and the dividends paid on these shares during the past two fiscal years were as follows: &#9;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="font: 11pt Times New Roman, Times, Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 30%; border-top: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; text-align: center; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quarter
    Ended&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; border-top: Black 2px solid; border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;High&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="width: 20%; border-top: Black 2px solid; border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Low&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 2px solid; border-right: Black 2px solid; border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend
    Declared <BR>
Per Share</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; font-size: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 30, 2015</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$14.59 </FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$14.48 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.15
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 31, 2015</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$15.09 </FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$14.95 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.15
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 31, 2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$16.15 </FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$15.60 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.15
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 31, 2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$17.14 </FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$16.34 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.15
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April 30, 2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$15.36 </FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$14.58 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.15
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">January 31, 2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.60 </FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$12.24 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.15
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">October 31, 2013</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$9.33 </FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$9.08 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.15
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD NOWRAP STYLE="border-left: Black 2px solid; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July 31, 2013</FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$9.10 </FONT></TD>
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$9.00 </FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$0.15
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD NOWRAP STYLE="border-bottom: Black 2px solid; border-left: Black 2px solid; font-size: 12pt; padding-left: 0.12in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2px solid; font-size: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: Black 2px solid; font-size: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; font-size: 12pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On July 16, 2015, the Board of Directors of Value Line declared a quarterly dividend of $0.16 per share to
shareholders of record as of July 27, 2015 to be paid on August 11, 2015 and re-affirmed the Company&rsquo;s Common Stock Repurchase
program of up to an aggregate of $3 million of Value Line, Inc.&rsquo;s common stock adopted on September 19, 2012.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
are no securities of the Company authorized for issuance under equity compensation plans. The Company did not sell any unregistered
shares of common stock during the fiscal year ended April 30, 2015.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Purchases
of Equity Securities by the Company</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table provides information with respect to all repurchases of common stock made by or on behalf of the Company during
the fiscal quarter ended April 30, 2015. All purchases listed below were made in the open market at prevailing market prices.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="RIGHT" STYLE="width: 97%; border: Black 2px solid; font: 9pt Times New Roman, Times, Serif">
<tr>
    <TD COLSPAN="5" STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ISSUER
    PURCHASES OF EQUITY SECURITIES </B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD STYLE="width: 28%; padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Period</B></FONT></td>
    <TD STYLE="width: 16%; padding: 4.5pt; text-align: center; border-bottom: Black 2px solid; border-left: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(a)
    Total <BR>
Number of <BR>
Shares (or <BR>
Units) <BR>
Purchased</B></FONT></td>
    <TD STYLE="width: 18%; padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(b)
    Average <BR>
Price Paid per <BR>
Share (or Unit)</B></FONT></td>
    <TD STYLE="width: 18%; padding: 4.5pt; text-align: center; border-bottom: Black 2px solid; border-left: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(c)
    Total <BR>
    Number of <BR>
    Shares (or <BR>
    Units) <BR>
    Purchased as <BR>
    Part of Publicly <BR>
    Announced <BR>
    Plans or <BR>
    Programs</B></FONT></td>
    <TD STYLE="width: 20%; padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(d)
    Maximum <BR>
Number (or <BR>
Approximate <BR>
Dollar Value) of <BR>
Shares (or Units) <BR>
that May Yet Be <BR>
Purchased Under <BR>
the Plans or <BR>
Programs</B></FONT></td></tr>
<TR STYLE="background-color: azure">
    <TD STYLE="vertical-align: bottom; padding: 4.5pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">February
    1, 2015 through February 28, 2015</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid; border-left: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$-</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid; border-left: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2,197,000</FONT></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding: 4.5pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">March
    1, 2015 through March 31, 2015</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid; border-left: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid; border-left: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>-</B></FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,197,000</FONT></td></tr>
<TR STYLE="background-color: azure">
    <TD STYLE="vertical-align: bottom; padding: 4.5pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">April
    1, 2015 through April 30, 2015</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid; border-left: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,372</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15.11</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid; border-left: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,372</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,146,000</FONT></td></tr>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; padding: 4.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-right: Black 2px solid; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,372</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$15.11</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center; border-right: Black 2px solid; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,372</FONT></td>
    <TD STYLE="padding: 4.5pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$2,146,000</FONT></td></tr>
</table><BR STYLE="clear: both">
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
                                         September 19, 2012, the Company&rsquo;s Board of Directors approved a share repurchase program,
                                         authorizing the repurchase of shares of the Company&rsquo;s common stock up to an aggregate
                                         purchase price of $3,000,000. The repurchases will be made from time to time on the open
                                         market at prevailing market prices, in negotiated transactions off the market, in block
                                         purchases or otherwise. The repurchase program may be suspended or discontinued at any
                                         time at the Company&rsquo;s discretion and has no set expiration date. During fiscal
                                         2015, the Company repurchased an aggregate of 8,433 shares of the Company&rsquo;s common stock
                                         for $122,000 at an average price of $14.41 per share under the repurchase program. During
                                         fiscal 2014, the Company repurchased an aggregate of 58,499 shares of the Company&rsquo;s common
                                         stock for $550,621 at an average price of $9.41 per share under the repurchase program.
                                         During fiscal 2013, the Company repurchased an aggregate of 19,953 shares of the Company&rsquo;s
                                         common stock for $182,254 at an average price of $9.13 per share under the repurchase
                                         program.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Arnold
Bernhard and Co., Inc. may purchase additional shares of common stock of the Company from time to time.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
6. SELECTED FINANCIAL DATA.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid; border-left: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($ in thousands, except
    number of shares and earnings/ (loss) per share amounts)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2012</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-right: Black 2px solid; padding-top: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2011</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 1%; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 44%; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenues:</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font-size: 10pt; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 8%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-right: Black 2px solid"></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; text-indent: 0in; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
    periodicals&nbsp;&nbsp;and related publications</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,676</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,598</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,940</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,018</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,406</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 0in; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Copyright
    data fees</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,847</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,733</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,900</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,591</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,568</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total investment
    periodicals and related publications</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,523</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,331</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,609</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,974</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 11pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
    management fees and services</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp;&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,693</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total revenues</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,523</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,331</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,609</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48,667</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income from operations</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,399</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,501</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,120</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,338</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,533</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Gain from deconsolidation
    of subsidiaries</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right">-<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right">-<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-&nbsp;&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">50,510</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenues and profits
    interests from EAM Trust</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,970</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,499</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,260</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,890</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,355</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income from securities
    transactions, net</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">178</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,292</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,619</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,925</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37,782</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings per share,
    basic and fully diluted</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.74</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.67</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.79</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total assets</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87,421</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86,875</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,341</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,369</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87,803</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Long term liabilities</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,521</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,962</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,871</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23,133</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Weighted average number of common shares
    outstanding</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,813,623</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,839,155</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,888,774</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,921,925</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,980,000</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-left: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cumulative
    cash dividends declared per share during the fiscal year</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.60</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.60</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.60</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.70</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.60</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See
                                         Item 1, Business - &ldquo;Asset Management and Mutual Fund Distribution Businesses&rdquo;
                                         and Item 7, &ldquo;Management&rsquo;s Discussion and Analysis&rdquo;.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
7. MANAGEMENT&rsquo;S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations (&ldquo;MD&amp;A&rdquo;)
is intended to help a reader understand Value Line, its operations and business factors. The MD&amp;A should be read in conjunction
with Item 1, &ldquo;Business&rdquo;, Item 1A, &ldquo;Risk Factors&rdquo;, and in conjunction with the consolidated financial statements
and the accompanying notes contained in Item 8 of this report.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
MD&amp;A includes the following subsections:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Executive
                                         Summary of the Business</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Results
                                         of Operations</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liquidity
                                         and Capital Resources</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Recent
                                         Accounting Pronouncements</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&bull;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Critical
                                         Accounting Estimates and Policies</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Executive
Summary of the Business</B></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s core business is producing investment periodicals and their underlying research and making available copyright data,
including certain proprietary Ranking System and other proprietary information, to third parties under written agreements for
use in third-party managed and marketed investment products and for other purposes. Value Line markets under well-known brands
including <I>Value Line</I>&reg;<I>, the Value Line </I>logo&reg;, <I>The Value Line Investment Survey</I>&reg;<I>, Smart Research.
Smarter Investing&trade; </I>and <I>The Most Trusted Name in Investment Research</I>&reg;<I>.</I> The name &ldquo;Value Line&rdquo; as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company. Prior to December
23, 2010, (see &ldquo;Asset Management and Mutual Fund Distribution Businesses&rdquo; below), the Company provided investment
management services to the Value Line&reg; Mutual Funds (&ldquo;Value Line Funds&rdquo;), institutional and individual accounts
and provided distribution, marketing, and administrative services to the Value Line Funds. Since December 23, 2010, EULAV Asset
Management Trust (&ldquo;EAM&rdquo;) provides the investment management services to the Value Line Funds, institutional and individual
accounts and provides distribution, marketing, and administrative services to the Value Line Funds. Value Line holds substantial
non-voting revenues and non-voting profits interests in EAM.&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s target audiences within the investment research field are individual investors, colleges, libraries, and investment
management professionals. Individuals come to Value Line for complete research in one package. Institutional licensees consist
of corporations, financial professionals, colleges, and municipal libraries. Libraries and universities offer the Company&rsquo;s
detailed research to their patrons and students. Investment management professionals use the research and historical information
in their day-to-day businesses. The Company has a dedicated department that solicits institutional subscriptions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 22.5pt"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payments
received for new and renewal subscriptions and the value of receivables for amounts billed to retail and institutional customers
are recorded as unearned revenue until the order is fulfilled. As the orders are fulfilled, the Company recognizes revenue in
equal installments over the life of the particular subscription. Accordingly, the subscription fees to be earned by fulfilling
subscriptions after the date of a particular balance sheet are shown on that balance sheet as unearned revenue within current
and long term liabilities.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s move to new headquarters in the second quarter of fiscal 2014 resulted in lower rent expense over the term of
the sublease. However, rental expenses during fiscal 2014 included additional one time overlapping rent of $771,000 for the previously
occupied office facilities to permit an orderly move during the short term lease extension which ended September 15, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prior
to December 23, 2010, the Company&rsquo;s businesses consolidated into two reportable business segments. The investment periodicals
and related publications (retail and institutional) and fees from copyright data including the proprietary Ranking System information
and other proprietary information consolidate into one segment called Publishing and the investment management services to the
Value Line Funds and other managed accounts were consolidated into a second business segment called Investment Management. Subsequent
to December 23, 2010, the Publishing segment constitutes the Company&rsquo;s only reportable business segment.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Asset
Management and Mutual Fund Distribution Businesses</B></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company completed the restructuring of its asset management and mutual fund distribution businesses (the &ldquo;Restructuring
Transaction&rdquo;) on December 23, 2010 (the &ldquo;Restructuring Date&rdquo;) and executed the EAM Declaration of Trust (the
&ldquo;EAM Declaration of Trust&rdquo;). Pursuant to the EAM Declaration of Trust, the Company received an interest in certain
revenues of EAM and a portion of the residual profits of EAM but has no voting authority with respect to the election or removal
of the trustees of EAM.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
business of EAM is managed by its trustees each owning 20% of the voting profits interest in EAM and by its officers subject to
the direction of the trustees. The Company&rsquo;s non-voting revenues and non-voting profits interests in EAM entitle it to receive
a range of 41% to 55% of EAM&rsquo;s revenues (excluding distribution revenues) from EAM&rsquo;s mutual fund and separate account
business and 50% of the residual profits of EAM (subject to temporary increase in certain limited circumstances). The Voting Profits
Interest Holders will receive the other 50% of residual profits of EAM. Current distribution is set at 90% of EAM&rsquo;s profits
payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line&rsquo;s percent share of EAM&rsquo;s revenues
calculated each fiscal quarter was 49.18%, 49.63%, 49.80% and 49.87% during the first, second, third and fourth quarters of fiscal
2015, respectively, and 46.66%, 47.27%, 47.91% and 48.66% during the first, second, third and fourth quarters of fiscal 2014,
respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the EAM Declaration of Trust, the Company granted EAM the right to use the Value Line name for all existing Value Line Funds
and agreed to supply the Value Line proprietary Ranking System information to EAM without charge or expense.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Business
Environment</B></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
calendar 2014, the nation&rsquo;s economy which faltered early in the year because of&nbsp;weather-related issues, grew&nbsp;by a credible
2.4%, underpinned by&nbsp;healthy contributions from personal consumption expenditures, nonresidential fixed investment,&nbsp;residential
fixed investment, and private inventory investment. The growth was modestly better than the 2.2% gain recorded in 2013.&nbsp;Looking
forward, an improving employment outlook, decent housing metrics, and ongoing resilience on the business investment front should
help the economy grow by a modest&nbsp;2.5% to 3.0% in U.S. gross&nbsp;domestic product in the second half of 2015, following
an uninspiring opening six months.&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unfortunately,&nbsp;our
comparatively optimistic outlook on the domestic front does not extend overseas, where Europe is at best in the process of commencing
a long and arduous&nbsp;business recovery, with the ever-present threat of deflation. Also, growth in China, albeit still formidable
on an absolute basis, is nevertheless falling shy of past norms.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Meanwhile,
we would expect the Federal Reserve to retain accommodative monetary policies over the next year or two, with just incremental
increases in short-term borrowing costs (directly controlled&nbsp;by the central bank) probably starting to take hold during the
second half of 2015. Underscoring our monetary view is the irregular scope of the U.S. business expansion, a below-target inflation
rate in this country, and lingering economic uncertainties&nbsp;abroad.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Finally,
the highly accommodative monetary policies being kept in place by the Federal Reserve have helped to extend&nbsp;the long bull
market in equities. We think this uptrend in the market&nbsp;can persist in the months to come based on our quantitative model.
The extension&nbsp;of the bull market assumes that the central bank can fashion a soft landing on the monetary front when it starts
to pull back from its maintenance&nbsp;of historically low interest rates.&nbsp;However, we also note that valuations are rich
and markets are often unforgiving at such times, especially when bad news emanates on the corporate&nbsp;front or&nbsp;with respect
to unsettling global trends.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Results
of Operations for Fiscal Years 2015, 2014 and 2013</B></FONT></P>

<P STYLE="font: bold 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table illustrates the Company&rsquo;s key components of revenues and expenses.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($ in thousands, except
    earnings per share)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lsquo;15
    vs. &lsquo;14</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lsquo;14 vs. &lsquo;13</font></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 35%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income from operations</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,399</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,501</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,120</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-4.1</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-39.3</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenues and profits
    interests from EAM Trust</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,970</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,499</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,260</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.3</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.8</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income from operations
    plus non-voting revenues and non-voting profits interests from EAM Trust</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,369</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,380</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.7</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-3.7</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating expenses</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,124</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,830</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,720</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-2.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income from securities transactions, net</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">178</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-29.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income before income taxes</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,495</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,178</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,506</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-3.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,292</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,619</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings per share</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.74</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.67</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2015, the Company&rsquo;s net income of $7,292,000, or $0.74 per share, was $524,000 or 7.7%
above net income of $6,768,000, or $0.69 per share, for the twelve months ended April 30, 2014. During the twelve months ended
April 30, 2015 there were 9,813,623 average common shares outstanding as compared to 9,839,155 average common shares outstanding
during the twelve months ended April 30, 2014. Income from operations of $2,399,000 for the twelve months ended April 30, 2015 which included additional
depreciation and amortization expense of $630,000 including accelerated amortization of $138,000 related to obsolete software recorded
in the fourth quarter of fiscal 2015 was $102,000 below income from operations of $2,501,000 for the twelve months ended April
30, 2014. During the fourth quarter ended April 30, 2015, the Company&rsquo;s reported loss from operations of $560,000 was the
result of 12 weeks of print revenues recorded in the fourth quarter of fiscal 2015 as compared to 13 weeks recorded in the fourth
quarter of fiscal 2014, an additional direct marketing campaign in the fourth quarter of fiscal 2015, and the accelerated write-off
of obsolete software.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">Income
from operations for the twelve months ended April 30, 2014 of $2,501,000 which included additional depreciation and amortization
expense of $533,000 and one time overlapping rent expense of $771,000 for the previously occupied office facilities during the
short term lease extension that ended September 15, 2013 was $1,619,000 below the comparative income from operations for fiscal
2013. During the twelve months ended April 30, 2013, the Company&rsquo;s net income was $6,619,000, or $0.67 per share, and income
from operations was $4,120,000.</FONT></P>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Total
operating revenues </U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 2px solid; text-align: center">Change</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($ in thousands)</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&rsquo;15
    vs. &rsquo;14</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center">&rsquo;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">14 vs.
&rsquo;13</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment periodicals
    and related publications:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Print</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,553</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18,346</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,027</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-9.8</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-3.6</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,123</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,252</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,913</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.7</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total investment
    periodicals and related publications</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,676</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,598</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,940</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-2.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Copyright
    data fees</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,847</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,733</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,900</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.2</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-29.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    publishing revenues</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,523</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,331</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,840</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-2.2</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2015 total publishing revenues from investment periodicals and related publications excluding
copyright data fees were $32,676,000, which is 2.7% below the total publishing revenues excluding copyright data fees of $33,598,000
during the twelve months ended April 30, 2014. Total publishing revenues from investment periodicals and related publications
excluding copyright data fees were $31,940,000 during the twelve months ended April 30, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Within
investment periodicals and related publications, subscription sales orders are derived from print and digital products. The following
chart illustrates the changes in the sales orders associated with print and digital subscriptions.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Sources of subscription sales&#9;</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="23" STYLE="padding-bottom: 2px; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal Years Ended April 30,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Digital</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Digital</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Digital</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Sales</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.4</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28.6</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.3</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.1</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24.4</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Conversion and Renewal
    Sales</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">87.6</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">71.4</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">81.0</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75.7</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">80.9</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">75.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total Gross Sales</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2015 new sales of print publications decreased as a percent of the total gross sales while conversion
and renewal revenues increased from fiscal 2014 as a result of increased resources of the in-house Telemarketing department. New
sales of digital products in fiscal 2015 showed a marked increase over the prior fiscal year.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April
    30,</FONT></TD><TD STYLE="font-size: 10pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-size: 10pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($ in thousands)</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lsquo;15
    vs. &lsquo;14</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center">&nbsp;&lsquo;14 vs. &lsquo;13</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unearned
    subscription revenue (current and long term liabilities)</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26,047</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25,124</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,709</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.7</FONT></TD><TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.7</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Unearned
subscription revenue as of April 30, 2015 is 3.7% above April 30, 2014 which increased 1.7% as compared to April 30, 2013. A certain
amount of variation is to be expected due to the volume of new orders and timing of renewal orders, direct mail campaigns or large
Institutional Sales orders.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Investment
periodicals and related publications revenues</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
periodicals and related publications revenues decreased $922,000, or 2.7%, for the twelve months ended April 30, 2015, as compared
to fiscal 2014. The Company continued its efforts to attract new subscribers through various marketing channels, primarily direct
mail, e-mail, and by the efforts of our sales personnel. Total product line circulation at April 30, 2015 was 5.8% above total
product line circulation at April 30, 2014, continuing a positive trend of increased subscribers at modestly lower average prices.
The Company has been successful in growing revenues from digitally-delivered investment periodicals within the institutional area.
Institutional Sales generated total sales orders of $13,325,000 for the twelve months ended April 30, 2015 which were $481,000
or 3.7%, above comparable total sales orders of $12,844,000, for the twelve months ended April 30, 2014. This growth continues
a positive trend for Institutional Sales. We have also benefited from &ldquo;converting&rdquo; some customers from retail to professional
priced services.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Digital
publications revenues increased $871,000 or 5.7% for the twelve months ended April 30, 2015 as compared to fiscal 2014. Revenues
from institutional digital publications increased $923,000 or 9.3% for the twelve months ended April 30, 2015, as compared to
fiscal 2014. Digital publications revenues from retail subscribers decreased 1% for the twelve months ended April 30, 2015, as
compared to fiscal 2014. At April 30, 2015 total digital product circulation has increased 6.4% above total digital product circulation
at April 30, 2014.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print
publication revenues decreased $1,793,000 or 9.8% for the twelve months ended April 30, 2015 from fiscal 2014. Revenues from institutional
print publications increased $60,000 or 3.1% for the twelve months ended April 30, 2015 as compared to fiscal 2014. Print publications
revenues from retail subscribers decreased $1,853,000 or 11.3% for the twelve months ended April 30, 2015, as compared to fiscal
2014. Total print circulation at April 30, 2015 was 5.5% above total print circulation at April 30, 2014 including a 200% increase
in the introductory lower-priced Value Line 600 print product. The VL 600 was utilized during fiscal 2015 as a retail lead generation
product.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
periodicals and related publications revenues increased $1,658,000, or 5.2%, for the twelve months ended April 30, 2014, as compared
to fiscal 2013. Total product line circulation at April 30, 2014 was 6.7% above total product line circulation at April 30, 2013.
Institutional Sales generated sales orders of $12,844,000 for the twelve months ended April 30, 2014 which were $843,000 or 7.0%,
above comparable sales orders of $12,001,000, for the twelve months ended April 30, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Digital
publications revenues increased $2,339,000 or 18.1% for the twelve months ended April 30, 2014 as compared to fiscal 2013. Revenues
from institutional digital publications increased $1,231,000 or 14.1% for the twelve months ended April 30, 2014, as compared
to fiscal 2013. Digital publications revenues from retail subscribers increased $1,108,000 or 26.4% for the twelve months ended
April 30, 2014, as compared to fiscal 2013. At April 30, 2014 total digital product circulation has increased 33.7% above total
digital product circulation at April 30, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Print
publication revenues decreased $681,000 or 3.6% for the twelve months ended April 30, 2014 from fiscal 2013. Revenues from institutional
print publications increased $238,000 or 14.3% for the twelve months ended April 30, 2014 as compared to fiscal 2013. Print publications
revenues from retail subscribers decreased $919,000 or 5.3% for the twelve months ended April 30, 2014, as compared to fiscal
2013. Total print circulation at April 30, 2014 was 3.7% below total print circulation at April 30, 2013. <FONT STYLE="background-color: silver">
</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has relied more on its personnel selling efforts in both the institutional segment and retail retention and sales division
as the ability to grow revenues profitably through traditional direct marketing plateaus. The majority of the Company&rsquo;s
subscribers have traditionally been individual investors who generally receive printed publications via U.S. Mail on a weekly
basis. Consistent with the experience of other print publishers in many fields, the Company has found that its roster of print
customers for all publications except for <I>The Value Line 600</I> has been gradually declining as individuals migrate to various
digital services including the Company&rsquo;s. Individual investors interested in digitally-delivered investment information
have access to both free and subscription equity research from many sources. Continuing factors that have contributed to the decline
in the retail print investment periodicals and related publications revenues include competition in the form of free or low cost
investment research on the Internet and research provided by brokerage firms at no direct cost to their clients.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
Line serves individual and professional investors who pay, either on a regular monthly plan or annual subscription plan for basic
services or as much as $100,000 or more annually for extensive premium quality research, not obtainable elsewhere. The ongoing
goal of adding new subscribers has led us to experiment with varying terms for our reliable, proprietary research.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has established the goal of developing competitive products and marketing them effectively through traditional as well
as internet and mobile channels. Towards that end, the Company continues to maintain competitive digital delivery formats.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Copyright
data fees </U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Value Line proprietary Ranking System information (the &ldquo;Ranking System&rdquo;), a component of the Company&rsquo;s flagship
product, <I>The Value Line Investment Survey</I>, is also utilized in the Company&rsquo;s copyright data business. The Ranking
System is made available to EAM for specific uses without charge. The Ranking System is designed to be predictive over a six
to twelve month period. For the six month periods ended April 30, 2015, the combined Ranking System &ldquo;Rank 1 &amp; 2&rdquo;
stocks&rsquo; increase of 9.2% outperformed the S&amp;P 500 Index&rsquo;s increase of 6.3%. For the twelve month period ended
April 30, 2015, the combined Ranking System &ldquo;Rank 1 &amp; 2&rdquo; stocks increased 9.3% outperforming the Russell 2000
Index&rsquo;s increase of 9.2% during the comparable period.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015, total third party sponsored assets were attributable to five contracts for copyright data representing $2.25
billion in various products, as compared to four contracts for copyright data representing $2.28 billion in assets at April 30,
2014. The value of assets managed by third party sponsors was affected by a shift in assets in one of the underlying portfolios
during April 2013 and then in February 2014 to a new subadviser which was beyond Value Line&rsquo;s control. The Company signed
a new copyright data contract in the third fiscal quarter of 2015, and the three new exchange-traded funds subject to that contract
began trading in March 2015.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2013, copyright data fees were $3,900,000 and total third party sponsored assets were attributable
to four contracts for copyright data representing $2.7 billion in various products, in assets at April 30, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
Quantitative Research department has several &ldquo;models,&rdquo; or methods of selecting stocks and mutual funds to buy or sell,
which are promising based on computerized testing performed thus far.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company believes this part of the business is dependent upon the desire of third parties to use the Value Line trademarks and
proprietary research for their products, on competition and on fluctuations in segments of the equity markets. Management is actively
pursuing potential channels for the copyright data products, including Ranking System-based concepts as well as other proprietary
quantitative models.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Investment
management fees and services &ndash; (unconsolidated)</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has a substantial non-voting revenues and non-voting profits interests in EAM, the asset manager to the Value Line Mutual
Funds. Accordingly, the Company does not report this operation as a separate business segment, although it maintains a significant
interest in the cash flows generated by this business and will receive ongoing payments in respect of its non-voting revenues
and non-voting profits interests.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2015, were $2.40 billion, which is $46 million,
or 2.0%, above total assets of $2.35 billion in the Value Line Funds managed by EAM at April 30, 2014. Total assets in the Value
Line Funds managed and/or distributed by EAM at April 30, 2013, were $2.19 billion. Although sales and inflows for the Value Line
Equity Funds are up 3% during fiscal 2015 and 5% during fiscal 2014, the Value Line Funds continue to experience net redemptions
and the associated net asset outflows (redemptions less new sales) for the last three fiscal years.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table shows the change in assets for the past three fiscal years including sales (inflows), redemptions (outflows),
dividends and capital gain distributions, and market value changes. Inflows for sales, and outflows for redemptions reflect decisions
of individual investors. The table also illustrates the assets within the Value Line Funds broken down into equity funds, variable
annuity funds and fixed income funds as of April 30, 2015, 2014 and 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Value
Line Mutual Funds </U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>


<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Total Net Assets&nbsp;&nbsp;&nbsp;</I></FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"></TD>
    <TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>vs</B></FONT><B>.</B></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>vs.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For the Years Ended April 30,</B></FONT></B></FONT></TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT><B>2013</B></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="7" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 35%; text-align: left; padding-left: 0.25in; text-indent: -0.25in; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line equity fund assets
    (excludes variable annuity)&mdash; beginning <SUP>(1)</SUP></FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,647,890,976</FONT></TD><TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,456,552,464</FONT></TD><TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid">$<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,343,996,918</FONT></TD><TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.1</FONT></TD><TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.4</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales/inflows</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">314,912,210</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">268,425,995</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">252,728,239</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Redemptions/outflows</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(249,287,083</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(234,450,194</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(256,633,016</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-8.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.125in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend and Capital Gain Distributions</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(127,174,928</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(76,752,906</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(48,112,709</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="font-family: TIMES NEWROMAN; padding-left: 0.125in; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market
    value change</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">151,179,966</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">234,115,616</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">164,573,032</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-35.4</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42.3</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: TIMES NEWROMAN; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
    Line equity fund assets (non-variable annuity)&mdash; ending</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,737,521,140</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,647,890,976</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,456,552,464</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.4</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.1</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Variable annuity fund assets &mdash; beginning
    <SUP>(2)</SUP></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">488,317,714</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">476,317,362</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">$<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">484,476,017</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-1.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales/inflows</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">45,535,001</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,154,523</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,173,864</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">155.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-indent: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Redemptions/outflows</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(74,772,515</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(64,466,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(66,726,410</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-3.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend and Capital
    Gain Distributions</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(37,531,133</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(27,786,179</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,119,704</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">574.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="font-family: TIMES NEWROMAN; text-indent: 9pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market
    value change</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38,271,762</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">68,098,777</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">48,513,595</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-43.8</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">40.4</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: TIMES NEWROMAN; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Variable
    annuity fund assets &mdash; ending</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">459,820,828</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">488,317,714</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">476,317,361</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-5.8</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.5</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fixed income fund assets &mdash; beginning
    <SUP>(3)</SUP></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">161,786,294</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">191,488,529</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left">$<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">217,053,704</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-15.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-11.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sales/inflows</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,609,157</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,866,401</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,765,917</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-50.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-indent: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Redemptions/outflows</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20,089,197</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(28,722,304</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(37,643,781</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-30.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-23.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend and Capital
    Gain Distributions</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">197,218</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54,008</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4,524,535</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">265.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-101.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="font-family: TIMES NEWROMAN; text-indent: 9pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market
    value change</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,513,110</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,900,341</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,837,224</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-136.4</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-242.7</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: TIMES NEWROMAN; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fixed
    income fund assets &mdash; ending</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">153,016,581</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">161,786,294</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">191,488,529</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-5.4</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-15.5</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="font-family: TIMES NEWROMAN; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Assets
    under management &mdash; ending</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,350,358,550</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,297,994,984</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">$<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,124,358,355</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.3</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.2</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<P STYLE="font: 12pt Calibri-Italic; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri-Italic; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>(1)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>On
                                         January 31, 2015, Worthington Value Line Equity Advantage Fund was added to the Value
                                         Line Family of Funds.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri-Italic; margin-top: 0; margin-bottom: 0; width: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><SUP>&nbsp;</SUP></FONT></TD><TD STYLE="text-align: justify"></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri-Italic; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>(2)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>On
                                         December 31, 2014, The VIP Equity Advantage Fund was added to the Value Line Family of
                                         Funds as an addition to the Guardian Variable Annuities product.</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7.5pt Calibri-Italic; margin-top: 0; margin-bottom: 0; width: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Calibri-Italic; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><SUP>(3)</SUP></I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: #3A362F"><I>On
                                         March 21, 2013, the shareholders of the Value Line U.S. Government Securities Fund approved
                                         the tax free reorganization of the Value
                                         Line U.S. Government Securities Fund into the Value Line Core Bond Fund. Shares of the
                                         U.S Gov&rsquo;t Securities Fund were exchanged into the Value Line Core Bond Fund effective
                                         March 22, 2013. This transaction is excluded from sales/redemptions</I></FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 7.5pt Calibri-Italic; color: #3A362F; margin-top: 0; margin-bottom: 0; width: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD>
</TR></TABLE>



<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT>&nbsp;</P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares
of Value Line Strategic Asset Management Trust (&ldquo;SAM&rdquo;) and Value Line Centurion Fund (&ldquo;Centurion&rdquo;) are
available to the public only through the purchase of certain variable annuity and variable life insurance contracts issued by
The Guardian Insurance &amp; Annuity Company, Inc. (&ldquo;GIAC&rdquo;).</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
next table provides a breakdown of the major distribution channels for the Value Line Funds in terms of assets and shareholder
accounts as of April 30, 2015.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fund Categories</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate
    Assets</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage
    <BR>
of Assets in <BR>
Category</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shareholder
    <BR>
Accounts</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage
    of <BR>
Shareholder <BR>
Accounts in <BR>
Category</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 40%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Guardian
    (SAM and Centurion Funds)</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">459,820,828</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.2</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,978</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">23</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Top five dealer platforms</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">998,272,462</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,386</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">42</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VL
    Funds direct accounts &amp; other dealers</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">936,782,894</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">39.1</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30,382</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-align: center; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total*</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,394,876,184</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">86,746</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*
Total aggregate assets and shareholder accounts include $44,517,634 of total assets and 1,871 shareholder accounts, respectively,
of the Daily Income Fund U.S. Government Portfolio managed by Reich &amp; Tang. .</FONT></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
January 2015, the Value Line VIP Equity Advantage Fund was launched. The fund is an open end fund that invests primarily in a
basket of closed-end funds. The fund is exclusively available in the Guardian Pro Series Variable Annuities. EAM partnered with
Worthington Capital Management, a $2 billion Memphis based investment adviser, to create and launch the Worthington Value Line
Equity Advantage Fund which started in February 2015. The fund, similar to VIP, is actively managed and uses a proprietary model
created by Worthington, EAM, and Value Line Publishing LLC, to identify which closed end funds to hold in the portfolio and is
available in the retail and RIA (registered investment advisers) channels.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
March 2015, Value Line Larger Companies Fund was renamed Value Line Larger Companies Focused Fund and Value Line Fund was renamed
Value Line Mid Cap Focused Fund. The names were changed to emphasize both portfolios&rsquo; focus on high conviction ideas in
the large cap and mid cap categories, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>EAM
Trust - Results of operations before distribution to interest holders</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
overall results of EAM&rsquo;s investment management operations during the twelve months ended April 30, 2015, before interest
holder distributions, include total investment management fees earned from the Value Line Funds of $15,014,000, 12b-1 fees and
other fees of $5,459,000 and other income of $34,000. For the same period, total investment management fee waivers were $192,000
and 12b-1 fee waivers for six Value Line Funds were $1,518,000. During the twelve months ended April 30, 2015, EAM&rsquo;s net income
was $1,248,000 after giving effect to Value Line&rsquo;s non-voting revenues interest of $7,346,000, but before distributions
to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
overall results of EAM&rsquo;s investment management operations during the twelve months ended April 30, 2014, before interest
holder distributions, include total investment management fees earned from the Value Line Funds of $14,452,000, 12b-1 fees and
other fees of $5,061,000 and other income of $16,000. For the same period, total investment management fee waivers were $89,000
and 12b-1 fee waivers for seven Value Line Funds were $1,683,000. During the twelve months ended April 30, 2014, EAM&rsquo;s net income
was $1,464,000 after giving effect to Value Line&rsquo;s non-voting revenues interest of $6,767,000, but before distributions
to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
overall results of EAM&rsquo;s investment management operations during the twelve months ended April 30, 2013, before interest
holder distributions, include total investment management fees earned from the Value Line Funds of $12,773,000, 12b-1 fees and
other fees of $3,905,000 and other income of $14,000. For the same period, total investment management fee waivers and reimbursements
were $379,000 and 12b-1 fee waivers for nine Value Line Funds were $2,156,000. During the twelve months ended April 30, 2013,
EAM&rsquo;s net income was $945,000 after giving effect to Value Line&rsquo;s non-voting revenues interest of $5,781,000, but before
distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015, six of the Value Line Funds have all or a portion of the 12b-1 fees being waived, and one fund has partial
investment management fee waiver in place. Fee waivers for certain of the Value Line Funds including all of the 12b-1 fees being
waived cannot be recouped. Although, under the terms of the EAM Declaration of Trust, the Company no longer receives or shares
in the revenues from 12b-1 distribution fees, the Company could benefit from the fee waivers to the extent that the resulting
reduction of expense ratios and enhancement of the performance of the Value Line Funds attracts new assets. As of August 1, 2013,
EULAV Securities began to receive additional 12b-1 revenues from select Value Line Funds. Waivers were removed or reduced on some
funds, in an effort to continue to expand the marketing programs.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Value Line equity and hybrid funds assets represent 73.8%, variable annuity funds issued by GIAC represent 19.7%, and fixed income
fund assets represent 6.5%, respectively, of total fund assets under management (&ldquo;AUM&rdquo;) as of April 30, 2015. At April
30, 2015, equity, hybrid and GIAC variable annuities AUM increased by 2.9% and fixed income AUM decreased by 5.6% as compared
to fiscal 2014.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015, three of the six Value Line equity mutual funds, excluding SAM and Centurion, had an overall four or five star
rating by Morningstar, Inc. The largest distribution channel for the Value Line Funds remains the fund supermarket platforms such
as Charles Schwab &amp; Co., Inc., Fidelity, Pershing and E-Trade.<I> </I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Two
of the eight equity and hybrid funds are in the top quartile of their respective peer groups for one year and two of the eight
are in the top quartile for the three year period according to Lipper. At this time last year, two were in the top quartile for
one year and four were in the top quartile for three years.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
Line equity funds continue to be recognized for both their strong long-run performance and lower-risk profile. The Value Line
Asset Allocation Fund continues to be on the Schwab Mutual Fund OneSource Select List&reg; since August 2012.<FONT STYLE="color: red">
</FONT>The Value Line Asset Allocation Fund was also added to the Schwab Select List Advisor Edition<I>&trade; </I>for the fourth
calendar quarter of 2013 providing even more exposure. The Value Line Small Cap Opportunities Fund is recognized on a select list
at Lincoln Financial. During March 2015, EAM executed a new selling agreement with Massachusetts Mutual Insurance Company which
enables the Value Line Mutual Funds to be displayed and sold on their retirement platform. Massachusetts Mutual has over $160
Billion dollars in retirement account monies with over 3 million participants, in addition to several other dealer agreements,
expanding the active selling agreements to over 100.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>EAM
- The Company&rsquo;s non-voting revenues and non-voting profits interests </U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount
ranging from 41% to 55% of EAM&rsquo;s investment management fee revenues from its mutual fund and separate accounts business, and 50%
of EAM&rsquo;s net profits.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company recorded income from its non-voting revenues interest and its non-voting profits interest in EAM as follows:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 85%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($
    in thousands)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lsquo;15
    vs. &lsquo;14</FONT></TD><TD STYLE="border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-top: Black 2px solid; text-align: center"></TD>
    <TD STYLE="border-top: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lsquo;14 vs. &lsquo;13</font></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 35%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-voting
    revenues interest</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,346</FONT></TD><TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,767</FONT></TD><TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,781</FONT></TD><TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.6</FONT></TD><TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17.1</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-voting
    profits interest</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">624</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">732</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">479</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-14.8</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">52.8</FONT></TD><TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,970</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,499</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,260</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.3</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19.8</FONT></TD><TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2015 and April 30, 2014, the Company recorded revenues of $7,970,000 and $7,499,000, respectively,
consisting of $7,346,000 and $6,767,000, from its non-voting revenues interest in EAM and $624,000 and $732,000, from its non-voting
profits interest in EAM without incurring any directly related expenses. During the twelve months ended April 30, 2013, the Company
recorded revenues of $6,260,000, consisting of $5,781,000, from its non-voting revenues interest in EAM and $479,000, from its
non-voting profits interest in EAM.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I><U>Operating
expenses</U></I></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 11pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($
    in thousands)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lsquo;15
    vs. &lsquo;14</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&lsquo;14
    vs. &lsquo;13</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 35%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advertising
    and promotion</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,984</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,223</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,075</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.0</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.6</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salaries and employee
    benefits</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,935</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16,335</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,034</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-2.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Production and distribution</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,081</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,402</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,694</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Office
    and administration</FONT></TD><TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,124</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,870</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,917</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-25.4</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.7</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left; padding-left: 5.4pt; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Total
    expenses</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,124</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,830</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,720</FONT></TD><TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-2.1</FONT></TD><TD STYLE="text-align: left; vertical-align: bottom; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.7</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expenses
within the Company are categorized into advertising and promotion, salaries and benefits, production and distribution, office
and administration.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
expenses of $33,124,000 for the twelve months ended April 30, 2015, decreased $706,000, or 2.1%, as compared to the twelve months
ended April 30, 2014. The decrease in expenses resulted primarily from a $945,000 decrease in rent expense partially offset by
the additional depreciation and amortization of $630,000 related to software development costs previously incurred.<FONT STYLE="color: red">
</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
expenses of $33,830,000 for the twelve months ended April 30, 2014, increased $2,110,000, or 6.7%, as compared to the twelve months
ended April 30, 2013. The increase in expenses resulted primarily from the additional depreciation and amortization of $533,000
related to software development costs and $1,301,000 increase in salaries due to the timing of personnel replacements in Research,
Fulfillment and Mailing, and new hires in Institutional Sales and Telemarketing. Operating expenses were $31,720,000 for the twelve
months ended April 30, 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Advertising
and promotion</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Advertising
and promotion expenses of $4,984,000 during the twelve months ended April 30, 2015 increased $761,000 or 18.0%, as compared to
fiscal 2014, principally due to a $305,000 increase in direct mail costs. The increase in direct mail expenses is attributable
to an increase in list costs of 10% resulting from the purchase of more prospect names and the timing of mailing for <I>The Value
Line 600</I> and <I>The Value Line Investment Survey</I> with 12 campaigns in fiscal 2015 and 11 campaigns in fiscal 2014. Other
increases include a $51,000 increase in third-party client support expenses and a $277,000 increase in sales commissions. Commissions
vary based on the type of customer, size of sale, and whether a sale is new or renewal. In fiscal 2015 in-house telemarketing
expenses increased $249,000 and were associated with a $1.7 million increase in retail sales orders during the twelve months ended
April 30, 2015. An increase of $144,000 in media and general advertising primarily related to expenses to improve services in
retail marketing and brand awareness promotions through newspapers, television, radio and the internet.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0">Advertising and promotion expenses during the twelve months ended
April 30, 2014 increased $148,000 or 3.6%, as compared to fiscal 2013, mainly due to a $332,000 increase in sales commissions which
resulted from a $3.2 million increase in gross sales. In fiscal 2014 in-house telemarketing expenses that started in March 2013
increased $236,000 and were associated with a $4.6 million increase in retail sales orders during the twelve months ended April
30, 2014.</P>

<P STYLE="text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;&nbsp;</P>



<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Salaries and employee
benefits</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salaries
and employee benefits of $15,935,000 during the twelve months ended April 30, 2015 were $400,000 or 2.4% below fiscal 2014&rsquo;s
primarily as a result of a decrease in administrative and support personnel (in Information Technology (IT), Accounting, Advertising
and the IT support at VLDC, the fulfillment operation) partially offset by an increase in the internal Telemarketing, Research
and Institutional Sales departments. The capitalization of internal salaries and benefits expenses of $1,692,000 for digital project
development increased $96,000 during the twelve months ended April 30, 2015, as compared to fiscal 2014.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Salaries
and employee benefits increased $1,301,000 or 8.7% during the twelve months ended April 30, 2014 as compared to fiscal 2013. In
fiscal 2014, increased expenses in salaries and employee benefits were related to the timing of personnel replacements in Research
and Fulfillment, as well as new hires in Institutional Sales and Telemarketing. The capitalization of internal salaries and benefits
expenses of $1,595,000 for digital project development costs decreased $68,000 during the twelve months ended April 30, 2014,
as compared to fiscal 2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2015, 2014 and 2013, the Company recorded profit sharing expenses of $422,000, $373,000 and
$240,000, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Production and distribution</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Production
and distribution expenses of $7,081,000 during the twelve months ended April 30, 2015 increased $679,000 or 10.6% as compared
to fiscal 2014. During the twelve months ended April 30, 2015, an increase of $470,000 was attributable to additional amortization
of internally developed software costs for the upgrade of our fulfillment system, single sign on, concurrent user software, product
and website development and new service oriented production architecture and a $488,000 increase in third party expenses for hosting
the Company&rsquo;s digital version of our equity based product offerings and mobile devices. The increase in expenses was partially
offset by a $159,000 decrease in service mailers cost and a $116,000 decrease in paper, printing and mailing costs since the Company
renegotiated printing, binder and paper prices with various vendors.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 12pt 0 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Production
and distribution expenses during the twelve months ended April 30, 2014 increased $708,000 or 12.4% as compared to fiscal 2013.
During the twelve months ended April 30, 2014, an increase of $517,000 was attributable to additional amortization of internally
developed software costs for the upgrade of our fulfillment system, single sign on, website development and new service oriented
production architecture. During the twelve months ended April 30, 2014, service mailer and introductory package (binder) costs
increased $136,000 due to the timing of bulk purchases to fulfill new print product orders that increased 22%, and postage expenses
increased $89,000 as a result of a 2.5% increase in postal rates in January 2013 and the increase in new orders. The increases
in expenses were partially offset by an $81,000 decrease in paper costs due to favorable contracted rates in effect until September
2014 and gradually decreasing use of paper as some subscribers migrate to digital services.<BR>
&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Office and administration</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 8pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s move to new headquarters in the third quarter of fiscal 2014 resulted in a significant decrease in the Company&rsquo;s
annual rental expenses for the New York City office facility under the sublease terms for the new office space between Value Line,
Inc. and Citibank, with the office move also responsible in part for a decline in maintenance, taxes and utilities for our New
York City headquarters. The rental expenses during the twelve months ended April 30, 2014 included an additional one time overlapping
rent of $771,000 for the previously occupied office facilities during the short term lease extension which ended September 15,
2013.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 8pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">T<FONT STYLE="background-color: white">otal
office and administration expenses of $5,124,000, during the twelve months ended April 30, 2015 decreased $1,746,000 or 25.4%
as compared to fiscal 2014. For the twelve months ended April 30, 2015, office and administration expenses included a $945,000
decrease in rental expense at our New York City facility including the aforementioned $771,000 rent savings, a decline of $109,000
in telephone, utilities and equipment rental expenses, an accelerated write-off of $138,000 of obsolete software and a decrease
of $272,000 in website hosting fees that resulted from the termination of a third party vendor. During fiscal 2015 restructuring
and settlement costs decreased $205,000 or 73.2%.</FONT></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 12pt 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
office and administration expenses during the twelve months ended April 30, 2014 decreased $47,000 or 0.7%, as compared to fiscal
2013. For the twelve months ended April 30, 2014, office and administration expenses included a $135,000 increase in data processing
fees, a $96,000 increase in bank fees due to an increase in the volume of credit card orders, an increase in professional fees
primarily for tax audits which were offset by a decrease of $118,000 in building maintenance costs and a decrease of $132,000
in utilities expenses. Additional decreases in fiscal 2014 are related to a decline in real estate taxes due to legal appeal of
the valuation assessment of the Company&rsquo;s warehouse and fulfillment facility resulting in refunds and credits and a current
year reduction in property taxes of $115,000 and a decrease in New York City property taxes billed as lease escalation charges
due on the Company&rsquo;s previously occupied office facility.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Lease
Commitments</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On
February 7, 2013, the Company and Citibank, N.A. (the &ldquo;Sublandlord&rdquo;) entered into a sublease agreement, pursuant to
which Value Line leased approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New
York, NY (&ldquo;Building&rdquo; or &ldquo;Premises&rdquo;) beginning on or about July 1, 2013 and ending on February 27, 2017
(&ldquo;Sublease&rdquo;). The facility is the Company&rsquo;s new corporate office. Base rent under the Sublease is $1,468,269
per annum payable in equal monthly installments on the first day of each month, subject to customary concessions in the Company&rsquo;s
favor and pass-through of certain increases in operating costs and real estate taxes. The Company provided a security deposit
in cash in the amount of $489,423, which was reduced to $367,067 on March 1, 2015, and then it may be reduced to $244,712 on March
1, 2016 and fully refunded after the Sublease ends. In March 2015 the Company received $122,355 from sublandlord. The Company
is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises.
The Sublease terms provide for a significant decrease in the Company&rsquo;s annual rental expenses.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
fiscal 2014, Value Line reached an agreement with its previous landlord and extended the term of the lease for its previous corporate
office facility, which expired on May 31, 2013, for a period of three and a half months beginning June 1, 2013 and expired September
15, 2013 (&ldquo;Lease Modification&rdquo;) at a rental which approximated the Company&rsquo;s monthly rent payments under the
original lease obligation. Management determined the overlap payment of up to two and a half months was a necessary precaution
to allow transfer of telecommunications and other technology lines and equipment to the new headquarters, given that Citibank&rsquo;s
move out was not pegged to a predetermined date.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Income
from Securities Transactions, net</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="7" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($
    in thousands)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&rsquo;15
    vs. &rsquo;14</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&rsquo;14 vs. &rsquo;13</font></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="width: 35%; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend
    income</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">157</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">147</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">124</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6.8</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18.5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-40.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">25.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital gain distribution
    from ETFs</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n/a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange loss</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right">-<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n/a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n/a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right">-<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n/a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">n/a</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(75</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-1400.0</FONT></TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-150.0</FONT></TD><TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    income from securities transactions, net</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">178</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-29.2</FONT></TD><TD STYLE="padding-bottom: 0pt; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41.3</FONT></TD><TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2015 the Company&rsquo;s income from securities transactions, net, was $126,000 primarily derived
from dividend income and capital gain distributions partially offset by loss on investment assets. The Company&rsquo;s income
from securities transactions, net, which included primarily dividend income, was $178,000 and $126,000 during the twelve months
ended April 30, 2014 and 2013, respectively. Income from securities transactions, net, included capital gain distributions from
ETFs of $57,000 and $36,000, respectively, during the twelve months ended April 30, 2015 and April 30, 2014. There were no sales,
or gains or losses from sales, of equity securities during the twelve months ended April 30, 2015 and April 30, 2014.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I><U>Effective
income tax rate</U></I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2015, 2014
and 2013 were 30.52%, 33.50% and 37.00%, respectively. The Company&rsquo;s annual effective tax rate will change due to a number
of factors including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax
income, the Company&rsquo;s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax
laws and rulings and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2015 is
primarily attributable to the write-off of the tax bases of goodwill, effect of the reduction in the allocation factors on the
state and local deferred tax liability (primarily the gain on deconsolidation of EAM), reversal of excess income tax accruals
established in past years that were resolved upon completion of the prior NYC and IRS audits and an increase in the domestic production
tax credits. The decrease in the effective income tax rate during fiscal 2014 is attributable to the lower percentage of income
subject to state and local income taxes and a favorable settlement of a local income tax audit. The fluctuation in the effective
income tax rate during fiscal 2013 is attributable to a higher percentage of income subject to state and local taxes offset by
the recognition of the domestic production tax credits and an increase in the dividends received deduction during the current
fiscal year.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Liquidity
and Capital Resources</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company had negative working capital, defined as current assets less current liabilities, of $7,369,000 and $8,790,000 as of
April 30, 2015 and April 30, 2014, respectively. These amounts include short term unearned revenue of $21,510,000 and
$21,490,000 reflected in total current liabilities at April 30, 2015 and April 30, 2014, respectively. Cash and short term
securities were $15,506,000 and $15,014,000 as of April 30, 2015 and April 30, 2014, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT>&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s cash and cash equivalents include $5,272,000 and $5,482,000 at April 30, 2015 and April 30, 2014, respectively,
invested primarily in savings accounts and commercial banks and in Money Market Funds at brokers, which operate under Rule 2a-7
of the 1940 Act and invest primarily in short term U.S. government securities.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Cash
from operating activities</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company had cash inflows from operating activities of $1,407,000 during the twelve months ended April 30, 2015, compared to cash
inflows from operations of $3,487,000 and $1,168,000 during the twelve months ended April 30, 2014 and 2013, respectively. The
decrease in cash flows from fiscal 2014 to fiscal 2015 was primarily attributable to the timing of income tax payments, receipt
of accounts receivable, and payments of operating expenses partially offset by an increase in unearned income from the receipt
of prepaid subscription orders. The increase in cash flows from fiscal 2013 to fiscal 2014 was primarily attributable to an increase
of $1,700,000 of prepaid unearned subscriptions income and the timing of income tax payments.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Cash
from investing activities</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s cash inflows from investing activities of $4,689,000 during the twelve months ended April 30, 2015, compared to
cash inflows from investing activities of $1,920,000 for the twelve months ended April 30, 2014. Cash inflows for the twelve months
ended April 30, 2015, were higher due to the Company&rsquo;s decision not to reinvest in the purchase of equity securities and
the increase in receipts from the Company&rsquo;s non-voting revenues and non-voting profits interest distributions from EAM.
Cash inflows for the twelve months ended April 30, 2014, were higher due to the increase in receipts from the Company&rsquo;s
non-voting revenues and non-voting profits interest distributions from EAM.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I></I></FONT></P>

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<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Cash
from financing activities</I></FONT></P>

<P STYLE="font: 11pt/14pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2015, the Company&rsquo;s cash outflows from financing activities were $6,010,000 and compared
to cash outflows from financing activities of $6,459,000 and $6,117,000 for the twelve months ended April 30, 2014 and 2013, respectively.
Cash outflows for financing activities included $122,000, $550,000 and $182,000 for the repurchase of 8,433, 58,499 and 19,953
shares of the Company&rsquo;s common stock under the September 19, 2012 board approved common stock repurchase program, during
fiscal years 2015, 2014 and 2013, respectively. Quarterly dividend payments of $0.15 per share in fiscal 2015 aggregated $5,888,000
as compared to quarterly dividend payments of $0.15 per share totaling $5,909,000 in fiscal 2014.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">At
April 30, 2015 there were 9,809,496 common shares outstanding as compared to 9,817,929 common shares outstanding at April 30,
2014. The Company expects financing activities to continue to include use of cash for dividend payments for the foreseeable future.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management
believes that the Company&rsquo;s cash and other liquid asset resources used in its business together with the future cash flows
from operations and from the Company&rsquo;s non-voting revenues and non-voting profits interests in EAM will be sufficient to
finance current and forecasted liquidity needs for the next twelve months. Management does not anticipate making any borrowings
during the next twelve months. As of April 30, 2015, retained earnings and liquid assets were approximately $35 million and $16
million, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; background-color: white">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Seasonality</B></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
publishing revenues are comprised of subscriptions which are generally annual subscriptions. Our cash flows from operating activities
are minimally seasonal in nature, primarily due to the timing of customer payments made for orders and subscription renewals.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Recent
Accounting Pronouncements</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: bold 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Critical
Accounting Estimates and Policies</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company prepares its consolidated financial statements in accordance with accepted accounting principles as in effect in the United
States (U.S. &ldquo;GAAP&rdquo;). The preparation of these financial statements requires the Company to make estimates and judgments
that affect the reported amounts of assets, liabilities, revenues and expenses. The Company bases its estimates on historical
experience and on various other assumptions that it believes to be reasonable under the circumstances, the results of which form
the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent, and the Company
evaluates its estimates on an ongoing basis. Actual results may differ from these estimates under different assumptions or conditions.
The Company believes the following critical accounting policies reflect the significant judgments and estimates used in the preparation
of its Consolidated Financial Statements:</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 5%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&bull;</FONT></TD>
    <TD STYLE="width: 95%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenue recognition</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income taxes</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&bull;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Settlement reserve</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Revenue
Recognition</I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
majority of the Company&rsquo;s revenues come from the sale of print and digital subscriptions and fees for copyright proprietary
information, and, prior to December 23, 2010, investment management and 12b-1fees. The Company recognizes subscription revenue,
net of discounts, in equal amounts over the term of the subscription, which generally ranges from three months to one year or
longer, varying based on the product or service. Copyright data fees are calculated monthly based on market fluctuation and billed
quarterly. Prior to December 23, 2010, investment management fee and 12b-1 fee revenues for the Value Line Funds were recognized
each month based upon the daily net asset value of each Fund. The Company believes that the estimates related to revenue recognition
are critical accounting estimates, and to the extent that there are material differences between its determination of revenues
and actual results, its financial condition or results of operations may be affected.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>Income
Taxes</I></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>&nbsp;</I></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&#9;The
Company&rsquo;s effective annual income tax expense rate is based on the U.S. federal and state and local jurisdiction tax rates
on income and losses that are part of its Consolidated Financial Statements. Tax-planning opportunities, non-taxable income, expenses
that are not deductible in the Company&rsquo;s tax returns, and the blend of business income, including income derived from the
Company&rsquo;s non-voting revenue and non-voting profits interests in EAM and income from securities transactions, will impact
the effective tax rate in the jurisdictions in which the Company operates. Significant judgment is required in evaluating the
Company&rsquo;s tax positions.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax
law requires items to be included in the tax return at different times from when these items are reflected in the Company&rsquo;s
Consolidated Financial Statements. As a result, the effective tax rate reflected in the Company&rsquo;s Consolidated Financial
Statements is different from the tax rate reported on the Company&rsquo;s tax returns (the Company&rsquo;s cash tax rate). These
differences reverse over time, such as depreciation and amortization expenses. These timing differences create deferred tax assets
and liabilities. Deferred tax assets and liabilities are determined based on temporary differences between the financial reporting
and the tax basis of assets and liabilities.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015 and 2014, the Company had $356,000 and $364,000, respectively, of deferred tax assets. In assessing the Company&rsquo;s
deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets
will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during
the periods in which those temporary differences become deductible or utilized in the Company&rsquo;s tax filings.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;In
assessing the need for a valuation allowance, the Company considers both positive and negative evidence, including tax-planning
strategies, projected future taxable income, and recent financial performance. If after future assessments of the realizability
of the deferred tax assets the Company determines a lesser allowance is required, the Company would record a reduction to the
income tax expense and to the valuation allowance in the period this determination was made. This would cause the Company&rsquo;s
income tax expense, effective tax rate, and net income to fluctuate.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&#9;In
addition, the Company establishes reserves at the time that it determines that it is more likely than not that it will need to
pay additional taxes related to certain matters. The Company adjusts these reserves, including any impact of the related interest
and penalties, in light of changing facts and circumstances such as the progress of a tax audit. A number of years may elapse
before a particular matter for which the Company has established a reserve is audited and finally resolved. The number of years
with open tax audits varies depending on the tax jurisdiction. Such liabilities are recorded as income taxes payable in the Company&rsquo;s
Consolidated Balance Sheets. The settlement of any particular issue would usually require the use of cash. Favorable resolutions
of tax matters for which the Company has previously established reserves are recognized as a reduction to the Company&rsquo;s
income tax expense when the amounts involved become known.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Assessing
the future tax consequences of events that have been recognized in the Company&rsquo;s financial statements or tax returns requires
judgment. Variations in the actual outcome of these future tax consequences could materially impact the Company&rsquo;s financial
position, results of operations, or cash flows.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B></B></FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Off-Balance Sheet Arrangements</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company is not party to any off-balance sheet arrangements, other than operating leases in the ordinary course of business, which
are disclosed below in the table of contractual obligations.<B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Contractual Obligations</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Below
is a summary of certain contractual obligations of the Company as of April 30, 2015 ($ in thousands):</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="11" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid; text-align: center; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payments
    due by period</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 11pt; text-align: center; padding-bottom: 1pt; padding-left: 5.4pt; border-bottom: Black 2px solid; background-color: White"><P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P><P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Contractual
                                         Obligations</FONT></P></TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-size: 11pt; text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-size: 11pt; text-align: right; background-color: White"><P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P><P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less
                                         than <BR>
1 year</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-size: 11pt; text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-size: 11pt; text-align: right; background-color: White"><P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P><P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1-3
                                         years</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-size: 11pt; text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font-size: 11pt; text-align: right; background-color: White"><P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P><P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3-5
                                         years</FONT></P></TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">More
                                         than 5 years</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Long
    Term Debt Obligations</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital
    Lease Obligations</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="width: 35%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Operating
    Lease Obligations</FONT></TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,692</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,468</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,224</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="width: 1%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase
    Obligations</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 1pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Total</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,692</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,468</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,224</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; font: 10pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 7A. QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Market
Risk Disclosures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s Consolidated Balance Sheet includes a substantial amount of assets whose fair values are subject to market risks.
The Company&rsquo;s market risks are primarily associated with interest rates and equity price risk. The following sections address
the significant market risks associated with the Company&rsquo;s investment activities.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Interest
Rate Risk</B></FONT></P>

<P STYLE="font: 8pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s strategy has historically been to acquire debt securities with low credit risk and low price risk. Despite this
objective, management recognizes and accepts the possibility that losses may occur. To limit the price fluctuation in these securities
from interest rate changes, the Company&rsquo;s management historically invested primarily in short term obligations maturing
in less than one year. At April 30, 2015 and April 30, 2014, the Company did not have investments in securities with fixed maturities
and therefore does not have any interest rate risk.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Equity
Price Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
carrying values of investments subject to equity price risks are based on quoted market prices as of the balance sheet dates.
Market prices are subject to fluctuation and, consequently, the amount realized in the subsequent sale of an investment may significantly
differ from the reported market value. Fluctuation in the market price of a security may result from perceived changes in the
underlying economic characteristics of the issuer, the relative price of alternative investments and general market conditions.
Furthermore, amounts realized in the sale of a particular security may be affected by the relative quantity of the security being
sold.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s equity investment strategy has been to acquire equity securities across a diverse industry group. The portfolio
consists primarily of ETFs and select common stock holdings. In order to maintain liquidity in these securities, the Company&rsquo;s
policy has been to invest in and hold in its portfolio, no more than 5% of the approximate average daily trading volume in any
one issue. Additionally, the Company may purchase and hold non-leveraged ETFs whose performance inversely corresponds to the market
value changes of investments in other ETF securities held in the equity portfolio for dividend yield.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015 and April 30, 2014, the aggregate cost of the equity securities classified as available-for-sale, which consist
of investments in the iShares Dow Jones Select Dividend Index (DVY), SPDR S&amp;P Dividend (SDY), First Trust Value Line Dividend
Index (FVD), PowerShares Financial Preferred (PGF), certain common shares of equity securities and inverse equity index ETFs,
was $9,470,000 and $8,847,000, respectively, and the fair value was $9,632,000 and $9,226,000, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity Securities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypothetical</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated Fair</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value after</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Decrease) in </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypothetical</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypothetical</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shareholders&rsquo;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 2px solid; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($ in thousands)</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 2px solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fair
    Value</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Price
    Change</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 2px solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in Prices</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Azure">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity Securities and ETFs held for dividend yield</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,583</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30% increase</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,258</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.16</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left;  background-color: Azure">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD STYLE="text-align: right"></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30% decrease</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,908</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-3.16</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inverse ETF Holdings</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,049</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30% increase</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,834</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-2.29</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30%
    decrease</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,264</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.29</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Azure">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2015</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,632</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30% increase</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;10,092</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.87</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left;  background-color: Azure">
    <TD STYLE="border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30%
    decrease</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,172</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.87</FONT></TD>
    <TD>%</TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>


<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 25%; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity Securities</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 35%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 9%; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 9%; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypothetical</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Estimated Fair</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value after</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Decrease) in </FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="padding-left: 5.4pt; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypothetical</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Hypothetical</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shareholders&rsquo;</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
        <TD STYLE="border-bottom: Black 2px solid; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($ in thousands)</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 2px solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fair
    Value</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Price
    Change</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: center; border-bottom: Black 2px solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in Prices</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity</FONT></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Azure">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity Securities and ETFs held for dividend yield</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,292</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30% increase</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,880</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.10</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Azure">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD></TD>
    <TD STYLE="text-align: right"></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30% decrease</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,704</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-3.10</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: white">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inverse ETF Holdings</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,934</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30% increase</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,754</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-2.30</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: White">
    <TD STYLE="border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30%
    decrease</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,114</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.30</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Azure">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2014</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,226</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30% increase</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;9,634</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.80</FONT></TD>
    <TD>%</TD></TR>
<TR STYLE="vertical-align: top; text-align: left; background-color: Azure">
    <TD STYLE="border-bottom: Black 2px solid; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30%
    decrease</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,818</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.80</FONT></TD>
    <TD>%</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following consolidated financial statements of the registrant and its subsidiaries are included as a part of this Form 10-K:</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 78%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 10%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Page Number</FONT></TD>
    <TD STYLE="width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Report of independent auditors</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">53</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated balance sheets at April 30, 2015 and 2014</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">54</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated statements of income for the fiscal years ended April
    30, 2015, 2014 and 2013</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">55</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    </TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated Statements of Comprehensive Income for the fiscal
    years ended April 30, 2015, 2014 and 2013</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated statements of cash flows for the fiscal years ended
    April 30, 2015, 2014 and 2013</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Consolidated statement of changes in shareholders&rsquo; equity
    for the fiscal years ended April 30, 2015, 2014 and 2013</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Notes to the consolidated financial statements</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Quarterly
Results (Unaudited)<BR>
($ in thousands, except per share amounts)&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    <BR>
Revenues</FONT></TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income/
    (Loss) from Operations</FONT></TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenues
    <BR>
and Profits Interests in EAM Trust</FONT></TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income/<BR>

    (Loss) From Securities Trans., net</FONT></TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    Income</FONT></TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings
    <BR>
Per Share</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: 88pt; padding-left: 5.4pt; border-left: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid; background-color: White"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015,
    by Quarter</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="width: 30%; text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,070</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,062</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,022</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">41</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,036</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 6%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.21</FONT></TD><TD STYLE="width: 1%; text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,261</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,046</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,949</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">66</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,982</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.20</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,863</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">851</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,024</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,177</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.22</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth
    *</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,329</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(560</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,975</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(77</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,097</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.11</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,523</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,399</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,970</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,292</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.74</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 88pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014,
    by Quarter</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,952</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">469</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,769</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">38</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,445</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.15</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,013</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">646</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,854</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,616</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.16</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,008</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,974</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">70</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,026</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.21</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="padding-bottom: 1pt; text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,092</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">378</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,902</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,681</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.17</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36,331</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,501</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,499</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">178</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,768</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.69</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-indent: 88pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013,
    by Quarter</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">First</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,938</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,352</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,473</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,776</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.18</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Second</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,809</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">920</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,529</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,572</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.16</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Third</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,946</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,088</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,747</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.18</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 11pt; padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fourth</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,147</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">760</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,633</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,524</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.15</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="padding-left: 5.4pt; border-left: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35,840</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,120</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,260</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,619</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.67</FONT></TD><TD STYLE="text-align: left; border-right: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: 88pt; padding-left: 5.4pt; border-left: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-right: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*
During the fourth quarter ended April 30, 2015, the Company&rsquo;s loss from operations of $560,000 was the result of 12 weeks
of print revenues recorded in the fourth quarter of fiscal 2015 as compared to 13 weeks recorded in the fourth quarter of fiscal
2014, accelerated write-off of $138,000 related to obsolete software<A NAME="a_GoBack"></A> and an additional direct mail
campaign in the fourth quarter of fiscal 2015.</FONT></P>

<P STYLE="color: red; font: 11pt Courier New; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 9. CHANGES IN AND
DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 9A. CONTROLS AND
PROCEDURES.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0 0 0 0.75in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)&nbsp;&nbsp;&nbsp;
Evaluation of Disclosure Controls and Procedures.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s Chief Executive Officer and Vice President &amp; Treasurer carried out an evaluation of the effectiveness of the
Company&rsquo;s &ldquo;disclosure controls and procedures&rdquo; (as defined in the Securities Exchange Act of 1934 (the &ldquo;Exchange
Act&rdquo;) Rules 13a-15(e) or 15d-15(e)) as of April 30, 2015, as required by paragraph (b) of Exchange Act Rules 13a-15 or 15d-15.
The Company&rsquo;s Chief Executive Officer and Vice President &amp; Treasurer are engaged in a comprehensive effort to review,
evaluate and improve the Company&rsquo;s controls; however, management does not expect that the Company&rsquo;s disclosure controls
or its internal controls over financial reporting can prevent all possible errors and fraud.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company maintains disclosure controls and procedures that are designed to ensure that information required to be disclosed in
the Company&rsquo;s reports filed with the SEC is recorded, processed, summarized and reported within the time periods specified
in the SEC&rsquo;s rules and forms, and that such information is accumulated and communicated to the Company&rsquo;s management,
including its Chief Executive Officer and Vice President &amp; Treasurer, as appropriate, to allow timely decisions regarding
required disclosure.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s management has evaluated, with the participation of the Company&rsquo;s Chief Executive Officer and, the effectiveness
of the Company&rsquo;s disclosure controls and procedures as of the end of the period covered by this report. Based on that evaluation,
the Chief Executive Officer and Vice President &amp; Treasurer have concluded that the Company&rsquo;s disclosure controls and
procedures were effective as of the end of the period covered by this&nbsp;report.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Form 10-K does not include an attestation report of the Company&rsquo;s registered public accounting firm regarding the Company&rsquo;s
internal control over financial reporting. Under applicable SEC rules, no such attestation report by the Company&rsquo;s registered
public accounting firm is required.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes in Internal Controls</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
the course of the evaluation of disclosure controls and procedures, the Chief Executive Officer and Vice President &amp; Treasurer
considered certain internal control areas in which the Company has made and is continuing to make changes to improve and enhance
controls. Based upon that evaluation, the Chief Executive Officer and Vice President &amp; Treasurer of the Company concluded
that there were no changes in the Company&rsquo;s internal control over financial reporting identified in connection with the
evaluation required by paragraph (d) of Exchange Act Rules 13a-15 or 15d-15 that occurred during the fourth quarter of fiscal
2018 that have materially affected, or are reasonably likely to materially affect, the Company&rsquo;s internal controls over
financial reporting.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.25in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;
Management&rsquo;s Annual Report on Internal Control over Financial Reporting.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s management is responsible for establishing and maintaining adequate internal control over financial reporting
as defined in Rule&nbsp;13a-15(f) under the Exchange Act. Internal control over financial reporting is a process designed by,
or under the supervision of, the Company&rsquo;s principal executive and principal financial officers, and effected by the board
of directors, management, and other personnel, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of financial statements for external purposes in accordance with U.S. GAAP including those policies and procedures
that: (i)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions
and dispositions of the assets of the Company, (ii)&nbsp;provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with U.S. GAAP and that receipts and expenditures are being made only
in accordance with authorizations of management and directors of the Company, and (iii)&nbsp;provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&rsquo;s assets that could have
a material effect on the financial statements.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes
in conditions, or that the degree of compliance with policies and procedures may deteriorate.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Under
the supervision and with the participation of management, including the Chief Executive Officer and the Vice President &amp; Treasurer,
acting as Principal Financial Officer, the Company has assessed the effectiveness of its internal control over financial reporting
as of April 30, 2015. In making this assessment, management used the criteria described in Internal Control&nbsp;- Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on this assessment and
those criteria, management concluded that the Company did maintain effective internal control over financial reporting as of April
30, 2015.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 24.5pt; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes
in Internal Control over Financial Reporting</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in; background-color: white"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
have been no changes in the Company&rsquo;s internal control over financial reporting during the fourth quarter of fiscal 2015
that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
9B. OTHER INFORMATION.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">None.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Part III</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 10. DIRECTORS, EXECUTIVE
OFFICERS, AND CORPORATE GOVERNANCE.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 90%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 80%; border: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><BR>
    (a) Names of Directors, Age as of June 30, 2015 and Principal Occupation</FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 2px solid; border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director<BR>
    Since</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Howard
                                         A. Brecher* (61). Chairman and Chief Executive Officer of the Company since October 2011;
                                         Acting Chairman and Acting Chief Executive Officer of the Company from November 2009
                                         until October 2011; Chief Legal Officer; Vice President and Secretary of the Company
                                         from prior to 2005 until January 2010; Vice President and Secretary of the Value Line
                                         Funds from June 2008 until December 2010; Secretary of EAM LLC from February 2009 until
                                         December 2010; Director and General Counsel of AB&amp;Co., Inc. since prior to 2005.</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0 0 6pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mr.
        Brecher has been an officer of the Company for more than 20 years. In addition to his current roles with the Company,
        he has also served as Secretary of the Company and as a senior officer of significant affiliates of the Company. Mr. Brecher
        is a graduate of Harvard College, Harvard Business School and Harvard Law School. He also holds a Master&rsquo;s Degree
        in tax law from New York University.</FONT></P></TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1992</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen
    P. Davis (63). Deputy Commissioner, New York City Police Department (&ldquo;NYPD&rdquo;), since January, 2014. Managing Member,
    Davis Investigative Group, LLC from 2001 to 2013. Mr. Davis serves as a senior appointed official in the NYPD from which he
    retired in 1992 as a uniformed senior officer. He successfully managed his own business servicing the financial services industry
    and other clients for more than 11 years.</FONT></TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2010</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alfred
    R. Fiore (59). Retired Chief of Police, Westport, CT. Mr. Fiore served as the senior official of a municipal department with
    both executive and budget responsibilities. He was Chief of Police, Westport, CT from 2004 to 2011 and was a member of that
    Police Department for more than 33 years.</FONT></TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2010</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glenn
    J. Muenzer (58). Special Agent (Retired), Federal Bureau of Investigation (the &ldquo;FBI&rdquo;) from 1991 to 2012. Mr. Muenzer
    is an accomplished law enforcement professional with extensive law enforcement and financial investigative experience. Prior
    to joining the FBI, Mr. Muenzer was Vice President and Manager of Internal Audit at Thomson McKinnon Securities, Inc.; Assistant
    Vice President of Internal Audit at EF Hutton; Senior Auditor with Deloitte &amp; Touche. Mr. Muenzer is a Certified Public
    Accountant.</FONT></TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2012</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen
    R. Anastasio* (56). Vice President of the Company since December 2010; Treasurer since September 2005 and Director since February
    2010. Mr. Anastasio has been employed by Value Line, Inc. for more than 25 years. In addition to his current roles with the
    Company, he has served as Chief Financial Officer, Chief Accounting Officer and Corporate Controller of the Company.
    Mr. Anastasio is a graduate of Fairleigh Dickinson University and is a Certified Public Accountant.</FONT></TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2010</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; border-left: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mary
    Bernstein* (65). Director of Accounting of the Company since 2010; Accounting Manager of the Company from 2000 to 2010. Mrs.
    Bernstein holds an MBA Degree in accounting from Baruch College of CUNY and is a Certified Public Accountant. Mrs. Bernstein
    has been employed by Value Line, Inc. for more than 19 years.</FONT></TD>
    <TD STYLE="border-right: Black 2px solid; border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2010</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">* Member of the Executive
Committee of the Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Except
as noted, the directors have held their respective positions for at least five years. Information about the experience, qualifications,
attributes and skills of the directors is incorporated by reference from the section entitled &ldquo;Director Qualifications&rdquo;
in the Company&rsquo;s Proxy Statement for the 2015 Annual Meeting of Shareholders.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)&nbsp;&nbsp;&nbsp;
The information pertaining to executive officers of the Company is set forth in Part I, Item I, subsection J under the caption
&ldquo;Executive Officers of the Registrant&rdquo; of this Form 10-K.</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0 0 0 0.5in; text-indent: -0.25in"></P>

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<P STYLE="font: 10pt Times New Roman; margin: 0 0 0 0.5in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Audit Committee</U></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has a standing Audit Committee performing the functions described in Section 3(a) (58) (A) of the Securities Exchange
Act of 1934, the members of which are: Mr. Glenn Muenzer, Mr. Stephen Davis, and Mr. Alfred Fiore. Mr. Muenzer, a qualified financial
expert, was elected Chairman of the Audit Committee in 2012. The Board of Directors have determined that Mr. Muenzer is an &ldquo;audit
committee financial expert&rdquo; (as defined in the rules and regulations of the SEC). The Board of Directors believes that the
experience and financial sophistication of the members of the Audit Committee are sufficient to permit the members of the Audit
Committee to fulfill the duties and responsibilities of the Audit Committee. All members of the Audit Committee meet the NASDAQ&rsquo;s
financial sophistication requirements for audit committee members.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Code
of Ethics</U></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company&rsquo;s Code of Business Conduct and Ethics that applies to its principal executive officer, principal financial officer,
all other officers, and all other employees is available on the Company&rsquo;s website at <U>www.valueline.com/About/Code of
Ethics.aspx</U>.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Procedures for Shareholders
to Nominate Directors</U></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
have been no material changes to the procedures by which shareholders of the Company may recommend nominees to the Company&rsquo;s
Board of Directors.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Section&nbsp;16(a)
Beneficial Ownership Reporting Compliance </U></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Section&nbsp;16(a)
of the Securities Exchange Act of 1934 requires the Company&rsquo;s executive officers and directors, and persons who own more
than ten percent of a registered class of the Company&rsquo;s equity securities, to file reports of ownership and changes in ownership
with the SEC on Forms&nbsp;3, 4 and 5. Executive officers, directors and greater than ten percent shareholders are required by
SEC regulations to furnish the Company with copies of all Forms&nbsp;3, 4 and 5 they file.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
on the Company&rsquo;s review of the copies of such forms that it has received and written representations from certain reporting
persons confirming that they were not required to file Forms 5 for the fiscal year ended April 30, 2015, the Company believes
that all its executive officers, directors and greater than ten percent shareholders complied with applicable SEC filing requirements
during fiscal 2015.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
11. EXECUTIVE COMPENSATION.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information required in response to this Item 11, Executive Compensation, is incorporated by reference from the section entitled
&ldquo;Compensation of Directors and Executive Officers&rdquo; in the Company&rsquo;s Proxy Statement for the 2015 Annual Meeting
of Shareholders.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item
12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth information as of April 30, 2015 as to shares of the Company&rsquo;s Common Stock held by persons known
to the Company to be the beneficial owners of more than 5% of the Company&rsquo;s Common Stock.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 0 0.5in; text-indent: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="width: 31%; border-bottom: Black 2px solid; font-family: Arial Unicode MS; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name
    and Address of Beneficial Owner</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 2px solid; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Shares <BR>
    Beneficially Owned</FONT></TD>
    <TD STYLE="width: 31%; border-bottom: Black 2px solid; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage
    of Shares Beneficially Owned</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: azure">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Arnold Bernhard
    &amp; Co., Inc.* </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,633,733</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">88%</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: azure">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">485
    Lexington Avenue</FONT></TD>
    <TD STYLE="font: 12pt Arial Unicode MS; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: azure">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
    York, NY 10017</FONT></TD>
    <TD STYLE="font: 12pt Arial Unicode MS; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*All
of the outstanding voting stock of Arnold Bernhard &amp; Co., Inc. is owned by Jean B. Buttner.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table sets forth information as of April 30, 2015, with respect to shares of the Company&rsquo;s Common Stock owned
by each director of the Company, by each executive officer listed in the Summary Compensation Table and by all executive officers
and directors as a group.</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 80%; border-collapse: collapse; font-size: 11pt">
<TR STYLE="text-align: center; vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0in; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Name
                                         and Address of Beneficial Owner</FONT></P></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Number
    of Shares <BR> Beneficially Owned</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage
    of Shares <BR>
    Beneficially Owned</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Azure">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; width: 41%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Howard
    A. Brecher </FONT></TD>
    <TD STYLE="padding-right: 0pt; padding-left: 5.4pt; text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">800</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; width: 17%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen
    R. Anastasio</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">200</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Azure">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glenn
    J. Muenzer</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">200</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen
    P. Davis</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">200</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Azure">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alfred
    R. Fiore</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">300</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
    <TD STYLE="font-family: Arial Unicode MS; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mary
    Bernstein</FONT></TD>
    <TD STYLE="text-align: right; font-family: Arial Unicode MS"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">200</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: Azure">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All
                                         directors and executive officers as a group (6 persons)</FONT></P></TD>
    <TD STYLE="font-family: Arial Unicode MS; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,900</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">* Less than one percent</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Securities Authorized
for Issuance under Equity Compensation Plans</U></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There
are no securities of the Company authorized for issuance under equity compensation plans.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 13. CERTAIN RELATIONSHIPS
AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AB&amp;Co.,
which owns 88% of the outstanding shares of the Company&rsquo;s common stock, utilizes the services of officers and employees
of the Company to the extent necessary to conduct its business. The Company and AB&amp;Co. allocate costs for office space, equipment
and supplies and shared staff pursuant to a servicing and reimbursement agreement. During the fiscal years ended April 30, 2015
and April 30, 2014, the Company was reimbursed $171,000 and $220,000, respectively for payments it made on behalf of and services
it provided to AB&amp;Co. There were no receivables due from the Parent at April 30, 2015 or April 30, 2014. In addition, a tax-sharing
arrangement allocates the tax liabilities of the two companies between them. The Company is included in the consolidated federal
income tax return filed by AB&amp;Co. The Company pays to AB&amp;Co. an amount equal to the Company&rsquo;s liability as if it
filed a separate federal income tax return. For the years ended April 30, 2015 and 2014, the Company made payments to AB&amp;Co.
for federal income taxes amounting to $3,366,000 and $2,254,000, respectively.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
a result of the completion of the Restructuring Transaction on December 23, 2010, the Company no longer receives investment management
or distribution services revenues from the Value Line Mutual Funds.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Since
December 23, 2010, the Company no longer engages, through subsidiaries, in the investment management or mutual fund distribution
businesses. The Company does hold non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive
from EAM an amount ranging from 41% to 55% of EAM&rsquo;s investment management fee revenues from its mutual fund and separate
accounts business, and 50% of EAM&rsquo;s net profits. EAM currently has no separately managed account clients.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During
the twelve months ended April 30, 2015, the Company recorded revenues of $7,970,000, consisting of $7,346,000, from its non-voting
revenues interest in EAM and $624,000, from its non-voting profits interest in EAM without incurring any directly related expenses.
During the twelve months ended April 30, 2014, the Company recorded revenues of $7,499,000, consisting of $6,767,000, from its
non-voting revenues interest in EAM and $732,000, from its non-voting profits interest in EAM. During the twelve months ended
April 30, 2013, the Company recorded revenues of $6,260,000, consisting of $5,781,000, from its non-voting revenues interest in
EAM and $479,000, from its non-voting profits interest in EAM.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Included
in the Company&rsquo;s Investment in EAM Trust are receivables due from EAM of $1,951,000 and $1,887,000 at April 30, 2015 and
April 30, 2014, respectively, for the unpaid portion of Value Line&rsquo;s non-voting revenues and profits interests. The non-voting
revenues interest due from EAM are payable to Value Line quarterly under the provisions of the EAM Declaration of Trust.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has adopted a written Related Party Transactions Policy as part of its Code of Business Conduct and Ethics. This policy
requires that any related party transaction which would be required to be disclosed under Item 404(a) of Regulation S-K must be
approved or ratified by the Audit Committee of the Board of Directors. Transactions covered for the fiscal year ended April 30,
2015 include the matters described in the preceding paragraphs of this Item 13.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Director
Independence</U></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
information required with respect to director independence and related matters are incorporated by reference from the section
entitled &ldquo;Compensation of Directors and Executive Officers&rdquo; in the Company&rsquo;s Proxy Statement for the 2015 Annual
Meeting of Shareholders.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 14. PRINCIPAL ACCOUNTING
FEES AND SERVICES.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit
and Non-Audit Fees</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
following table illustrates the fees paid to the Company&rsquo;s independent auditor, Horowitz &amp; Ullmann P.C., for services
provided: &#9;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 70%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal Years Ended April 30,</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="width: 42%; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit
    fees</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">144,850</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 9%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">143,700</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit-related fees</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,625</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,705</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax-related fees</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">105,568</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">84,840</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;Total</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">257,043</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">241,445</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">In the
above table, in accordance with the SEC&rsquo;s definitions and rules, &ldquo;audit fees&rdquo; are fees the Company paid Horowitz
&amp; Ullmann, P.C. for professional services for the audit of the Company&rsquo;s consolidated financial statements for the fiscal
years ended April 30, 2015 and 2014 included in Form 10-K and the review of consolidated condensed financial statements and included
in Form 10-Qs and for services that are normally provided by the accountant in connection with statutory and regulatory filings
or engagements; &ldquo;audit-related fees&rdquo; are fees for assurance and related services that are reasonably related to the
performance of the audit or review of the Company&rsquo;s consolidated financial statements; and &ldquo;tax fees&rdquo; are fees
for tax compliance, tax advice and tax planning.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Audit
Committee Pre-Approval Policies and Procedures</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Audit Committee of the Company&rsquo;s Board of Directors approves all services provided by Horowitz &amp; Ullmann, P.C., prior
to the provision of those services. The Audit Committee has not adopted any specific pre-approval policies and procedures.&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Part
IV</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Item 15. EXHIBITS AND
FINANCIAL STATEMENT SCHEDULES.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 4%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(a)</FONT></TD>
    <TD STYLE="width: 5%; text-align: left">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Financial Statements- See Part II Item 8.&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">All other Schedules are omitted because they are not applicable
    or the required information is shown in the financial statements or notes thereto.</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(b)</font></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exhibits&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&#9;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.1</FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate
                                         of Incorporation of the Company, as amended through April 7, 1983, is incorporated by
                                         reference to Exhibit 3.1 to the Registration Statement on Form S-1 of Value Line, Inc.
                                         filed with the SEC on April 7, 1983.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.2</FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificate
                                         of Amendment of Certificate of Incorporation dated October 24, 1989 is incorporated by
                                         reference to Exhibit 3.2 to the Amended Annual Report on Form 10-K/A for the year ended
                                         April 30, 2008 filed with the SEC on June 5, 2009.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.3</FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By-laws
                                         of the Company, as amended through January 18, 1996, are incorporated by reference to
                                         Exhibit 3.1 to the Amended Quarterly Report on Form 10-Q/A for the quarter ended January
                                         31, 1996 filed with the SEC on March 19, 1996.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.1</FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
                                         of tax allocation arrangement between the Company and AB&amp;Co. is incorporated by reference
                                         to Exhibit 10.8 to the Registration Statement on Form S-1 of Value Line, Inc. filed with
                                         the SEC on April 7, 1983.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.2</FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
                                         of Servicing and Reimbursement Agreement between the Company and AB&amp;Co., dated as
                                         of November 1, 1982, is incorporated by reference to Exhibit 10.9 to the Registration
                                         Statement on Form S-1 of Value Line, Inc. filed with the SEC on April 7, 1983.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3(a)</FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lease,
                                         dated as of June 4, 1993, for the Company&rsquo;s premises at 220 East 42nd Street, New
                                         York, NY, is incorporated by reference to Exhibit 10.13 to the Annual Report on Form
                                         10-K for the year ended April 30, 1994 filed with the SEC on June 17, 1994.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3(b)</FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
                                         to Lease, dated September 14, 2000, is incorporated by reference to Exhibit 10.14 to
                                         the Amended Annual Report on Form 10-K/A for the year ended April 30, 2001 filed with
                                         the SEC on August 17, 2001.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 4%"></TD><TD STYLE="width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3(c)</FONT></TD><TD STYLE="text-align: justify; width: 91%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amendment
                                         to Lease, dated April 23, 2007, is incorporated by reference to Exhibit 10.14 to the
                                         Annual Report on Form 10-K for the year ended April 30, 2007 filed with the SEC on July
                                         20, 2007.</FONT></TD></TR></TABLE>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT>&nbsp;</P>

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<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt">
                                                                   <TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.3(d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Lease
                                         Modification, dated as of February 7, 2013, is incorporated by reference to Exhibit 10.2
                                         to the Quarterly Report on Form 10-Q for the quarter ended January 31, 2013 filed with
                                         the SEC on March 13, 2013.</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 12pt 1in; text-align: justify; text-indent: -0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.4</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form
                                         of indemnification agreement, dated July 13, 2010, by and between the Company and each
                                         of Howard A. Brecher, Stephen Davis, Alfred Fiore, William E. Reed, Mitchell E. Appel,
                                         Stephen R. Anastasio and Thomas T. Sarkany is incorporated by reference to Exhibit 10.15
                                         to the Annual Report on Form 10-K for the year ended April 30, 2010 filed with the SEC
                                         on July 16, 2010.</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.5</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EULAV
                                         Asset Management Declaration of Trust dated as of December 23, 2010 is incorporated by
                                         reference to Exhibit 10.16 to the Quarterly Report on Form 10-Q for the quarter ended
                                         January 31, 2011 filed with the SEC on March 24, 2011.</FONT></TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10.6</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Agreement
                                         of Sublease, dated as of February 7, 2013, for the Company&rsquo;s premises at 485 Lexington
                                         Ave., New York, NY, is incorporated by reference to Exhibit 10.1 to the Quarterly Report
                                         on Form 10-Q for the quarter ended January 31, 2013 filed with the SEC on March 13, 2013.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0 0 0 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Code
                                         of Business Conduct and Ethics is incorporated by reference to Exhibit 14.1 to the Quarterly
                                         Report on Form 10-Q for the quarter ended January 31, 2011 filed with the SEC on March
                                         24, 2011.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">21</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">List
                                         of subsidiaries of Value Line, Inc.*</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification
                                         of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.*</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification
                                         of Principal Financial Officer and Principal Accounting Officer pursuant to Section 302
                                         of the Sarbanes-Oxley Act of 2002.*</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification
                                         of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant
                                         to Section 906 of the Sarbanes-Oxley Act of 2002. This exhibit shall not be deemed &ldquo;filed&rdquo;
                                         as a part of this Annual Report on Form 10-K.*</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32.2</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certification
                                         of the Principal Financial Officer and Principal Accounting Officer pursuant to 18 U.S.C.
                                         Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. This
                                         exhibit shall not be deemed &ldquo;filed&rdquo; as a part of this Annual Report on Form
                                         10-K.*</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">99.1</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EULAV Asset Management Audited Consolidated Financial Statements as of April 30, 2015. Separate financial statements of subsidiaries
not consolidated and fifty percent or less owned persons.* </FONT></TD></TR></TABLE>



<P STYLE="font: 11pt Times New Roman; margin: 0 0 12pt 1in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">*
Filed herewith.</FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0 0 0pt 1in; text-align: justify; text-indent: 0in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font-size: 11pt">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%"><P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.INS</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.SCH</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.CAL</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.DEF</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.LAB</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101.PRE</FONT></P></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 91%"><P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL
                           Instance Document</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy
        Extension Schema Document</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy
        Extension Calculation Linkbase Document</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy
        Extension Definition Linkbase Document</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy
        Extension Label Linkbase Document</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
        <P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">XBRL Taxonomy
        Extension Presentation Linkbase Document</FONT></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">SIGNATURES</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report
to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VALUE LINE, INC.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Registrant)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 46%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Howard A.
    Brecher&#9;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Howard A. Brecher</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman &amp; Chief Executive Officer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">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.&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 46%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 30%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Howard A. Brecher</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Howard A. Brecher</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman &amp; Chief Executive Officer and Director</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Executive Officer)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Stephen R. Anastasio</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen R. Anastasio</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President &amp; Treasurer and Director</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Financial Officer and Principal Accounting Officer)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0in"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify; text-indent: 0.5in"></P>

<P STYLE="font: 10pt Times New Roman; margin: 0 0 0 0.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated: July 22, 2015</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 11pt Times New Roman; margin: 0"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Pursuant
to the requirements of the Securities Exchange Act of 1934, this report has been signed by the undersigned on behalf of the Registrant
as Directors of the Registrant.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Times New Roman; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 34%; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Glenn J.
    Muenzer</FONT></TD>
    <TD STYLE="width: 66%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Glenn Muenzer</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Stephen P. Davis</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen Davis</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Alfred R. Fiore</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Alfred Fiore</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Mary Bernstein&#9;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Mary Bernstein</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Director</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dated: July 22, 2015</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
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<P STYLE="font: 1pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<div>&#160;</div>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>HOROWITZ &amp; ULLMANN, P.C.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Certified Public Accountants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 49%"><FONT STYLE="font-size: 10pt">A member of the </FONT></TD>
    <TD STYLE="width: 51%; text-align: right"><FONT STYLE="font-size: 10pt">275 Madison Avenue </FONT></TD></TR>
<TR>
    <TD><FONT STYLE="font-size: 10pt">AICPA Center for Audit Quality </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">New York, NY 10016 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">New York State Society of CPAs </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Telephone: (212) 532-3736 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">PCAOB registered </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">Facsimile: (212) 545-8997 </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">E-mail: cpas@horowitz-ullmann.com</FONT></TD></TR>
</TABLE>

<DIV STYLE="text-align: left"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><FONT STYLE="background-color: white"><B>&nbsp;</B></FONT></P></div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><FONT STYLE="background-color: white"><B>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></FONT></P>
<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To the Board of Directors and</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stockholders of Value Line, Inc.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: justify; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We have audited the accompanying consolidated balance sheets of Value Line, Inc. (the "Company") as of April 30, 2015 and 2014, and the related consolidated statements of income, comprehensive income, stockholders' equity, and cash flows for each of the three years in the period ended April 30, 2015. The Company's management is responsible for these financial statements. Our responsibility is to express an opinion on these financial statements based on our audits.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: justify; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. The company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audit included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also 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, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: justify; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of Value Line, Inc. as of April 30, 2015, and 2014, and the consolidated results of its operations and its cash flows for each of the three years in the period ended April 30, 2015 in conformity with accounting principles generally accepted in the United States of America.</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: justify; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: justify; margin-bottom: 0">&nbsp;<IMG SRC="img001.jpg" ALT=""></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York, New York</FONT></P>

<P STYLE="font: 11pt Times New Roman; margin-top: 0; text-align: left; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July
21, 2015 </FONT></P>

<P STYLE="font: 11pt Times New Roman; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt times new roman; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: left; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Part II</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Item 8.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Value Line, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Consolidated Balance Sheets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>(in thousands, except share amounts)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt times new roman; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>April 30,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>April 30,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: #000000 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: #000000 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>Assets</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>Current Assets:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; width: 73%; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Cash and cash equivalents (including short term investments of $5,272 and $5,482, respectively)</FONT></TD>
    <TD STYLE="width: 2%; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt times new roman">5,874</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt times new roman">5,788</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Securities available-for-sale</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">9,632</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">9,226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Accounts receivable, net of allowance for doubtful accounts of $32 and $39, respectively</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,409</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,206</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Prepaid and refundable income taxes</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">114</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">175</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Prepaid expenses and other current assets</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,460</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,507</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Deferred income taxes</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">356</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">364</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 18pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Total current assets</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">18,845</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">18,266</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman"><B>Long term assets:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Investment in EAM Trust</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">58,048</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">57,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Property and equipment, net</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">3,690</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">3,863</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Capitalized software and other intangible assets, net</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">6,838</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">6,896</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 18pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Total long term assets</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">68,576</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">68,609</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; padding-left: 18pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman"><B>Total assets</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">87,421</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">86,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman"><B>Liabilities and Shareholders&rsquo; Equity</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman"><B>Current Liabilities:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Accounts payable and accrued liabilities</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,787</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">2,429</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Accrued salaries</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,219</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,349</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Dividends payable</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,472</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,472</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Accrued taxes on income</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">316</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Unearned revenue</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">21,510</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">21,490</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 18pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Total current liabilities</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">26,214</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">27,056</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman"><B>Long term liabilities:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Unearned revenue</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">4,537</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">3,634</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Deferred charges</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">167</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">367</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Deferred income taxes</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">22,064</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">22,520</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 18pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Total long term liabilities</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">26,768</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">26,521</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">52,982</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">53,577</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman"><B>Shareholders&rsquo; Equity:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">1,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Additional paid-in capital</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">991</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">991</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Retained earnings</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">34,587</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">33,183</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Treasury stock, at cost (190,504 shares and 182,071 shares, respectively)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">(2,244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">(2,122</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 27pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Accumulated other comprehensive income, net of tax</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">105</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 18pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman">Total shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">34,439</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">33,298</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; padding-left: 18pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt times new roman"><B>Total liabilities and shareholders&rsquo; equity</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">87,421</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">86,875</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="text-align: center; text-indent: 0pt; margin-right: 0; margin-top: 10pt; margin-left: 0; font: 10pt Times New Roman">See independent auditor&rsquo;s
report and accompanying notes to the consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt times new roman; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Part II</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Item 8.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Value Line, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Consolidated Statements of Income</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>(in thousands, except share &amp; per share amounts)</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt times new roman; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>For the Fiscal Years Ended</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: #000000 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>April 30,</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: #000000 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>2015</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: #000000 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>2014</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: #000000 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>2013</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>Revenues:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 18pt; width: 64%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Investment periodicals and related publications</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt times new roman">32,676</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt times new roman">33,598</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt times new roman">31,940</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Copyright data fees</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">2,847</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">2,733</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">3,900</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Total revenues</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">35,523</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">36,331</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">35,840</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>Expenses:</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Advertising and promotion</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">4,984</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">4,223</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">4,075</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Salaries and employee benefits</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">15,935</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">16,335</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">15,034</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Production and distribution</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">7,081</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">6,402</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">5,694</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Office and administration</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">5,124</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">6,870</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">6,917</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Total expenses</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">33,124</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">33,830</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">31,720</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>Income from operations</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">2,399</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">2,501</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">4,120</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Revenues and profits interests in EAM Trust</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">7,970</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">7,499</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">6,260</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Income from securities transactions, net</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">126</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">178</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">126</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">10,495</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">10,178</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">10,506</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Income tax provision</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">3,203</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">3,410</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 2px solid; text-align: right"><FONT STYLE="font: 10pt times new roman">3,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2px; padding-left: 18pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">7,292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">6,768</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">6,619</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman"><B>Earnings per share, basic &amp; fully diluted</B></FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">0.74</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">0.69</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">$</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">0.67</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 4px; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt times new roman">Weighted average number of common shares</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">9,813,623</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">9,839,155</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 4px; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: left"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: #000000 4px double; text-align: right"><FONT STYLE="font: 10pt times new roman">9,888,774</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 4px"><FONT STYLE="font: 10pt times new roman">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="text-align: center; margin-top: 10pt; font: 10pt Times New Roman">See independent auditor&rsquo;s
report and accompanying notes to the consolidated financial statements.</P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt times new roman; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Part II</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Item 8.</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman"><B>Value Line, Inc.</B></FONT></TD></TR>

<tr style="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
    Statements of Comprehensive Income</B></FONT></td></tr>
<tr style="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(in
    thousands)</B></FONT></td></tr>
</TABLE>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For the Fiscal Years
    Ended</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="11" STYLE="text-align: center; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
    30,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD><TD STYLE="text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; border-bottom: Black 2px solid; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD><TD STYLE="text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2013</B></FONT></TD>
    <TD STYLE="padding-bottom: 2px; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="width: 55%; font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net
    income</B></FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,292</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,768</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 11%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,619</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other comprehensive income/(loss), net
    of tax:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in unrealized gains on securities, net of taxes</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(141</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">166</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other
    comprehensive income/(loss)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(141</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">166</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Comprehensive
    income/(loss)</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,151</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,763</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,785</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See independent auditor&rsquo;s report and accompanying
notes to the consolidated financial statements.</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Part II</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;<B>Item 8.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; text-align: center">Value Line, Inc.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; text-align: center">Consolidated Statements of Cash Flows</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="font-weight: bold; text-align: center">(in thousands)</TD></TR>
</TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="10" STYLE="text-align: center"><B>For the Fiscal Years Ended</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 2px solid"><B>April 30,</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>2015</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>2014</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid"><B>2013</B></TD><TD STYLE="text-align: center"><B>&nbsp;</B></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; text-align: left; padding-left: 10pt">Net income</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">7,292</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">6,768</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 11%; text-align: right">6,619</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left">Adjustments to reconcile net income to net cash provided by operating activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Depreciation and amortization</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,715</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,085</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,552</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Non-voting revenues interest in EAM Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,346</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,767</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,781</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Non-voting profits interest in EAM Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(624</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(732</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(479</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Realized and unrealized losses on securities available-for-sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Deferred rent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(200</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">567</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Deferred income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(237</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,078</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 10pt">Changes in operating assets and liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Unearned revenue</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">923</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">415</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,286</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Reserve for settlement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Operating lease exit obligation</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(439</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Accounts payable &amp; accrued expenses</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(663</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(202</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Accrued salaries</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(130</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">149</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Accrued taxes on income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(249</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">733</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Prepaid and refundable income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(175</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">779</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Prepaid expenses and other current assets</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">139</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(575</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Accounts receivable</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(203</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">72</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(376</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Total adjustments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(5,885</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(3,281</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(5,451</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="font-weight: bold; text-align: left">Net cash provided by operating activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,407</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,487</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,168</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from investing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 20pt">Purchases/sales of securities classified as available-for-sale:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 30pt">Proceeds from sales of equity securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 30pt">Purchases of equity securities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(656</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,553</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,545</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Distributions received from EAM Trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,832</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 20pt">Acquisition of property and equipment</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(120</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(206</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(331</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Expenditures for capitalized software</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(2,424</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(2,481</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(2,457</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Net cash provided by (used for) investing activities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,689</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(253</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Cash flows from financing activities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 20pt">Purchase of treasury stock at cost</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(122</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(550</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(182</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 20pt">Dividends paid</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(5,888</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(5,909</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(5,935</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Net cash used for financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(6,010</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(6,459</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">(6,117</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Net change in cash and cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,052</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,202</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt">Cash and cash equivalents at beginning of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">5,788</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">6,840</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">12,042</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and cash equivalents at end of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">5,874</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">5,788</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">6,840</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See independent auditor&rsquo;s report and accompanying
notes to the consolidated financial statements.</FONT></P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; text-align: center; margin-bottom: 0"></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Part II</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
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    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;Item 8.</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="33" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value Line, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="33" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated Statements of Changes in Shareholders&rsquo; Equity</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="33" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For the Fiscal Years Ended April 30, 2015, 2014 and 2013</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="33" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(in thousands, except share amounts)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Common stock</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Additional</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>paid-in</B>&nbsp;</P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Treasury Stock</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Retained</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Accumulated Other&nbsp;</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt"><B>Comprehensive</B>&nbsp;</P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>capital</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>earnings</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>income (loss)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 20%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance as of April 30, 2012</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">991</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(103,619</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,390</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">31,628</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">85</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 7%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,314</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,619</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,619</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left">
        <P STYLE="padding-left: 9pt; text-align: left; text-indent: -9pt">Change in unrealized gains on securities, net of taxes</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">166</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">166</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase of treasury stock</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(19,953</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(182</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(182</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends declared</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,932</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,932</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Balance as of April 30, 2013</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">991</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(123,572</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,572</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,315</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">251</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,985</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD COLSPAN="32" NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends declared per share were $0.15 for each of the three months ending July 31, 2012, October 31, 2012, January 31, 2013 and April 30, 2013.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Common stock</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Additional</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>paid-in&nbsp;</B></P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Treasury Stock</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Retained</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Accumulated Other</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;Comprehensive&nbsp;</B></P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>capital</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>earnings</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>income (loss)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance as of April 30, 2013</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">991</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(123,572</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,572</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,315</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">251</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">32,985</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,768</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,768</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left">
        <P STYLE="padding-left: 9pt; text-align: left; text-indent: -9pt">Change in unrealized gains on securities, net of taxes&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase of treasury stock</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(58,499</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(550</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(550</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends declared</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,900</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,900</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Balance as of April 30, 2014</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">991</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(182,071</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,122</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,183</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">246</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,298</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD COLSPAN="32" NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends declared per share were $0.15 for each of the three months ending July 31, 2013, October 31, 2013, January 31, 2014 and April 30, 2014.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Common stock</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Additional</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>paid-in&nbsp;</B></P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Treasury Stock</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Retained</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Accumulated Other&nbsp;</B></P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Comprehensive&nbsp;</B></P></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>capital</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Shares</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Amount</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>earnings</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>income (loss)</B></FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Total</B></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance as of April 30, 2014</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">991</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(182,071</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,122</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,183</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">246</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33,298</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,292</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left">
        <P STYLE="padding-left: 9pt; text-align: left; text-indent: -9pt">Change in unrealized gains on securities, net of taxes&nbsp;</P></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(141</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(141</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase of treasury stock</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,433</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(122</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(122</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends declared</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,888</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5,888</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Balance as of April 30, 2015</B></FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">10,000,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,000</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">991</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(190,504</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2,244</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,587</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">105</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34,439</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD COLSPAN="32" NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends declared per share were $0.15 for each of the three months ending July 31, 2014, October 31, 2014, January 31, 2015 and April 30, 2015.</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<tr style="vertical-align: bottom">
    <td colspan="18" style="font-size: 10pt; text-align: center">See independent auditor&rsquo;s report and accompanying notes to the consolidated financial statements.</td></tr>
</table>


<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-indent: 0pt; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
    Line, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
    to Consolidated Financial Statements</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note
    1-Organization and Summary of Significant Accounting Policies:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
    Line, Inc. (&ldquo;Value Line&rdquo; or &ldquo;VLI&rdquo;, and collectively with its subsidiaries, the &ldquo;Company&rdquo;)
    is incorporated in the State of New York.&nbsp;&nbsp;The name &ldquo;Value Line&rdquo; as used to describe the Company, its
    products, and its subsidiaries, is a registered trademark of the Company.&nbsp;&nbsp;The Company&rsquo;s primary business is producing
    investment periodicals and related publications and making available copyright data including certain Value Line trademarks
    and Value Line Proprietary Ranking System information to third parties under written agreements for use in third party managed
    and marketed investment products.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prior
    to December 23, 2010 (the &ldquo;Restructuring Date&rdquo;), VLI, through its direct subsidiary EULAV Asset Management LLC (&ldquo;EAM
    LLC&rdquo;), provided investment management services to the Value Line Mutual Funds (&ldquo;Value Line Funds&rdquo; or the &ldquo;Funds&rdquo;),
    institutions and individual accounts, and, through EAM LLC&rsquo;s subsidiary EULAV Securities, Inc. (&ldquo;ESI&rdquo;), provided
    distribution, marketing, and administrative services to the Value Line Funds.&nbsp;&nbsp;On December 23, 2010, the Company
    deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these
    subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management Trust, a Delaware
    business statutory trust (&ldquo;EAM&rdquo; or &ldquo;EAM Trust&rdquo;), the successor to EAM LLC and the sole member of EULAV
    Securities LLC (&ldquo;ES&rdquo;), the successor to ESI, (the &ldquo;Restructuring Transaction&rdquo;).&nbsp;&nbsp;&nbsp;Pursuant
    to the EAM Declaration of Trust dated as of December 23, 2010 (the &ldquo;EAM Trust Agreement&rdquo;), VLI granted EAM the right
    to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line
    Proprietary Ranking System information to EAM for use in managing the Value Line Funds.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Use
    of Estimates: </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    preparation of financial statements in conformity with U.S. generally accepted accounting principles (&ldquo;GAAP&rdquo;) requires
    management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results
    may differ from those estimates.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Principles
    of Consolidation:&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company follows the guidance in the Financial Accounting Standards Board&rsquo;s (&ldquo;FASB&rdquo;) Topic 810 &ldquo;Consolidation&rdquo;
    to determine if it should consolidate its investment in a variable interest entity (&ldquo;VIE&rdquo;). A VIE is a legal entity
    in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its
    activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual
    returns or the right to make decisions about the entity&rsquo;s activities that most significantly affect the entity&rsquo;s economic
    performance.&nbsp;&nbsp;A holder of a variable interest in a VIE is required to consolidate the entity if it is determined
    that it has a controlling financial interest in the VIE and is therefore the primary beneficiary.&nbsp;&nbsp;The determination
    of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder,
    if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE&rsquo;s economic
    performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity
    that could potentially be significant to the VIE.&nbsp;&nbsp;The accounting guidance requires the Company to perform an ongoing
    assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary
    beneficiary of a VIE (see Note 5).</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
    accordance with FASB&rsquo;s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company
    has a controlling interest have been consolidated.&nbsp;&nbsp;All significant intercompany accounts and transactions have
    been eliminated in consolidation.&nbsp;&nbsp;On December 23, 2010, the Company completed the Restructuring Transaction and
    deconsolidated the related affiliates in accordance with FASB&rsquo;s Topic 810.&nbsp;&nbsp;As part of the Restructuring Transaction,
    the Company received a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting
    profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (&ldquo;EAM&rdquo; or &ldquo;EAM Trust&rdquo;).&nbsp;&nbsp;The
    Company relied on the guidance in FASB&rsquo;s ASC Topics 323 and 810 in its determination not to consolidate its investment in
    EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for
    its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated&nbsp;&nbsp;Statements
    of Income.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenue
    Recognition: </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depending
    upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally,
    via internet access.&nbsp;&nbsp;The length of a subscription varies by product and offer received by the subscriber.&nbsp;&nbsp;Generally,
    subscriptions are offered as annual subscriptions.&nbsp;&nbsp;Subscription revenues, net of discounts, are recognized ratably
    on a straight line basis when the product is served to the client over the life of the subscription.&nbsp;&nbsp;Accordingly,
    the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as
    unearned revenue within current and long term liabilities. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Copyright
    data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information
    to third parties under written agreements for use in selecting securities for third party marketed products, including unit
    investment trusts, annuities and exchange traded funds (&ldquo;ETFs&rdquo;).&nbsp;&nbsp;The Company earns asset-based copyright
    data fees as specified in the individual agreements.&nbsp;&nbsp;Revenue is recognized monthly over the term of the agreement
    and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EAM
    earns investment management fees from the Value Line Funds.&nbsp;&nbsp;The management fees and average daily net assets for
    the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian
    of the Value Line Funds. </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
    Line, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
    to Consolidated Financial Statements</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the &ldquo;1940 Act&rdquo;).&nbsp;&nbsp;Shareholder
    transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds.&nbsp;&nbsp;Shares
    can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.&nbsp;&nbsp;Prior
    to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and
    high net worth individuals for which it was paid advisory fees.&nbsp;&nbsp;EAM had no separately managed accounts as of April
    30, 2015 or April 30, 2014.&nbsp;&nbsp;Assets within the separately managed accounts were held at third party custodians and
    were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investment
    in Unconsolidated Entities:&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance
    with FASB&rsquo;s ASC 323.&nbsp;&nbsp;The equity method is an appropriate means of recognizing increases or decreases measured
    by GAAP in the economic resources underlying the investments.&nbsp;&nbsp;Under the equity method, an investor recognizes its
    share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial
    statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying
    amount of an investment for its share of the earnings or losses recognized by the investee.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company&rsquo;s &ldquo;interests&rdquo; in EAM, the investment adviser to and the sole member of the distributor of the Value
    Line Funds, consist of a &ldquo;non-voting revenues interest&rdquo; and a &ldquo;non-voting profits interest&rdquo; in EAM as
    defined in the EAM Trust Agreement.&nbsp;&nbsp;The non-voting revenues interest entitles the Company to receive a range of
    41% to 55%, based on the amount of EAM&rsquo;s adjusted gross revenues, excluding EULAV Securities&rsquo; distribution revenues
    (&ldquo;Revenues Interest&rdquo;).&nbsp;&nbsp;The non-voting profits interest entitles the Company to receive 50% of EAM&rsquo;s
    profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (&ldquo;Profits Interest&rdquo;).&nbsp;&nbsp;The
    Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM,
    including Value Line.&nbsp;&nbsp;Subsequent to the Restructuring Date, the Company&rsquo;s Revenues Interest in EAM excludes participation
    in the service and distribution fees of EAM&rsquo;s subsidiary EULAV Securities.&nbsp;&nbsp;The Company reflects its non-voting
    revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent
    to the Restructuring Transaction.&nbsp;&nbsp;Although the Company does not have control over the operating and financial policies
    of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM&rsquo;s revenues and
    profits.&nbsp;&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Valuation
    of Securities: </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company&rsquo;s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest
    primarily in short-term U.S. Government securities, investments in equities including ETFs, and deposits in savings accounts
    at large commercial banks and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB&rsquo;s
    ASC 820.&nbsp;&nbsp;The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets
    are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders&rsquo;
    equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as
    of the trade date and are determined on the identified cost method.</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize
    the fact that it has liquid assets available-for-sale should the need arise.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Market
    valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last
    business day of each month. The market value of the Company&rsquo;s fixed maturity U.S. Government debt securities is determined
    utilizing publicly quoted market prices.&nbsp;&nbsp;Cash equivalents consist of investments in money market funds that invest
    primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Fair Value Measurements Topic of FASB&rsquo;s ASC defines fair value as the price that the Company would receive upon selling an
    investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment.
    The&nbsp;&nbsp;Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data
    and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.
    Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions
    about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as
    the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable
    inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based
    on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the
    reporting entity&rsquo;s own assumptions about the factors market participants would use in pricing the asset or liability
    developed based on the best information available in the circumstances. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    three-tier hierarchy of inputs is summarized in the three broad levels listed below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
    1 &ndash; quoted prices in active markets for identical investments</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
    2 &ndash; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment
    speeds, credit risk, etc.)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
    3 &ndash; significant unobservable inputs (including the Company&rsquo;s own assumptions in determining the fair value of
    investments)</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
    Line, Inc.</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
    to Consolidated Financial Statements</B></FONT></TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    following summarizes the levels of fair value measurements of the Company&rsquo;s investments:</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center">As of April 30, 2015</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid">($ in thousands)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid">Level 1</TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid">Level 2</TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid">Level 3</TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 2px solid; border-bottom: Black 2px solid; text-align: center">Total</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="width: 40%; text-align: left; padding-left: 0.95pt">Cash equivalents</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,272</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">-</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">5,272</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.95pt">Securities available-for-sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9,632</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9,632</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.95pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">14,904</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">14,904</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.95pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.95pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="14" STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2014</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.95pt; border-bottom: Black 2px solid">($ in thousands)</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level 1</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level 2</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level 3</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-top: Black 2px solid; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="text-align: left; padding-left: 0.95pt">Cash equivalents</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,482</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,482</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.95pt">Securities available-for-sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9,226</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; text-align: right">9,226</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.95pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">14,708</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left; border-bottom: Black 4px double">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; border-bottom: Black 4px double">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; text-align: right">14,708</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 13%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="vertical-align: bottom; padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 12%; padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2015
    and April 30, 2014, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair
    value measurement.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Advertising
    expenses:&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company expenses advertising costs as incurred.</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income
    Taxes:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company computes its income tax provision in accordance with the Income Tax Topic of the FASB&rsquo;s ASC.&nbsp;&nbsp;Deferred tax
    liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated&nbsp;&nbsp;Financial
    Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax
    bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are
    expected to reverse.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Income Tax Topic of the FASB&rsquo;s ASC establishes for all entities, a minimum threshold for financial statement recognition of
    the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction),
    and requires certain expanded tax disclosures.&nbsp;&nbsp;As of April 30, 2015, management has reviewed the tax positions
    for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that
    there is no material impact to the Company&rsquo;s financial statements.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Earnings
    per share:&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Earnings
    per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during
    each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding.&nbsp;&nbsp;The
    Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or
    restricted stock units.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash
    and Cash Equivalents:&nbsp;&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
    purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid
    investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2015 and
    April 30, 2014, cash equivalents included $5,272,000 and $5,482,000, respectively, for amounts invested in savings accounts
    at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest
    in short term U.S. government securities.</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Expenses
    Related to Settlement:</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
    Company expenses&nbsp;&nbsp;all costs associated with a Fair Fund as incurred (see Note 15 &ldquo;Expenses for Settlement&rdquo;).
    </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP COLSPAN="4" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note
    2-Supplementary Cash Flow Information:</B></FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 90%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 2px solid">Fiscal Years Ended April 30,</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; border-bottom: Black 2px solid">($ in thousands)</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid">2015</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid">2014</TD><TD STYLE="text-align: left; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 2px solid">2013</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: Azure">
    <TD STYLE="width: 48%; text-align: left">State and local income tax payments</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">238</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">114</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">120</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Federal income tax payments to the Parent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">3,366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">2,254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,877</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>


<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="8" STYLE="padding-top: 0.95pt; padding-right: 0.95pt; padding-left: 0.95pt; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">See
    Note 3-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (&ldquo;AB&amp;Co.&rdquo;
    or the &ldquo;Parent&rdquo;).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Value Line, Inc.<BR>
Notes to Consolidated Financial Statements</B>&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note 3-Related Party Transactions:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Investment Management (overview):</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM.&nbsp;&nbsp;Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2015, were $2.40 billion, which is $46 million, or 2.0%, above total assets of $2.35 billion in the Value Line Funds managed by EAM at April 30, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify">In January 2015, the Value Line VIP Equity Advantage Fund
        was launched.&nbsp;&nbsp;The         fund is an open end fund that invests primarily in a basket of closed-end
        funds.&nbsp;&nbsp;The fund is exclusively available in         the Guardian Pro Series Variable Annuities.&nbsp;&nbsp;EAM
        partnered with Worthington Capital Management, a $2 billion Memphis         based investment adviser, to create and launch
        the Worthington Value Line Equity Advantage Fund which started in February 2015.&nbsp;&nbsp;The         fund, similar to VIP,
        uses a proprietary model created by Worthington, EAM, and Value Line Publishing LLC, to identify which closed         end
        funds to hold in the portfolio and is available in the retail and RIA (registered investment advisers)
        channels.&nbsp;&nbsp;&nbsp;In         March 2015, Value Line Larger Companies Fund was renamed Value Line Larger Companies
        Focused Fund and Value Line Fund was renamed         Value Line Mid Cap Focused Fund.&nbsp;&nbsp;The names were changed to
        emphasize both portfolios focus on high conviction ideas         in the large cap and mid cap securities,
        respectively.&nbsp;&nbsp;In March 2015, Reich &amp; Tang announced it will be liquidating         the Daily Income Fund in
        July 2015.&nbsp;&nbsp;EAM changed its money market option to the Federated Government Obligations Fund         which was
        added as an option for the direct Value Line Funds&rsquo; shareholders to exchange into and is now available in place
        of the Daily Income Fund.</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM&rsquo;s revenues (excluding distribution revenues) from EAM&rsquo;s mutual fund and separate account business and at least 90% of the Company&rsquo;s 50% interest in the residual profits of EAM which are payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line&rsquo;s percent share of EAM&rsquo;s revenues calculated each fiscal quarter was 49.18%, 49.63%, 49.80% and 49.87% during the first, second, third and fourth quarters of fiscal 2015, respectively, and 46.66%, 47.27%, 47.91% and 48.66% during the first, second, third and fourth quarters of fiscal 2014, respectively.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The non-voting revenues and 90% of the Company&rsquo;s non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement.&nbsp;&nbsp;The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $1,951,000 and $1,887,000 at April 30, 2015 and April 30, 2014, respectively.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>EAM Trust - VLI&rsquo;s non-voting revenues and non-voting profits interests:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM&rsquo;s investment management fee revenues from its mutual fund and separate accounts business.&nbsp;&nbsp;EAM currently has no separately managed account clients.&nbsp;&nbsp;The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal Years Ended&nbsp;April 30,</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; background-color: #ffffff; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($ in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-voting revenues interest in EAM</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,781</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-voting profits interest in EAM</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">624</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">732</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">479</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,970</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,499</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,260</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Transactions with Parent:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During the fiscal years ended April 30, 2015 and April 30, 2014, the Company was reimbursed $171,000 and $220,000, respectively for payments it made on behalf of and services it provided to AB&amp;Co.&nbsp;&nbsp;&nbsp;There were no receivables due from the Parent at April 30, 2015 or April 30, 2014.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them.&nbsp;&nbsp;For the years ended April 30, 2015, 2014, and 2013, the Company made&nbsp;&nbsp;payments to the Parent for federal income tax amounting to $3,366,000, $2,254,000, and $1,877,000, respectively.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate.&nbsp;&nbsp;The Parent may make additional purchases of common stock of the Company from time to time in the future. As of April 30, 2015, the Parent owned 88% of the outstanding shares of common stock of the Company.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note 4-Investments:</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Securities Available-for-Sale:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB&rsquo;s ASC 320, Investments - Debt and Equity Securities.&nbsp;&nbsp;All of the Company&rsquo;s securities classified as available-for-sale were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>
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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Value Line, Inc.<BR>
Notes to Consolidated Financial Statements</B>&nbsp;</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Equity Securities:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Equity securities classified as available-for-sale on the Consolidated Balance Sheets, consist of investments in common stocks, ETFs that attempt to replicate the performance of certain equity indexes held for dividend yield, ETFs that attempt to replicate the inverse of the price performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2015 and April 30, 2014, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the iShares Dow Jones Select Dividend Index (DVY), SPDR S&amp;P Dividend (SDY), First Trust Value Line Dividend Index (FVD), PowerShares Financial Preferred (PGF), certain common shares of equity securities and inverse equity index ETFs,&nbsp;&nbsp;was $9,470,000 and $8,847,000, respectively, and the fair value was $9,632,000 and $9,226,000, respectively.&nbsp;&nbsp;There were capital gain distributions from certain ETF&rsquo;s of $57,000 and&nbsp;&nbsp;$36,000, respectively, during fiscal years 2015 and 2014.&nbsp;&nbsp;&nbsp;The decreases in gross unrealized gains on equity securities classified as available-for-sale of $217,000, net of deferred&nbsp;&nbsp;taxes of $76,000, were included in Shareholders&rsquo; Equity at April 30, 2015.&nbsp;&nbsp;The decreases in gross unrealized gains on equity securities classified as available-for-sale of $8,000, net of deferred&nbsp;&nbsp;taxes of $3,000, were included in Shareholders&rsquo; Equity at April 30, 2014.&nbsp;&nbsp;There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2015 or April 30, 2014.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The carrying value and fair value of securities available-for-sale at April 30, 2015 were as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($ in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gross&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Unrealized&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gains&nbsp;</P></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gross&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Unrealized&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Losses&nbsp;</P></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fair Value</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 52%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common stocks</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">74</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">175</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ETFs - equities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,903</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,508</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,411</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inverse ETFs - equities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,466</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,420</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,046</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,470</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,582</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1,420</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,632</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD COLSPAN="16" NOWRAP STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows:</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($ in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cost</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gross&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Unrealized&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gains&nbsp;</P></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Gross&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Unrealized&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center">Losses&nbsp;</P></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fair Value</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Common stocks</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">101</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">47</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(12</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">136</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">ETFs - equities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,878</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,280</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,156</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Inverse ETFs - equities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,868</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(934</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,934</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,847</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,327</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(948</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,226</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Government Debt Securities (Fixed Income Securities):</I></B></FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fixed income securities held from time to time consist of government debt securities issued by the United States federal government.&nbsp;&nbsp;There were no fixed income securities as of April 30, 2015 or April 30, 2014.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">There were no sales or proceeds from maturities and sales of government debt securities classified as available-for-sale during the fiscal years ended April 30, 2015, 2014 and 2013.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify; text-indent: 0pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income from securities transactions was comprised of the following:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 95%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal Years Ended&nbsp;April 30,</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($ in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 64%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividend income</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">157</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">147</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">124</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Capital gain distribution from ETFs (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Exchange loss</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Interest expense</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right">-<FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(75</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total income/(loss) from securities transactions and other, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">178</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">126</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1) Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated&nbsp;&nbsp;Balance Sheets to the Consolidated&nbsp;&nbsp;Statements of Income in fiscal 2015 and 2014, respectively.</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD COLSPAN="5" STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Financial Statements.&nbsp;&nbsp;Realized gains and losses are recorded on the trade date in the Consolidated Statements of Income when securities are sold, mature or are redeemed.&nbsp;&nbsp;As of April 30, 2015 and April 30, 2014, gross unrealized gains of $162,000 and $380,000, net of deferred taxes of $57,000 and $134,000, respectively, are recorded in Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Value Line, Inc.<BR>
Notes to Consolidated Financial Statements</B>&nbsp;</P>


<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Investment in Unconsolidated Entities:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>&nbsp;</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Equity Method Investment:</I></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2015 and April 30, 2014, the Company&rsquo;s investment in EAM Trust, on the Consolidated Balance Sheets was $58,048,000 and $57,850,000, respectively.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The value of VLI&rsquo;s investment in EAM at April
30, 2015 and April 30, 2014 reflects the fair value of contributed capital of $55,805,000 at inception, which included $5,820,000
of cash and liquid securities in excess of working capital requirements contributed to EAM&rsquo;s capital account by VLI, plus
VLI&rsquo;s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during
the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
<TR STYLE="background-color: #ffffff; vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify">It is anticipated that EAM will have sufficient liquidity
and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding.&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company monitors its Investment in EAM Trust for
impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on
the fair value of the investment.&nbsp;&nbsp;Impairment indicators include, but are not limited to the following: (a) a significant
deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change
in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market
condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee&rsquo;s
ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory
capital and regulatory requirements.&nbsp;&nbsp;EAM did not record any impairment losses for its assets during the fiscal years
2015 or 2014.&nbsp;</P>
        <P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The components of EAM&rsquo;s investment management operations, provided to the Company by EAM, were as follows:</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%">
<TR STYLE="background-color: #ffffff; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal Years Ended&nbsp;April 30,</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($ in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-left: 9pt; text-align: left; text-indent: -9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment management fees earned from the Value Line Funds, net of waivers shown below</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14,452</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12,773</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12b-1 fees and other fees, net of waivers shown below</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,459</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,061</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,905</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other income</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">16</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment management fee waivers and reimbursements (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">192</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">89</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">379</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12b-1 fee waivers (1)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,518</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,683</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,156</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line&rsquo;s non-voting revenues interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,346</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">6,767</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,781</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EAM&rsquo;s net income (2)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,248</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,464</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">945</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(1) During fiscal 2015
and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1
fee waivers related to six and seven of the Value Line Mutual Funds, respectively.&nbsp;&nbsp;During fiscal 2013 investment management
fee waivers and reimbursements related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (&ldquo;USGMMF&rdquo;)
which was merged into a third party fund, the Daily Income Fund, managed by Reich &amp; Tang, effective October 19, 2012.&nbsp;&nbsp;In
fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds.&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">Subsequent to April 30,
2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct
Value Line Funds&rsquo; shareholders to exchange into and is now available in place of the Daily Income Fund.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(2) Represents EAM&rsquo;s
net income, after giving effect to Value Line&rsquo;s non-voting revenues interest, but before distributions to voting profits
interest holders and to the Company in respect of its 50% non-voting profits interest.&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 85%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp; </FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: #ffffff; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal Years Ended&nbsp;April 30,</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; background-color: #ffffff; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($ in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 78%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EAM&rsquo;s total assets</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,159</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59,965</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EAM&rsquo;s total liabilities (1)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,104</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3,158</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;EAM&rsquo;s total equity</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,055</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,807</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt">&nbsp;&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">(1) At April 30, 2015 and
2014, EAM&rsquo;s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests
of $1,951,000 and $1,887,000, respectively.</P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>




<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>


<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
Line, Inc.&nbsp;</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note&nbsp;5:
Variable Interest Entity</B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
retained a&nbsp;&nbsp;non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed, as a result
of the Restructuring Transaction on December 23, 2010, to carry on the asset management and mutual fund distribution businesses
formerly conducted by the Company.&nbsp;&nbsp;EAM is considered to be a VIE.&nbsp;&nbsp;The Company makes its determination for
consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics
of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests.&nbsp;&nbsp;Other
than EAM, the Company does not have an interest in any other VIEs.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the
activities of EAM that most significantly impact its economic performance.&nbsp;&nbsp;Value Line does not hold any voting stock
of EAM and it does not have any involvement in the day-to-day activities or operations of EAM.&nbsp;&nbsp;Although the EAM Trust
Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities
of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In addition,
although EAM is expected to be profitable, there is a risk that it could operate at a loss.&nbsp;&nbsp;&nbsp;While all of the
profit interest shareholders in EAM are subject to variability based on EAM&rsquo;s operations risk, Value Line&rsquo;s non-voting
revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line
accordingly believes it is subject to proportionately less risk than other holders of the profits interests.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
has not provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the
EAM Trust Agreement.&nbsp;&nbsp;Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss
beyond its initial investment and any undistributed revenues and profits interests retained in EAM.&nbsp;&nbsp;The following table
presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets
and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM.</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value
    Line</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($
    in thousands)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VIE
    Assets</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
    in EAM Trust&nbsp;<BR>(1)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Liabilities</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Maximum
    Exposure to <BR>Loss</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 52%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April
    30, 2015</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">60,159</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,048</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,048</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April 30, 2014</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">59,965</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57,850</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD NOWRAP STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)&nbsp;&nbsp;Reported
within Long Term Assets on Consolidated Balance Sheets.</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note 6-Property
and Equipment:</B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Property and
equipment are carried at cost.&nbsp;&nbsp;Depreciation and amortization are provided using the straight-line method over the estimated
useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases.&nbsp;&nbsp;For income
tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements
are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Sheets was comprised of the
following:</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
    of April 30,</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($
    in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 78%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Land</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">726</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">726</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Building and leasehold
    improvements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,037</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,024</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furniture and equipment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4,084</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5,312</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9,847</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11,062</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accumulated depreciation
    and amortization</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(6,157</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,199</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total property and equipment,
    net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,690</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,863</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
Line, Inc.&nbsp;</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note 7-Federal,
State and Local Income Taxes:</B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In accordance
with the requirements of the Income Tax Topic of the FASB&rsquo;s ASC, the Company&rsquo;s provision for income taxes includes the following:</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($
    in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Current tax expense
    (benefit):</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 55%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Federal</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,197</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,707</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,679</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;State
    and local</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">243</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">239</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">130</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,440</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,946</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,809</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred tax expense
    (benefit):</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Federal</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(83</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">572</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">728</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;State
    and local</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(154</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(108</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">350</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(237</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">464</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,078</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Income tax provision:</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,203</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,410</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3,887</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred income
taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company&rsquo;s assets and
liabilities.&nbsp;&nbsp;The tax effect of temporary differences giving rise to the Company&rsquo;s deferred tax asset and deferred tax
liability are as follows:&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 70%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="9" STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($
    in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Federal tax benefit
    (liability):</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 71%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Unrealized
    gains on securities available-for-sale</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(57</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 12%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(134</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Operating
    lease exit obligation</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">70</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">70</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Deferred
    professional fees</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">34</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">36</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Deferred
    charges</FONT></TD>
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">263</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="padding-bottom: 1pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">327</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total federal tax benefit</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">310</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">299</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">State and local tax
    benefits:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;Other
    - deferred charges</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total state and local
    tax benefits</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">46</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred tax asset,
    short term</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">356</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">364</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($
    in thousands)</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Federal tax liability
    (benefit):</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Deferred
    gain on deconsolidation of EAM</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17,679</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">17,679</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Deferred
    non-cash post-employment compensation</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(619</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(619</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Depreciation
    and amortization</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,435</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,416</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">401</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">646</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total federal tax liability</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,896</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">20,122</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">State and local tax
    liabilities (benefits):</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Deferred
    gain on deconsolidation of EAM</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,970</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,181</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Deferred
    non-cash post-employment compensation</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(69</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(76</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Depreciation
    and amortization</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">271</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">298</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;Deferred
    professional fees</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; vertical-align: top"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total state and local
    tax liabilities</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,168</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,398</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred tax liability,
    long term</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,064</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">22,520</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The tax effect
of temporary differences giving rise to the Company&rsquo;s long term deferred tax liability is primarily a result of the federal, state,
and local taxes related to the $50,510,000 gain from deconsolidation of the Company&rsquo;s asset management and mutual fund distribution
subsidiaries, partially offset by the long term tax benefit related to the non-cash post-employment compensation of $1,770,000
granted to VLI&rsquo;s former employee.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect
of any tax law changes and certain other discrete events in the period in which they occur.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
Line, Inc.&nbsp;</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The overall
effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2015, 2014 and 2013
were 30.52%, 33.50% and 37.00%, respectively. The Company&rsquo;s annual effective tax rate will change due to a number of factors including
but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax income, the Company&rsquo;s
geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings and settlements
with tax authorities. The fluctuation in the effective income tax rate during fiscal 2015 is primarily attributable to the writeoff
of the tax bases of goodwill, effect of the reduction in the allocation factors on the state and local deferred tax liability
(primarily the gain on deconsolidation of EAM), reversal of excess income tax accruals established in past years that were resolved
upon completion of the prior NYC and IRS audits and an increase in the domestic production tax credits.&nbsp;&nbsp;The decrease
in the effective income tax rate during fiscal 2014 is attributable to the lower percentage of income subject to state and local
income taxes and a favorable settlement of a local income tax audit.&nbsp;&nbsp;The fluctuation in the effective income tax rate
during fiscal 2013 is attributable to a higher percentage of income subject to state and local taxes offset by the recognition
of the domestic production tax credits and an increase in the dividends received deduction during the current fiscal year.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The provision
for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to
pretax income as a result of the following:</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2015</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2014</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2013</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 67%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">U.S. statutory
    federal rate</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35.00</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35.00</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 8%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">35.00</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Increase (decrease)
    in tax rate from:</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;State and
    local income taxes, net of federal income tax benefit</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.15</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">0.84</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.96</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Effect of
    dividends received deductions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.40</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.33</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.27</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Write off
    goodwill</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-1.62</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Domestic
    production tax credit</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.44</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.58</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.52</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;Other, net</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-1.87</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-1.43</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-0.17</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Effective income tax
    rate</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">30.52</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">33.50</FONT></TD>
    <TD NOWRAP STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37.00</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">%</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
believes that, as of April 30, 2015, there were no material uncertain tax positions that would require disclosure under GAAP.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
is included in the consolidated federal income tax return of the Parent.&nbsp;&nbsp;The Company has a tax sharing agreement which
requires it to make tax payments to the Parent equal to the Company&rsquo;s liability/(benefit) as if it filed a separate return.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company&rsquo;s
federal income tax returns (included in the Parent&rsquo;s consolidated returns) and state and city tax returns for fiscal years 2013,
2012, and 2011 are subject to examination by the tax authorities, generally for three years after they were filed with the tax
authorities.&nbsp;&nbsp;During May 2014, New York City concluded its examination of the Company&rsquo;s income tax returns for the three
years through fiscal year 2011, which resulted in no changes that had any adverse effect on the Company&rsquo;s financial statements.&nbsp;&nbsp;The
Company&rsquo;s tax returns for the fiscal years ended April 30, 2013 and 2012 are being examined by the Internal Revenue Service
(IRS) and by New York City (NYC). The Company does not expect the audit examinations to have a material effect on its financial
statements.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note
8-Employees&rsquo; Profit Sharing and Savings Plan:</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Substantially
all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the &ldquo;Plan&rdquo;).&nbsp;&nbsp;In
general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined
by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the
Plan. For the fiscal years ended April 30, 2015, 2014, and 2013, the estimated profit sharing plan contribution, which is included
as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $422,000, $373,000 and $240,000,
respectively.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note
9-Lease Commitments:</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On February
7, 2013, the Company and Citibank, N.A. (the &ldquo;Sublandlord&rdquo;) entered into a sublease agreement, pursuant to which Value
Line has leased approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY
(&ldquo;Building&rdquo; or &ldquo;Premises&rdquo;) beginning on July 1, 2013 and ending on February 27, 2017 (&ldquo;Sublease&rdquo;).&nbsp;&nbsp;On
August 16, 2013, the Company moved to the Building which became its new corporate office facility.&nbsp;&nbsp;Base rent under
the Sublease is $1,468,269 per annum, subject to customary concessions in the Company&rsquo;s favor and pass-through of certain
increases in operating costs and real estate taxes.&nbsp;&nbsp;The Company provided a security deposit in cash in the amount of
$489,423, which is to be partially returned over the course of the sublease term.&nbsp;&nbsp;In March 2015 the Company received
$122,355 from sublandlord.&nbsp;&nbsp;The Company is required to pay for certain operating expenses associated with the Premises
as well as utilities supplied to the Premises.&nbsp;&nbsp;The Sublease terms have provided for a significant decrease in the Company&rsquo;s
annual rental expenses.&nbsp;&nbsp;The Company recorded a deferred charge on its Consolidated Balance Sheets to reflect the excess
of annual rental expense over cash payments since inception of the lease due to free rent for the first six months of the sublease.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
Line, Inc.&nbsp;</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The total
amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Future minimum
payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office
space, with remaining terms of one year or more, are as follows:</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 60%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Years Ended April 30,</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sublease</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($
    in thousands)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 16%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 61%; text-align: left; text-indent: 0pt; padding-left: 0.375in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT></TD>
    <TD STYLE="width: 2%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 5%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 15%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,468</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0.375in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,224</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: left; text-indent: 0pt; padding-left: 0.375in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2018 and thereafter</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,692</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For the fiscal
years ended April 30, 2015, 2014, and 2013, rental expenses were $1,268,000, $2,213,000 and $2,509,000, respectively.&nbsp;&nbsp;The
rental expenses during fiscal 2014 included additional one time overlapping rent of $771,000 for the previously occupied office
facilities during the short term lease extension which ended September 15, 2013.&nbsp;&nbsp;The additional rent was offset by
a significant decrease in the Company&rsquo;s annual rental expenses for the New York City office facility under the sublease
terms between Value Line, Inc. and Citibank.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note
10-Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk:</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Other than
EAM and the Value Line Funds as explained in Note 3 - Related Party Transactions, no single customer accounted for a significant
portion of the Company&rsquo;s sales in fiscal 2015, 2014, or 2013, nor its accounts receivable as of April 30, 2015 or 2014.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note
11-Comprehensive Income:</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The FASB&rsquo;s
ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations.&nbsp;&nbsp;Comprehensive
income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise
would not be recognized in the calculation of net income.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Beginning
fiscal 2013, the Company adopted the provisions of Accounting Standards Update 2011-05 to reflect comprehensive income in two
statements which include the components of net income and total net income in the first statement, immediately followed by a financial
statement that presents the components of other comprehensive income, a total for other comprehensive income and a total for comprehensive
income.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As of April
30, 2015, and April 30, 2014, the Company held equity securities consisting primarily of ETFs with high relative dividend yields
that are classified as securities available-for-sale on the Consolidated Balance Sheets.&nbsp;&nbsp;Additionally, as of April
30, 2015, and April 30, 2014, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance
inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend
yield.&nbsp;&nbsp;The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated
other comprehensive income in the Company&rsquo;s Consolidated Balance Sheets.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The components
of comprehensive income that are included in the Consolidated&nbsp;&nbsp;Statement of Changes in Shareholders&rsquo; Equity for the
twelve months ending April 30, 2015 are as follows:&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Year Ended April 30, 2015</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($
    in thousands)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount
    Before Tax</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax Expense/
    (Benefit)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount
    Net <BR>
    of Tax</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 61%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in unrealized gains on securities</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%; border-top: Black 2px solid">(<FONT STYLE="font: 10pt Times New Roman, Times, Serif">274</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-top: Black 2px solid">)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">96</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%; border-top: Black 2px solid"></TD>
    <TD STYLE="width: 1%; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 10%; border-top: Black 2px solid">(<FONT STYLE="font: 10pt Times New Roman, Times, Serif">178</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%">)<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: Gains realized
    in net income</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">57</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(20</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">37</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 1pt"></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(217</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">76</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(141</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The components
of comprehensive income that are included in the Consolidated&nbsp;Statement of Changes in Shareholders&rsquo; Equity for the twelve
months ending April 30, 2014 are as follows:&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Year Ended April 30, 2014</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($
    in thousands)</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount
    Before Tax</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax Expense/<BR>(Benefit)</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount
    Net <BR>
    of Tax</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change
    in unrealized gains on securities</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">28</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(10</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">18</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less: Gains realized
    in net income</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(36</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(23</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The components
of comprehensive income that are included in the Consolidated&nbsp;Statement of Changes in Shareholders&rsquo; Equity for the twelve
months ending April 30, 2013 are as follows:&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 61%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="border-bottom: black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fiscal
    Year Ended April 30, 2013</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;($
    in thousands)</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount
    Before Tax</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax
    Expense</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; background-color: #ffffff; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount
    Net of Tax</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; background-color: #ffffff"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change in unrealized
    gains on securities</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">256</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(90</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; border-top: Black 2px solid; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right; border-top: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">166</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">256</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(90</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">166</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
Line, Inc.&nbsp;</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note 12-Accounting
for the Costs of Computer Software Developed for Internal Use:</B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), "Accounting for the Costs of Computer Software Developed
for Internal Use".&nbsp;&nbsp;SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with
developing or obtaining software for internal use and amortize those costs over the software&rsquo;s estimated useful life in a systematic
and rational manner.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Company
capitalized&nbsp;&nbsp;$2,422,000 and $2,481,000 related to the development of software for internal use for the twelve months
ended April 30, 2015 and 2014, respectively, of which $2,414,000 and $2,416,000 related to development costs for&nbsp;&nbsp;the
digital production software&nbsp;&nbsp;project and $8,000 and $65,000 related to a new fulfillment system, respectively.&nbsp;&nbsp;Total
capitalized software includes $1,692,000 and $1,595,000 of internal costs to develop software and $730,000 and $886,000 of third
party programmers&rsquo; costs for the years ended April 30, 2015, and April 30, 2014, respectively. Such costs are capitalized and
amortized over the expected useful life of the asset which is 5 years.&nbsp;&nbsp;Total amortization expenses for the years ended
April 30, 2015, 2014, and 2013 were $2,421,000, $1,812,000, and $1,295,000, respectively.&nbsp;&nbsp;Amortization expense in fiscal
2015 included accelerated write-off of $138,000 related to obsolete software.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note
13 - Treasury Stock and Repurchase Program:</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">On September
19, 2012, the Company&rsquo;s Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company&rsquo;s
common stock up to an aggregate purchase price of $3,000,000.&nbsp;&nbsp;The repurchases may be made from time to time on the
open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase
program may be suspended or discontinued at any time at the Company&rsquo;s discretion and has no set expiration date.</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Treasury stock,
at cost, consists of the following:</FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">($
    in thousands except for cost per share)</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Shares</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    Average Cost Assigned</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: center; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Average
    Cost per Share</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP COLSPAN="2" STYLE="border-bottom: Black 2px solid; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate
    Purchase Price<BR> Remaining Under the Program</FONT></TD>
    <TD NOWRAP STYLE="padding-bottom: 2px; text-align: left; text-indent: 0pt"><BR></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="width: 35%; text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance
    as of April 30, 2012 (1)</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">103,619</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,390</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">13.41</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right; width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">-</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; width: 1%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchases effected in
    open market (2)</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">19,953</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">182</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.13</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,818</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance as of April
    30, 2013</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">123,572</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1,572</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12.72</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,818</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchases effected in
    open market (2)</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">58,499</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>

    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">550</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">9.41</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,268</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance as of April
    30, 2014</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">182,071</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,122</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.65</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,268</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: white; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchases effected in
    open market (2)</FONT></TD>
    <TD STYLE="text-align: right; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,433</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">122</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">14.47</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,146</FONT></TD>
    <TD NOWRAP STYLE="text-align: left; padding-bottom: 2px"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="background-color: azure; vertical-align: bottom">
    <TD STYLE="text-align: left; text-indent: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Balance as of April
    30, 2015</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">190,504</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,244</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">11.78</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2,146</FONT></TD>
    <TD NOWRAP STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1) Includes
85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized
in January 2011 and expired in January 2012;&nbsp;&nbsp;18,400 shares were acquired prior to the repurchase program authorized
in January 2011.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2) Were acquired
during the $3 million repurchase program authorized in September 2012.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note 14
- Copyright Data Fees:</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">During the
twelve months ended April 30, 2015, copyright data fees of $2,847,000 were 4.2% above fiscal 2014.&nbsp;&nbsp;As of April 30,
2015, total third party sponsored assets were attributable to five contracts for copyright data representing $2.25 billion in
various products, as compared to four contracts for copyright data representing $2.28 billion in assets at April 30, 2014.&nbsp;&nbsp;The
value of assets managed by third party sponsors was affected by a shift in assets in one of the underlying portfolios during April
2013 and then in February 2014 to a new subadviser which was beyond Value Line&rsquo;s control.&nbsp;&nbsp;The Company signed
a new copyright data contract in the third fiscal quarter of 2015, and the three new exchange-traded funds subject to that contract
began trading in March 2015.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note
15- Expenses for Settlement:</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As required
by the Settlement, the SEC created a "Fair Fund" pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002.&nbsp;&nbsp;The
Fair Fund is being used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the
Settlement.&nbsp;&nbsp;The Company is required to bear costs associated with the Fair Fund administration, including compensating
a third party consultant appointed by the SEC to administer the Fair Fund distribution.&nbsp;&nbsp;The SEC has appointed A.B.
Data, Ltd., which has no affiliation with the Company, as the Administrator of the Fair Fund.&nbsp;&nbsp;The provision for settlement
included anticipated costs of Fair Fund administration estimated by Fair Fund administration as well as certain fees and costs
arising from the Settlement Transaction.&nbsp;&nbsp;During fiscal 2015, 2014 and 2013, the Company expensed $75,000, $270,000
and $0, respectively, and made payments to the Administrator of the Fair Fund aggregating $67,000, $156,000 and $32,000, respectively.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

<P STYLE="text-align: right; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Value
Line, Inc.&nbsp;</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="text-align: center; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="text-align: left; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Note 16-Business
Segments:</B></FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prior to December
23, 2010, (the Restructuring Transaction date), the Company operated two reportable business segments: (1) Publishing and (2)
Investment Management. The Publishing segment, the Company&rsquo;s only reportable segment subsequent to the Restructuring Transaction
date, produces investment periodicals and related publications (retail and institutional) in both print and digital form, and
includes copyright data fees for the Value Line Proprietary Ranking System information and other proprietary information.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As more fully
described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management
business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit.&nbsp;&nbsp;Although
VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer
considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM.</FONT></P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; text-indent: 0pt; margin: 0pt 0"></P>

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<TYPE>EX-21.1
<SEQUENCE>2
<FILENAME>t82773_ex21-1.htm
<DESCRIPTION>EXHIBIT 21.1
<TEXT>
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<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: right; border-top: Black 2px solid"><B>Exhibit 21.1</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><U>Subsidiaries
of the Registrant</U></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 11%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 2%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 25%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">State of</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Percentage of Voting
    Securities</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Incorporation</FONT></TD>
    <TD STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Owned
    By Registrant</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: azure">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Publishing LLC</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Delaware</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: azure">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The Vanderbilt Advertising Agency, Inc.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New York</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: azure">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Value Line Distribution Center, Inc.</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New Jersey</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">100%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<TYPE>EX-31.1
<SEQUENCE>3
<FILENAME>t82773_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <TD STYLE="width: 100%; text-align: right; border-top: Black 2px solid"><B>Exhibit 31.1</B></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RULE
13a-14(a)/15d-14(a) CERTIFICATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I, Howard
A. Brecher, certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in; text-align: right"></TD><TD STYLE="width: 0.25in"><font>1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">I
                                         have reviewed this report on Form 10-K of Value Line, Inc;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
                                         on my knowledge, this report does not contain any untrue statement of a material fact
                                         or omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by this report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
                                         on my knowledge, the financial statements, and other financial information included in
                                         this report, fairly present in all material respects the financial condition, results
                                         of operations and cash flows of the registrant as of, and for, the periods presented
                                         in this report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
                                         disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
                                         and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
                                         and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Designed
                                         such disclosure controls and procedures, or caused such disclosure controls and procedures
                                         to be designed under our supervision, to ensure that material information relating to
                                         the registrant, including its consolidated subsidiaries, is made known to us by others
                                         within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Designed
                                         such internal control over financial reporting, or caused such internal control over
                                         financial reporting to be designed under our supervision, to provide reasonable assurance
                                         regarding the reliability of financial reporting and the preparation of financial statements
                                         for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Evaluated
                                         the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
                                         in this report our conclusions about the effectiveness of the disclosure controls and
                                         procedures, as of the end of the period covered by this report based on such evaluation;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disclosed
                                         in this report any change in the registrant&rsquo;s internal control over financial reporting
                                         that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth
                                         fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
                                         likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         registrant&rsquo;s other certifying officers and I have disclosed, based on our most
                                         recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
                                         auditors and the audit committee of the registrant&rsquo;s board of directors (or persons
                                         performing the equivalent functions):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all
                                         significant deficiencies and material weaknesses in the design or operation of internal
                                         control over financial reporting which are reasonably likely to adversely affect the
                                         registrant&rsquo;s ability to record, process, summarize and report financial information;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         fraud, whether or not material, that involves management or other employees who have
                                         a significant role in the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: July 22, 2015</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Howard
    A. Brecher</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Howard A. Brecher</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman &amp; Chief Executive
    Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Executive Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&#9;&#9;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<TYPE>EX-31.2
<SEQUENCE>4
<FILENAME>t82773_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: right; border-top: Black 2px solid"><B>Exhibit 31.2</B></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">RULE
13a-14(a)/15d-14(a) CERTIFICATION</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I, Stephen
R. Anastasio, certify that:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">I
                                         have reviewed this report on Form 10-K of Value Line, Inc;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
                                         on my knowledge, this report does not contain any untrue statement of a material fact
                                         or omit to state a material fact necessary to make the statements made, in light of the
                                         circumstances under which such statements were made, not misleading with respect to the
                                         period covered by this report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">3.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Based
                                         on my knowledge, the financial statements, and other financial information included in
                                         this report, fairly present in all material respects the financial condition, results
                                         of operations and cash flows of the registrant as of, and for, the periods presented
                                         in this report;</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">4.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         registrant&rsquo;s other certifying officer(s) and I are responsible for establishing and maintaining
                                         disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e))
                                         and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)
                                         and 15d-15(f)) for the registrant and have:</FONT></TD></TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Designed
                                         such disclosure controls and procedures, or caused such disclosure controls and procedures
                                         to be designed under our supervision, to ensure that material information relating to
                                         the registrant, including its consolidated subsidiaries, is made known to us by others
                                         within those entities, particularly during the period in which this report is being prepared;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Designed
                                         such internal control over financial reporting, or caused such internal control over
                                         financial reporting to be designed under our supervision, to provide reasonable assurance
                                         regarding the reliability of financial reporting and the preparation of financial statements
                                         for external purposes in accordance with generally accepted accounting principles;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Evaluated
                                         the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented
                                         in this report our conclusions about the effectiveness of the disclosure controls and
                                         procedures, as of the end of the period covered by this report based on such evaluation;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Disclosed
                                         in this report any change in the registrant&rsquo;s internal control over financial reporting
                                         that occurred during the registrant&rsquo;s most recent fiscal quarter (the registrant&rsquo;s fourth
                                         fiscal quarter in the case of an annual report) that has materially affected, or is reasonably
                                         likely to materially affect, the registrant&rsquo;s internal control over financial reporting;
                                         and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">5.</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
                                         registrant&rsquo;s other certifying officers and I have disclosed, based on our most
                                         recent evaluation of internal control over financial reporting, to the registrant&rsquo;s
                                         auditors and the audit committee of the registrant&rsquo;s board of directors (or persons
                                         performing the equivalent functions):</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">all
                                         significant deficiencies and material weaknesses in the design or operation of internal
                                         control over financial reporting which are reasonably likely to adversely affect the
                                         registrant&rsquo;s ability to record, process, summarize and report financial information;
                                         and</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">any
                                         fraud, whether or not material, that involves management or other employees who have
                                         a significant role in the registrant&rsquo;s internal control over financial reporting.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: July 22, 2015</FONT></TD>
    <TD STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font-size: 9pt; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Stephen
    R. Anastasio</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen R. Anastasio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President &amp; Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Financial Officer
    and Principal Accounting Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"></P>

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<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>5
<FILENAME>t82773_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: right; border-top: Black 2px solid"><B>Exhibit 32.1</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AS
ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the Annual Report on Form 10-K of Value Line, Inc. (the &ldquo;Company&rdquo;), for the fiscal year ended April
30, 2015 (the &ldquo;Report&rdquo;), I, Howard A. Brecher, Chairman &amp; Chief Executive Officer of the Company, certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, as of the date hereof,
to my knowledge:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
                                         Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         information contained in the Report fairly presents, in all material respects, the financial
                                         condition and results of operations of the Company at the dates and for the periods presented.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Certification accompanies this Report pursuant to Section 906 of the Act and shall not, except to the extent required by such
Act, be deemed to be &ldquo;filed&rsquo; under the Exchange Act. This Certification will not be deemed to be incorporated by reference
into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically
incorporates it by reference.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: July 22, 2015</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Howard
    A. Brecher</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Howard A. Brecher</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Chairman &amp; Chief Executive
    Officer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Executive Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5in; text-indent: 0.5in"></P>

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<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>6
<FILENAME>t82773_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 100%; text-align: right; border-top: Black 2px solid"><B>Exhibit 32.2</B></TD></TR>
</TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">CERTIFICATION
PURSUANT TO 18 U.S.C. SECTION 1350,</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">AS
ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
connection with the Annual Report on Form 10-K of Value Line, Inc. (the &ldquo;Company&rdquo;), for the fiscal year ended April
30, 2015 (the &ldquo;Report&rdquo;), I, Stephen R. Anastasio, Vice President &amp; Treasurer of the Company, certify, pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, as of the date hereof,
to my knowledge:</FONT></P>

<P STYLE="font: 11pt/normal Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         Report fully complies with the requirements of section 13(a) or 15(d) of the Securities
                                         Exchange Act of 1934, as amended (the &ldquo;Exchange Act&rdquo;); and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">the
                                         information contained in the Report fairly presents, in all material respects, the financial
                                         condition and results of operations of the Company at the dates and for the periods presented.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-indent: 0.5in"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">This
Certification accompanies this Report pursuant to Section 906 of the Act and shall not, except to the extent required by such
Act, be deemed to be &ldquo;filed&rsquo; under the Exchange Act. This Certification will not be deemed to be incorporated by reference
into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically
incorporates it by reference.</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font: 12pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 20%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 27%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date: July 22, 2015</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">By:</FONT></TD>
    <TD STYLE="font-size: 10pt; border-bottom: Black 1px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/ Stephen
    R. Anastasio</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Stephen R. Anastasio</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Vice President &amp; Treasurer</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Principal Financial Officer
    and Principal Accounting Officer)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5in; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 5.5in; text-indent: 0.5in"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>7
<FILENAME>t82773_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; background-color: white">
<TR>
    <TD STYLE="text-align: right; border-top: black 2px solid; width: 100%; font-size: 10pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Exhibit
    99.1</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 16pt Sabon LT Std; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>CONSOLIDATED
FINANCIAL STATEMENTS</B></FONT></P>

<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>APRIL
30, 2015</B></FONT></P>

<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center; text-indent: 0.5in"></P>

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    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Sabon LT Std; margin: 0; text-align: center; text-indent: 0.5in"></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt/normal Arial, Helvetica, Sans-Serif; margin: 0; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INDEPENDENT
AUDITORS&rsquo; REPORT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">To
the Trustees of</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EULAV
Asset Management</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Report
on the Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
have audited the accompanying consolidated financial statements of EULAV Asset Management which comprise the consolidated statement
of financial condition as of April 30, 2015, and the related consolidated statements of operations, changes in owners&rsquo; equity,
and cash flows for the year then ended, and the related notes to the consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Management&rsquo;s
Responsibility for the Consolidated</I> <I>Financial Statements</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management
is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with accounting
principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of consolidated financial statements that are free from material misstatement,
whether due to fraud or error.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Auditor&rsquo;s
Responsibility</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Our
responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit
in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material
misstatement.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">An
audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial
statements. The procedures selected depend on the auditor&rsquo;s judgment, including the assessment of the risks of material misstatement
of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control
relevant to the entity&rsquo;s preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity&rsquo;s internal
control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies
used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation
of the consolidated financial statements.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">We
believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B><I>Opinion</I></B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">In
our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the consolidated
financial position of EULAV Asset Management as of April 30, 2015, and the consolidated results of their operations and their
cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">/s/
EisnerAmper LLP</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">New
York, New York</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">July
9, 2015</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
Statement of Financial Condition</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-right: 0; margin-bottom: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
30, 2015</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ASSETS</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
    and cash equivalents</FONT></TD><TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,693,596</B></FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investments</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,012,996</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Receivable from
    affiliates</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,704,163</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepaid
    expenses and other assets</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>453,600</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total current
    assets</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>10,864,355</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furniture and
    equipment, net</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>97,303</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Intangible
    asset - management contracts</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>49,197,117</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>60,158,775</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>LIABILITIES
    AND OWNERS&rsquo; EQUITY</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accounts payable
    and accrued liabilities</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,035,223</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Due
    to owners</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,044,246</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total current
    liabilities</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,079,469</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred rent</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>24,263</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Owners&rsquo;
    equity</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>57,055,043</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>60,158,775</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See notes to consolidated financial statements</I></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.9pt; text-indent: 38.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.9pt"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 4.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
Statement of Operations</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.35pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For
the Year Ended April 30, 2015</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.8pt; text-indent: 24.8pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Revenues:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
    management fees</FONT></TD><TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>15,013,586</B></FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">12b-1 fees</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,022,601</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sub-transfer
    agency fees</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>436,499</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Dividends,
    interest and other</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>34,436</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.5in; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    revenues</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>20,507,122</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Expenses:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Marketing and
    distribution</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,114,418</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Compensation
    and benefits</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,138,521</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Office and administration</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,469,333</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Professional
    fees</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>1,048,899</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.5in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total
    expenses</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>11,771,171</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net income before
    New York City income taxes</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,735,951</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Provision
    for New York City income taxes</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>140,000</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    income</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,595,951</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See notes to consolidated financial statements</I></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
Statement of Changes in Owners&rsquo; Equity</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For
the Year Ended April&nbsp;30, 2015</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
                                         30,</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
                                         30,</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2014</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income</B></FONT></P></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Distributions</B></FONT></P></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2015</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 40%; text-align: left; padding-left: 0.25in; text-indent: -0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Non-voting
    revenue interest and non-voting profit interest</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,258,496</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">7,959,838</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(7,896,227</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="width: 3%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>56,322,107</B></FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Class A voting profit
    interest</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">532,822</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">572,501</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(389,251</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>716,072</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Class
    B voting profit interest</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">15,763</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">63,612</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(62,511</FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>16,864</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 5.4pt; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">56,807,081</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">8,595,951</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(8,347,989</FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>57,055,043</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See notes to consolidated financial statements</I></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 1.35pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidated
Statement of Cash Flows</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.9pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>For
the Year Ended April&nbsp;30, 2015</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash flows from
    operating activities:</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 76%; text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    income</FONT></TD><TD STYLE="width: 10%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,595,951</B></FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Adjustments to
    reconcile net income to net cash provided by operating activities:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Depreciation expense</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>43,850</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Changes in:</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Receivable from
    affiliates</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(81,760</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Prepaid expenses
    and other assets</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>3,027</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.75in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Accounts payable
    and accrued liabilities</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(74,390</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.75in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Deferred
    rent</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(22,397</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 1in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    cash provided by operating activities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>8,464,281</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash flows from
    investing activities:</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Change in investments,
    net</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(1,012,996</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Purchase
    of furniture and equipment, net</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(35,155</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 1in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Net
    cash used in investing activities</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(1,048,151</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash flows from
    financing activities:</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Distributions</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(8,305,280</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Net decrease
    in cash and cash equivalents</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(889,150</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>)</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
    and cash equivalents - April 30, 2014</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>6,582,746</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash
    and cash equivalents - April 30, 2015</B></FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="text-align: right; border-bottom: Black 4px double"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>5,693,596</B></FONT></TD><TD STYLE="text-align: left; padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Supplemental
    disclosure of cash flow information:</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash paid for
    New York City income taxes</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>144,000</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: justify; padding-left: 0in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Non-cash financing
    activities:</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: justify; padding-left: 0.25in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Due to owners</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>$</B></FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>2,044,246</B></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></TD></TR>
</TABLE>
<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><I>See notes to consolidated financial statements</I></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>



<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
30, 2015</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
A - Organization and Transactions with Affiliates</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">EULAV
Asset Management (the &ldquo;Company&rdquo;), a Delaware statutory trust, with no fixed term, was formed on December&nbsp;23,
2010 as a result of Value Line, Inc. (&ldquo;VLI&rdquo;) completing the restructuring of its asset management and broker-dealer
businesses (the &ldquo;Restructuring Transaction&rdquo;). As part of the Restructuring Transaction, EULAV Securities, Inc., a
New York corporation and wholly-owned subsidiary of VLI that acted as the distributor of the Value Line mutual funds (&ldquo;Value
Line Funds&rdquo;), merged into EULAV Securities LLC (&ldquo;ESLLC&rdquo;), a Delaware limited liability company. VLI transferred
100% of its interest in ESLLC to EULAV Asset Management LLC, a wholly-owned subsidiary of VLI that acted as the investment adviser
to the Value Line Funds and certain separate accounts. EULAV Asset Management LLC then converted into the Company, which still
acts as the investment adviser to the Value Line Funds. ESLLC, a wholly-owned subsidiary of the Company, is a broker-dealer registered
with the Securities and Exchange Commission and is a member of the Financial Industry Regulatory Authority. ESLLC claims the exemption
from the provisions of SEC Rule 15c3-3 under paragraph (k)(1).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">VLI
granted the Company the right to use the Value Line name for all existing Value Line Funds and to supply without charge or expense
the Value Line proprietary ranking system information for so long as the Company is the investment adviser to the Value Line Funds.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
of the Value Line Funds has an investment advisory agreement with the Company pursuant to which the Company serves as investment
adviser to the Value Line Funds. The Company receives investment management fees from each of the Value Line Funds managed by
the Company. The Company and certain of the Value Line Funds have agreed that the Company would waive a portion of the fund&rsquo;s
respective advisory fees. The fees received by the Company from the Value Line Funds are net of any contractual fee waivers as
described in Note&nbsp;D.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Each
of the Value Line Funds has a distribution agreement with the Company&rsquo;s wholly owned subsidiary ESLLC pursuant to which
ESLLC acts as principal underwriter and distributor of the Value Line Funds for the sale and distribution of their shares. ESLLC
is eligible to receive service and distribution fees under Rule&nbsp;12b-1 of the Investment Company Act of 1940 from the Value
Line Funds managed by the Company. ESLLC and certain of the Value Line Funds have agreed to waive all or a portion of the fund&rsquo;s
respective Rule&nbsp;12b-1 fees. The fees received by the ESLLC from the Value Line Funds are net of any contractual fee waivers
as described in Note&nbsp;D.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company receives sub-transfer agency fees from certain of the Value Line Funds to compensate financial intermediaries that provide
sub-transfer agency and related services to investors that hold their fund shares in omnibus accounts maintained by the financial
intermediaries with the Value Line Funds (see Note&nbsp;B[4]).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
B - Summary of Significant Accounting Policies</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[1]</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Use
                                         of estimates:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
preparation of consolidated financial statements in conformity with generally accepted accounting principles requires management
to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ
from those estimates.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[2]</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Cash
                                         and cash equivalents:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company considers all cash held at banks and in money market mutual funds to be cash and cash equivalents. As of April&nbsp;30,
2015, cash and cash equivalents included $178,091 and $121,444 invested in the Daily Income Fund - U.S. Government Portfolio and
General Treasury Securities Money Market Fund, respectively. The Company maintains cash balances in a financial institution which,
at times, may exceed federally insured limits. In the event of a financial institution&rsquo;s insolvency, recovery of cash may
be limited. The Company does not consider itself at risk with respect to its cash balances.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
30, 2015</B></FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
B - Summary of Significant Accounting Policies (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[3]</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Consolidation:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
consolidated financial statements include the accounts of the Company and ESLLC after elimination of inter-company balances and
transactions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[4]</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Revenues:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Investment
management fees consist of management fees from the Value Line Funds. Investment management fees for the Value Line Funds are
earned on a monthly basis as services are performed and the fees, which generally range from 0.40% to 0.75%, are calculated based
on average daily net assets of the Value Line Funds in accordance with each fund&rsquo;s advisory agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the
fund accountant, fund administrator and custodian of the Value Line Funds. Shareholder servicing for the Value Line Funds is performed
by BFDS, an affiliate of State Street Bank. The Value Line Funds are open-end management companies registered under the Investment
Company Act of 1940.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Service
and distribution fees are received from the Value Line Funds in accordance with service and distribution plans under Rule 12b-1
of the Investment Company Act of 1940. The plans are compensation plans, which means that ESLLC&rsquo;s fees under the plans are
payable without regard to actual expenses incurred by ESLLC. ESLLC may earn a profit under the plan. Service and distribution
fees are received on a monthly basis and calculated by State Street Bank based on the average daily net assets of each of the
Value Line Funds in accordance with each fund&rsquo;s prospectus. Expenses incurred by ESLLC include payments to securities dealers,
banks, financial institutions and other organizations that provide distribution, marketing, and administrative services with respect
to the distribution of the Value Line Funds&rsquo; shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.65pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Sub-transfer
agency fees are received from the Value Line Funds in accordance with a sub-transfer agency plan approved by the Board of the
Value Line Funds. The sub-transfer agency fee, which may be paid directly to the financial intermediary or indirectly via ESLLC,
is equal to the lower of (i) the aggregate amount of additional transfer agency fees and expenses that the Value Line Funds would
otherwise pay to the Value Line Funds&rsquo; transfer agent, if each subaccount in the omnibus account maintained by the financial
intermediary with the fund were a direct account with the fund and (ii) the amount by which the fees charged by the financial
intermediary for including the fund on its platform and providing shareholder, sub-transfer agency and related services exceed
the amount paid under the fund&rsquo;s plan with respect to fund assets attributable to shares held by the financial intermediary
in the omnibus account. In addition, the amount of sub-transfer agency fees payable by the Value Line Funds to all financial intermediaries
in the aggregate is subject to a maximum cap of 0.05% of each fund&rsquo;s average daily net assets. If the sub-transfer agency
fee is paid to financial intermediaries indirectly via ESLLC, ESLLC does not retain any amount thereof and such fee otherwise
reduces the amount that ESLLC is contractually obligated to pay to the financial intermediary.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 25.65pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[5]</B></FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income
                                         taxes:</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company, as a trust, has elected to be taxed as a pass-through entity similar to a partnership for federal and state income tax
purposes and, accordingly, is not subject to federal and state income taxes. The Company is subject to New York City unincorporated
business tax.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
30, 2015</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
B - Summary of Significant Accounting Policies (continued)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[5]</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Income
                                         taxes: (continued)</B></FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company may recognize tax benefits from any uncertain positions only if it is more likely than not that the tax position will
be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company&rsquo;s policy
is to recognize interest and penalties in general and administration expense. The Company has not recognized in these consolidated
financial statements any interest or penalties related to income taxes, and has no material unrecognized tax benefits. The Company
is subject to U.S. federal, state and local tax examinations by tax authorities since inception. There are currently no income
tax returns under examination.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Tax
laws are complex and subject to different interpretations by the taxpayer and taxing authorities. Significant judgment is required
when evaluating tax provisions and related uncertainties. Future events such as changes in tax legislation could require a provision
for income taxes. Any such changes could significantly affect the amounts reported in the consolidated statement of operations.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[6]</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Investments:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015, investments consist of investment in Worthington Value Line Equity Advantage Fund and Value Line VIP Equity
Advantage Fund of $257,327 and $255,678, respectively. The Company classifies these investments as trading securities recorded
at fair value.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Certificates
of deposit with original maturities of 90 days or less are considered cash and cash equivalents. Certificates of deposit with
original maturities greater than three months and remaining maturities less than one year are classified as short-term and certificates
of deposit with original maturities greater than three months and remaining maturities greater than one year are classified as
long-term. As of April 30, 2015, the Company held short term certificates of deposit of $2,499,991.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[7]</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Intangible assets:</B></FONT></TD></TR></TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;<FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
value of the intangible asset received as part of the Restructuring Transaction was derived primarily from revenue streams to
be earned from management contracts contributed and from the right to use the Value Line name for all existing Value Line Funds
and access the Value Line Proprietary Ranking information. This intangible asset was valued at approximately $49,197,000, which
is not deductible for tax purposes, has an indefinite useful life, and is not being amortized. VLI utilized the services of a
third party valuation firm (the &ldquo;Valuator&rdquo;) to assist in the determination of the fair value of the intangible asset
at the time of the Restructuring Transaction.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Valuator employed several analytical methodologies which were used by the Company to assist in its determination of the fair value
of the intangible asset. These methodologies included two market approach methods which referenced actual transactions in the
equity of similar enterprises that are traded in private and public markets and one income approach method utilizing discounted
cash flows to determine the present value of the future earning capacity that is available to investors in the entity. The Company
assesses the recoverability of its intangible asset by determining whether the carrying amount can be recovered through discounted
forecasted cash flows if events or changes in circumstances indicate that the asset may be impaired. If discounted forecasted
cash flows indicate that the carrying amount will not be recovered, an adjustment will be made to reduce such amounts to fair
value based on forecasted future cash discounted at a rate commensurate with the risk associated with achieving such cash flows.
Future cash flows are based on trends of historical performance and the Company&rsquo;s estimate of future performance, giving
consideration to existing and anticipated competitive and economic conditions. The Company has elected to perform its annual analysis
at April 30, its fiscal year-end. No indicators of impairment were identified during the year ended April&nbsp;30, 2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
30, 2015</B></FONT></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.9pt"></TD><TD STYLE="width: 25.2pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>[8</B></FONT><B>]</B></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Fair value of Investments:</B></FONT></TD></TR></TABLE>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Authoritative
accounting guidance defines fair value, establishes a framework for measuring fair value and establishes a fair value hierarchy.
Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
participants at the measurement date. Fair value measurements are not adjusted for transaction costs. The fair value hierarchy
prioritizes inputs to valuation techniques used to measure fair value into three levels:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
1 &ndash; Unadjusted quoted prices in active markets for identical assets or liabilities</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
2 &ndash; Inputs, other than quoted prices that are observable, either directly or indirectly, and reasonably available.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Level
3 &ndash; Unobservable inputs, which reflect the assumptions that management develops based on available information about the
assumptions market participants would use in valuing the asset or liability.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
classification of financial instruments valued at fair value as of April 30, 2015 is as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 35%; margin-left: 4%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; background-color: White">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White; border-bottom: Black 2px solid">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; background-color: White; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Level
                                         1&nbsp;&nbsp;&nbsp;</FONT></TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 18%; font-family: Times New Roman, Times, Serif; text-align: left"><P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
equivalents&nbsp;</FONT></P></TD><TD STYLE="width: 3%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="width: 12%; font: 10pt Times New Roman, Times, Serif; text-align: right">299,535</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">Investments</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2px solid; font: 10pt Times New Roman, Times, Serif; text-align: right">513,005</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 4px double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</TD><TD STYLE="border-bottom: Black 4px double; font: 10pt Times New Roman, Times, Serif; text-align: right">812,540</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Cash
equivalents primarily represent investments in money market funds. Investments consist of mutual funds, which are valued on the
last business day of the period at the last available reported price on the primary securities exchange.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.35in; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
C - Owners&rsquo; Equity</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Class
A and Class B interest holders are Trustees and holders of the voting profits interests of the Company, and Value Line, Inc. (&ldquo;VLI&rdquo;)
owns the non-voting revenue interests and the non-voting profits interests of the Company.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Collectively,
the voting profits interests receive 50% of the residual profit of the business, in which the share of Class A voting profits
interest is 45% and Class B voting profits interest is 5%, subject to temporary adjustments in certain circumstances, as defined
in the Trust agreement.&nbsp;&nbsp;VLI retains a nonvoting profits interest representing 50% of residual profits, subject to temporary
adjustments in certain circumstances and has no power to vote for the election, removal or replacement of the Trustees of the
Company. VLI also retains a Non-Voting Revenues Interest in the business ranging from 41% at non-distribution fee (certain investment
management fees) revenue levels of $9 million or less to 55% at such revenue levels of $35&nbsp;million or more. The Company will
make distributions to the owners and holders of the revenue interests no later than the tenth day after each respective quarter
end, as defined in the Trust agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>





<P STYLE="font: 16pt Sabon LT Std; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>



<P STYLE="font: 10pt Sabon LT Std; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT><FONT STYLE="font-size: 10pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>
April 30, 2015</B></FONT></FONT></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
D - Related Party Transactions</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
management fees, as described in Note A, are received from the Value Line Funds and are reflected within receivable from affiliates
on the consolidated statement of financial condition. For the year ended April&nbsp;30, 2015, total management fee waivers were
approximately $190,000. The 12b-1 fees, as described in Note A, are received from the Value Line Funds. For the year ended April&nbsp;30,
2015, total service and distributions fee waivers were approximately $1,518,000. Substantially all of the revenue is generated
from related parties.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">As
of April 30, 2015, the Company held investments in the Value Line Funds as described in Note B.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
E - Furniture and Equipment</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furniture
and equipment are carried at cost. Depreciation is provided using the straight-line method over the estimated useful lives of
five to seven years. For the year ended April 30, 2015, depreciation expense was $43,850.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furniture
and equipment, net, consist of the following:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 50%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 4%">
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 64%; text-align: left; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Furniture
    and equipment</FONT></TD><TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 16%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">250,172</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Less
    accumulated depreciation</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(152,869</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: right; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 5.4pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">97,303</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
F - Regulatory Requirements</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">For
regulatory purposes, ESLLC is subject to the net capital provisions of Rule 15c3-1 under the Securities Exchange Act of 1934,
which requires the maintenance of minimum net capital of $5,000 or one-fifteenth of aggregate indebtedness, if greater. At April
30, 2015, ESLLC&rsquo;s net capital, as defined, of approximately $872,000 exceeded required net capital by approximately $829,000 and
the ratio of aggregate indebtedness to net capital was .73 to 1.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>&nbsp;&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
G - Employees&rsquo; Profit Sharing and Savings Plan</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
employees of the Company are eligible to be members of the Company&rsquo;s 401(k) Plan and Profit Sharing Plan. In general, for the
year ended April 30, 2015, the Company matched 50% of the first 6% of each eligible employee&rsquo;s salary for the 401(k) Plan and
may at its discretion contribute to the Profit Sharing Plan. For the year ended April 30, 2015, the Company made $105,000 in matching
contributions to the 401(k) Plan and its Profit Sharing Plan. This amount was included in compensation and benefits on the consolidated
statement of operations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
H - Co-Employee Agreement</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">The
Company has a client service agreement with ADP TotalSource as Co-employer (as defined in the client service agreement). ADP TotalSource
is an unrelated entity. The Company&rsquo;s employees are on the Co-employer&rsquo;s payroll and withholding system which is responsible for
providing the payroll and tax withholding payments and reports for the Company&rsquo;s employees. In exchange, the Co-employer receives
an administrative fee.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;&nbsp;</FONT></P>

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<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 16pt Sabon LT Std; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>EULAV
ASSET MANAGEMENT</B></FONT></P>



<P STYLE="font: 10pt Sabon LT Std; margin-top: 0; margin-bottom: 6pt; margin-left: 0pt; text-indent: 0pt; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Notes
to Consolidated Financial Statements</B></FONT><FONT STYLE="font-size: 10pt"><BR><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>
April 30, 2015</B></FONT></FONT></P>




<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
I - Commitment</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Minimum
future rental commitment under a non-cancellable operating lease expiring May 2016 is as follows:</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 40%; font: 10pt Arial, Helvetica, Sans-Serif; margin-left: 4%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="color: navy; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif; color: Black"><B>Year
    Ending</B></FONT></TD><TD STYLE="color: navy; font-weight: bold"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="color: navy; font-weight: bold; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>April
    30,</B></FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 2px solid"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Office</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 39%; text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2016</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="width: 9%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="width: 39%; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">294,592</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: center"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">2017</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 2px solid; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="border-bottom: Black 2px solid; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">24,549</FONT></TD><TD STYLE="padding-bottom: 1pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: azure">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 2.5pt"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 4px double; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">$</FONT></TD><TD STYLE="border-bottom: Black 4px double; text-align: right"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">319,141</FONT></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Rent
expense charged to operations for the year ended April 30, 2015 totaled $284,778, which was included in office and administration
on the consolidated statement of operations.</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>Note
J - Subsequent Events</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: small-caps 10pt Times New Roman, Times, Serif"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Management
has evaluated all subsequent transactions and events through July 9, 2015, the date on which these consolidated financial statements
were available to be issued.</FONT></P>



<P STYLE="margin: 0"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="margin: 0"></P>

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<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">10000000</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="shares" decimals="INF">-182071</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">10000000</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="shares" decimals="INF">-190504</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="shares" decimals="INF">10000000</us-gaap:CommonStockSharesOutstanding>
<us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="Context_Custom_01_Jan_2012T00_00_00_TO_31_Jan_2012T00_00_00_ShareRepurchaseProgramAxis_FormerRepurchaseProgramMember" unitRef="USD" decimals="-3">1036000</us-gaap:TreasuryStockValueAcquiredCostMethod>
<us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="Context_FYE_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00" unitRef="USD" decimals="-3" id="Footnote-4_1">182000</us-gaap:TreasuryStockValueAcquiredCostMethod>
<us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="Context_FYE_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="USD" decimals="-3">182000</us-gaap:TreasuryStockValueAcquiredCostMethod>
<us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="Context_FYE_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3" id="Footnote-4_2">550000</us-gaap:TreasuryStockValueAcquiredCostMethod>
<us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="Context_FYE_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="USD" decimals="-3">550000</us-gaap:TreasuryStockValueAcquiredCostMethod>
<us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3" id="Footnote-4_3">122000</us-gaap:TreasuryStockValueAcquiredCostMethod>
<us-gaap:TreasuryStockValueAcquiredCostMethod contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="USD" decimals="-3">122000</us-gaap:TreasuryStockValueAcquiredCostMethod>
<us-gaap:TreasuryStockSharesAcquired contextRef="Context_Custom_01_Jan_2011T00_00_00_TO_31_Jan_2011T00_00_00_ShareRepurchaseProgramAxis_January2011ShareRepurchaseProgramMember" unitRef="shares" decimals="INF">18400</us-gaap:TreasuryStockSharesAcquired>
<us-gaap:TreasuryStockSharesAcquired contextRef="Context_Custom_01_Jan_2012T00_00_00_TO_31_Jan_2012T00_00_00_ShareRepurchaseProgramAxis_FormerRepurchaseProgramMember" unitRef="shares" decimals="INF">85219</us-gaap:TreasuryStockSharesAcquired>
<us-gaap:TreasuryStockSharesAcquired contextRef="Context_FYE_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00" unitRef="shares" decimals="0" id="Footnote-4_4">19953</us-gaap:TreasuryStockSharesAcquired>
<us-gaap:TreasuryStockSharesAcquired contextRef="Context_FYE_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="shares" decimals="INF">19953</us-gaap:TreasuryStockSharesAcquired>
<us-gaap:TreasuryStockSharesAcquired contextRef="Context_FYE_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="shares" decimals="0" id="Footnote-4_5">58499</us-gaap:TreasuryStockSharesAcquired>
<us-gaap:TreasuryStockSharesAcquired contextRef="Context_FYE_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="shares" decimals="INF">58499</us-gaap:TreasuryStockSharesAcquired>
<us-gaap:TreasuryStockSharesAcquired contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="shares" decimals="0" id="Footnote-4_6">8433</us-gaap:TreasuryStockSharesAcquired>
<us-gaap:TreasuryStockSharesAcquired contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_StatementEquityComponentsAxis_TreasuryStockMember" unitRef="shares" decimals="INF">8433</us-gaap:TreasuryStockSharesAcquired>
<us-gaap:DividendsCommonStock contextRef="Context_FYE_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00" unitRef="USD" decimals="-3">5932000</us-gaap:DividendsCommonStock>
<us-gaap:DividendsCommonStock contextRef="Context_FYE_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">5932000</us-gaap:DividendsCommonStock>
<us-gaap:DividendsCommonStock contextRef="Context_FYE_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3">5900000</us-gaap:DividendsCommonStock>
<us-gaap:DividendsCommonStock contextRef="Context_FYE_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">5900000</us-gaap:DividendsCommonStock>
<us-gaap:DividendsCommonStock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3">5888000</us-gaap:DividendsCommonStock>
<us-gaap:DividendsCommonStock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">5888000</us-gaap:DividendsCommonStock>
<us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 1-Organization and Summary of Significant Accounting Policies:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Value Line, Inc. (&amp;#8220;Value Line&amp;#8221; or &amp;#8220;VLI&amp;#8221;, and collectively with its subsidiaries, the &amp;#8220;Company&amp;#8221;) is incorporated in the State of New York.&amp;#160;&amp;#160;The name &amp;#8220;Value Line&amp;#8221; as used to describe the Company, its products, and its subsidiaries, is a registered trademark of the Company.&amp;#160;&amp;#160;The Company&amp;#8217;s primary business is producing investment periodicals and related publications and making available copyright data including certain Value Line trademarks and Value Line Proprietary Ranking System information to third parties under written agreements for use in third party managed and marketed investment products.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Prior to December 23, 2010 (the &amp;#8220;Restructuring Date&amp;#8221;), VLI, through its direct subsidiary EULAV Asset Management LLC (&amp;#8220;EAM LLC&amp;#8221;), provided investment management services to the Value Line Mutual Funds (&amp;#8220;Value Line Funds&amp;#8221; or the &amp;#8220;Funds&amp;#8221;), institutions and individual accounts, and, through EAM LLC&amp;#8217;s subsidiary EULAV Securities, Inc. (&amp;#8220;ESI&amp;#8221;), provided distribution, marketing, and administrative services to the Value Line Funds.&amp;#160;&amp;#160;On December 23, 2010, the Company deconsolidated the asset management and mutual fund distribution subsidiaries and exchanged its controlling interest in these subsidiaries for a non-voting revenues interest and a non-voting profits interest in EULAV Asset Management Trust, a Delaware business statutory trust (&amp;#8220;EAM&amp;#8221; or &amp;#8220;EAM Trust&amp;#8221;), the successor to EAM LLC and the sole member of EULAV Securities LLC (&amp;#8220;ES&amp;#8221;), the successor to ESI, (the &amp;#8220;Restructuring Transaction&amp;#8221;).&amp;#160;&amp;#160;&amp;#160;Pursuant to the EAM Declaration of Trust dated as of December 23, 2010 (the &amp;#8220;EAM Trust Agreement&amp;#8221;), VLI granted EAM the right to use the Value Line name for all existing Value Line Funds and agreed to supply, without charge or expense, the Value Line Proprietary Ranking System information to EAM for use in managing the Value Line Funds.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Use of Estimates:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The preparation of financial statements in conformity with U.S. generally accepted accounting principles (&amp;#8220;GAAP&amp;#8221;) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Principles of Consolidation:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company follows the guidance in the Financial Accounting Standards Board&amp;#8217;s (&amp;#8220;FASB&amp;#8221;) Topic 810 &amp;#8220;Consolidation&amp;#8221; to determine if it should consolidate its investment in a variable interest entity (&amp;#8220;VIE&amp;#8221;). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity&amp;#8217;s activities that most significantly affect the entity&amp;#8217;s economic performance.&amp;#160;&amp;#160;A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary.&amp;#160;&amp;#160;The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE&amp;#8217;s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.&amp;#160;&amp;#160;The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;In accordance with FASB&amp;#8217;s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated.&amp;#160;&amp;#160;All significant intercompany accounts and transactions have been eliminated in consolidation.&amp;#160;&amp;#160;On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB&amp;#8217;s Topic 810.&amp;#160;&amp;#160;As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (&amp;#8220;EAM&amp;#8221; or &amp;#8220;EAM Trust&amp;#8221;).&amp;#160;&amp;#160;The Company relied on the guidance in FASB&amp;#8217;s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated&amp;#160;&amp;#160;Statements of Income.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Revenue Recognition:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access.&amp;#160;&amp;#160;The length of a subscription varies by product and offer received by the subscriber.&amp;#160;&amp;#160;Generally, subscriptions are offered as annual subscriptions.&amp;#160;&amp;#160;Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription.&amp;#160;&amp;#160;Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (&amp;#8220;ETFs&amp;#8221;).&amp;#160;&amp;#160;The Company earns asset-based copyright data fees as specified in the individual agreements.&amp;#160;&amp;#160;Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;EAM earns investment management fees from the Value Line Funds.&amp;#160;&amp;#160;The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the &amp;#8220;1940 Act&amp;#8221;).&amp;#160;&amp;#160;Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds.&amp;#160;&amp;#160;Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.&amp;#160;&amp;#160;Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees.&amp;#160;&amp;#160;EAM had no separately managed accounts as of April 30, 2015 or April 30, 2014.&amp;#160;&amp;#160;Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Investment in Unconsolidated Entities:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; width: 186px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 123px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 200px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 310px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 169px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB&amp;#8217;s ASC 323.&amp;#160;&amp;#160;The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments.&amp;#160;&amp;#160;Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company&amp;#8217;s &amp;#8220;interests&amp;#8221; in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a &amp;#8220;non-voting revenues interest&amp;#8221; and a &amp;#8220;non-voting profits interest&amp;#8221; in EAM as defined in the EAM Trust Agreement.&amp;#160;&amp;#160;The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM&amp;#8217;s adjusted gross revenues, excluding EULAV Securities&amp;#8217; distribution revenues (&amp;#8220;Revenues Interest&amp;#8221;).&amp;#160;&amp;#160;The non-voting profits interest entitles the Company to receive 50% of EAM&amp;#8217;s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (&amp;#8220;Profits Interest&amp;#8221;).&amp;#160;&amp;#160;The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line.&amp;#160;&amp;#160;Subsequent to the Restructuring Date, the Company&amp;#8217;s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM&amp;#8217;s subsidiary EULAV Securities.&amp;#160;&amp;#160;The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction.&amp;#160;&amp;#160;Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM&amp;#8217;s revenues and profits.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Valuation of Securities:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company&amp;#8217;s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs, and deposits in savings accounts at large commercial banks and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB&amp;#8217;s ASC 820.&amp;#160;&amp;#160;The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders&amp;#8217; equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company&amp;#8217;s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices.&amp;#160;&amp;#160;Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Fair Value Measurements Topic of FASB&amp;#8217;s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The&amp;#160;&amp;#160;Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity&amp;#8217;s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The three-tier hierarchy of inputs is summarized in the three broad levels listed below.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 1 &amp;#8211; quoted prices in active markets for identical investments&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 2 &amp;#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 3 &amp;#8211; significant unobservable inputs (including the Company&amp;#8217;s own assumptions in determining the fair value of investments)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The following summarizes the levels of fair value measurements of the Company&amp;#8217;s investments:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 1410px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="14"&gt;As of April 30, 2015&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;($ in thousands)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"&gt;Level 1&lt;/td&gt;
&lt;td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"&gt;Level 2&lt;/td&gt;
&lt;td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"&gt;Level 3&lt;/td&gt;
&lt;td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"&gt;Total&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #f0ffff;"&gt;
&lt;td style="width: 563.73px; text-align: left; padding-left: 0.95pt;"&gt;Cash equivalents&lt;/td&gt;
&lt;td style="width: 43px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 14px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 141px; text-align: right;"&gt;5,272&lt;/td&gt;
&lt;td style="width: 14px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 14px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 141px; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="width: 14px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 14px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 141px; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="width: 14px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 14px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 141px; text-align: right;"&gt;5,272&lt;/td&gt;
&lt;td style="width: 14px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;Securities available-for-sale&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;9,632&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;9,632&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #f0ffff;"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;14,904&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;14,904&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="14"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; padding-left: 0.95pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;($ in thousands)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;Level 1&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;Level 2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #f0ffff;"&gt;
&lt;td style="text-align: left; padding-left: 0.95pt;"&gt;Cash equivalents&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5,482&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5,482&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;Securities available-for-sale&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;9,226&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;9,226&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #f0ffff;"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;14,708&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;14,708&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;
&lt;table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr&gt;
&lt;td style="padding-left: 0.95pt; width: 186px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 123px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 200px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 310px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 169px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: top; padding-top: 0.95pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2015 and April 30, 2014, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Advertising expenses:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="4" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company expenses advertising costs as incurred.&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Income Taxes:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB&amp;#8217;s ASC.&amp;#160;&amp;#160;Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated&amp;#160;&amp;#160;Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Income Tax Topic of the FASB&amp;#8217;s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures.&amp;#160;&amp;#160;As of April 30, 2015, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company&amp;#8217;s financial statements.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Earnings per share:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding.&amp;#160;&amp;#160;The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Cash and Cash Equivalents:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2015 and April 30, 2014, cash equivalents included $5,272,000 and $5,482,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Expenses Related to Settlement:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company expenses&amp;#160;&amp;#160;all costs associated with a Fair Fund as incurred (see Note 15 &amp;#8220;Expenses for Settlement&amp;#8221;).&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureAndSignificantAccountingPoliciesTextBlock>
<us-gaap:CashFlowSupplementalDisclosuresTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="4" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 2-Supplementary Cash Flow Information:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 80%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="10"&gt;Fiscal Years Ended April 30,&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;($ in thousands)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2"&gt;2015&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2"&gt;2014&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2"&gt;2013&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 752px;"&gt;State and local income tax payments&lt;/td&gt;
&lt;td style="width: 31px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;238&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 31px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;114&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 31px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 160px;"&gt;120&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Federal income tax payments to the Parent&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3,366&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2,254&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1,877&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;See Note 3-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (&amp;#8220;AB&amp;amp;Co.&amp;#8221; or the &amp;#8220;Parent&amp;#8221;).&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:CashFlowSupplementalDisclosuresTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 3-Related Party Transactions:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;Investment Management (overview):&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;On December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM.&amp;#160;&amp;#160;Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2015, were $2.40 billion, which is $46 million, or 2.0%, above total assets of $2.35 billion in the Value Line Funds managed by EAM at April 30, 2014.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: left;"&gt;
&lt;p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"&gt;In January 2015, the Value Line VIP Equity Advantage Fund was launched.&amp;#160;&amp;#160;The fund is an open end fund that invests primarily in a basket of closed-end funds.&amp;#160;&amp;#160;The fund is exclusively available in the Guardian Pro Series Variable Annuities.&amp;#160;&amp;#160;EAM partnered with Worthington Capital Management, a $2 billion Memphis based investment adviser, to create and launch the Worthington Value Line Equity Advantage Fund which started in February 2015.&amp;#160;&amp;#160;The fund, similar to VIP, uses a proprietary model created by Worthington, EAM, and Value Line Publishing LLC, to identify which closed end funds to hold in the portfolio and is available in the retail and RIA (registered investment advisers) channels.&amp;#160;&amp;#160;&amp;#160;In March 2015, Value Line Larger Companies Fund was renamed Value Line Larger Companies Focused Fund and Value Line Fund was renamed Value Line Mid Cap Focused Fund.&amp;#160;&amp;#160;The names were changed to emphasize both portfolios focus on high conviction ideas in the large cap and mid cap securities, respectively.&amp;#160;&amp;#160;In March 2015, Reich &amp;amp; Tang announced it will be liquidating the Daily Income Fund in July 2015.&amp;#160;&amp;#160;EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds&amp;#8217; shareholders to exchange into and is now available in place of the Daily Income Fund.&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company&amp;#8217;s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM&amp;#8217;s revenues (excluding distribution revenues) from EAM&amp;#8217;s mutual fund and separate account business and at least 90% of the Company&amp;#8217;s 50% interest in the residual profits of EAM which are payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line&amp;#8217;s percent share of EAM&amp;#8217;s revenues calculated each fiscal quarter was 49.18%, 49.63%, 49.80% and 49.87% during the first, second, third and fourth quarters of fiscal 2015, respectively, and 46.66%, 47.27%, 47.91% and 48.66% during the first, second, third and fourth quarters of fiscal 2014, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: left; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The non-voting revenues and 90% of the Company&amp;#8217;s non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement.&amp;#160;&amp;#160;The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $1,951,000 and $1,887,000 at April 30, 2015 and April 30, 2014, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: left; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;EAM Trust - VLI&amp;#8217;s non-voting revenues and non-voting profits interests:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"&gt;&lt;font style="font: 10pt 'times;"&gt;The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM&amp;#8217;s investment management fee revenues from its mutual fund and separate accounts business.&amp;#160;&amp;#160;EAM currently has no separately managed account clients.&amp;#160;&amp;#160;The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="background-color: #ffffff;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended&amp;#160;April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; background-color: #ffffff; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 861px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Non-voting revenues interest in EAM&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;7,346&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;6,767&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,781&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Non-voting profits interest in EAM&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;624&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;732&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman',;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;479&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;7,970&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;7,499&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;6,260&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;Transactions with Parent:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;During the fiscal years ended April 30, 2015 and April 30, 2014, the Company was reimbursed $171,000 and $220,000, respectively for payments it made on behalf of and services it provided to AB&amp;amp;Co.&amp;#160;&amp;#160;&amp;#160;There were no receivables due from the Parent at April 30, 2015 or April 30, 2014.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them.&amp;#160;&amp;#160;For the years ended April 30, 2015, 2014, and 2013, the Company made&amp;#160;&amp;#160;payments to the Parent for federal income tax amounting to $3,366,000, $2,254,000, and $1,877,000, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;From time to time, the Parent has purchased additional shares of common stock of the Company in the market when and as the Parent has determined it to be appropriate.&amp;#160;&amp;#160;The Parent may make additional purchases of common stock of the Company from time to time in the future. As of April 30, 2015, the Parent owned 88% of the outstanding shares of common stock of the Company.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 4-Investments:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;Securities Available-for-Sale:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB&amp;#8217;s ASC 320, Investments - Debt and Equity Securities.&amp;#160;&amp;#160;All of the Company&amp;#8217;s securities classified as available-for-sale were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;Equity Securities:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Equity securities classified as available-for-sale on the Consolidated Balance Sheets, consist of investments in common stocks, ETFs that attempt to replicate the performance of certain equity indexes held for dividend yield, ETFs that attempt to replicate the inverse of the price performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2015 and April 30, 2014, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the iShares Dow Jones Select Dividend Index (DVY), SPDR S&amp;amp;P Dividend (SDY), First Trust Value Line Dividend Index (FVD), PowerShares Financial Preferred (PGF), certain common shares of equity securities and inverse equity index ETFs,&amp;#160;&amp;#160;was $9,470,000 and $8,847,000, respectively, and the fair value was $9,632,000 and $9,226,000, respectively.&amp;#160;&amp;#160;There were capital gain distributions from certain ETF&amp;#8217;s of $57,000 and&amp;#160;&amp;#160;$36,000, respectively, during fiscal years 2015 and 2014.&amp;#160;&amp;#160;&amp;#160;The decreases in gross unrealized gains on equity securities classified as available-for-sale of $217,000, net of deferred&amp;#160;&amp;#160;taxes of $76,000, were included in Shareholders&amp;#8217; Equity at April 30, 2015.&amp;#160;&amp;#160;The decreases in gross unrealized gains on equity securities classified as available-for-sale of $8,000, net of deferred&amp;#160;&amp;#160;taxes of $3,000, were included in Shareholders&amp;#8217; Equity at April 30, 2014.&amp;#160;&amp;#160;There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2015 or April 30, 2014.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The carrying value and fair value of securities available-for-sale at April 30, 2015 were as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1488px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Cost&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gross&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Unrealized&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gains&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gross&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Unrealized&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Losses&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 774px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Common stocks&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;101&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;74&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 133px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;175&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;ETFs - equities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,903&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,508&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,411&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Inverse ETFs - equities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,466&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1,420&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;4,046&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9,470&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,582&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1,420&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9,632&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;" colspan="16" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows:&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Cost&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gross&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Unrealized&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gains&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gross&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Unrealized&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Losses&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Common stocks&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;101&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;47&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(12&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;136&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;ETFs - equities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,878&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,280&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,156&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Inverse ETFs - equities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;4,868&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(934&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,934&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;8,847&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,327&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(948&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9,226&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;Government Debt Securities (Fixed Income Securities):&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 156px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 172px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;" colspan="5"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fixed income securities held from time to time consist of government debt securities issued by the United States federal government.&amp;#160;&amp;#160;There were no fixed income securities as of April 30, 2015 or April 30, 2014.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;" colspan="5"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;" colspan="5"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;There were no sales or proceeds from maturities and sales of government debt securities classified as available-for-sale during the fiscal years ended April 30, 2015, 2014 and 2013.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;" colspan="5"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Income from securities transactions was comprised of the following:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1488px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="background-color: #ffffff;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended&amp;#160;April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 953px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Dividend income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;157&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;147&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 133px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;124&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Interest income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;4&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Capital gain distribution from ETFs (1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Exchange loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(16&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(75&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total income/(loss) from securities transactions and other, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;126&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;178&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;126&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;br class="apple-interchange-newline"  /&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;" colspan="5"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1) Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated&amp;#160;&amp;#160;Balance Sheets to the Consolidated&amp;#160;&amp;#160;Statements of Income in fiscal 2015 and 2014, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: left;" colspan="5"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;" colspan="5"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Financial Statements.&amp;#160;&amp;#160;Realized gains and losses are recorded on the trade date in the Consolidated Statements of Income when securities are sold, mature or are redeemed.&amp;#160;&amp;#160;As of April 30, 2015 and April 30, 2014, gross unrealized gains of $162,000 and $380,000, net of deferred taxes of $57,000 and $134,000, respectively, are recorded in Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;Investment in Unconsolidated Entities:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;&amp;#160;&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&lt;i&gt;Equity Method Investment:&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2015 and April 30, 2014, the Company&amp;#8217;s investment in EAM Trust, on the Consolidated Balance Sheets was $58,048,000 and $57,850,000, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left;"&gt;
&lt;p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"&gt;The value of VLI&amp;#8217;s investment in EAM at April 30, 2015 and April 30, 2014 reflects the fair value of contributed capital of $55,805,000 at inception, which included $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM&amp;#8217;s capital account by VLI, plus VLI&amp;#8217;s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.&amp;#160;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: left;"&gt;
&lt;p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"&gt;It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding.&amp;#160;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: left;"&gt;
&lt;p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;"&gt;The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment.&amp;#160;&amp;#160;Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee&amp;#8217;s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements.&amp;#160;&amp;#160;EAM did not record any impairment losses for its assets during the fiscal years 2015 or 2014.&amp;#160;&lt;/p&gt;
&lt;p style="margin-top: 0pt; margin-bottom: 0pt;"&gt;&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The components of EAM&amp;#8217;s investment management operations, provided to the Company by EAM, were as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: #ffffff; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="background-color: #ffffff;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended&amp;#160;April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Investment management fees earned from the Value Line Funds, net of waivers shown below&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 112px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;15,014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 112px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;14,452&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 112px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;12,773&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;12b-1 fees and other fees, net of waivers shown below&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,459&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,061&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,905&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Other income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;34&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;16&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;14&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Investment management fee waivers and reimbursements (1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;192&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;89&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;379&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;12b-1 fee waivers (1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,518&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,683&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,156&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Value Line&amp;#8217;s non-voting revenues interest&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;7,346&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;6,767&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,781&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;EAM&amp;#8217;s net income (2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,248&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,464&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;945&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;(1) During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively.&amp;#160;&amp;#160;During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (&amp;#8220;USGMMF&amp;#8221;) which was merged into a third party fund, the Daily Income Fund, managed by Reich &amp;amp; Tang, effective October 19, 2012.&amp;#160;&amp;#160;In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds.&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds&amp;#8217; shareholders to exchange into and is now available in place of the Daily Income Fund.&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;(2) Represents EAM&amp;#8217;s net income, after giving effect to Value Line&amp;#8217;s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1331px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; background-color: #ffffff;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended&amp;#160;April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; background-color: #ffffff; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 1039px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;EAM&amp;#8217;s total assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 106px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;60,159&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 106px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;59,965&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;EAM&amp;#8217;s total liabilities (1)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(3,104&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(3,158&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;EAM&amp;#8217;s total equity&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57,055&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;56,807&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;(1) At April 30, 2015 and 2014, EAM&amp;#8217;s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,951,000 and $1,887,000, respectively.&lt;/p&gt;</us-gaap:InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock>
<valu:VariableInterestEntityTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note&amp;#160;5: Variable Interest Entity&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company retained a&amp;#160;&amp;#160;non-voting revenues interest and a 50% non-voting profits interest in EAM, which was formed, as a result of the Restructuring Transaction on December 23, 2010, to carry on the asset management and mutual fund distribution businesses formerly conducted by the Company.&amp;#160;&amp;#160;EAM is considered to be a VIE.&amp;#160;&amp;#160;The Company makes its determination for consolidation of EAM as a VIE based on a qualitative assessment of the purpose and design of EAM, the terms and characteristics of the variable interests in EAM, and the risks EAM is designed to originate and pass through to holders of variable interests.&amp;#160;&amp;#160;Other than EAM, the Company does not have an interest in any other VIEs.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company has determined that it does not have a controlling financial interest in EAM because it does not have the power to direct the activities of EAM that most significantly impact its economic performance.&amp;#160;&amp;#160;Value Line does not hold any voting stock of EAM and it does not have any involvement in the day-to-day activities or operations of EAM.&amp;#160;&amp;#160;Although the EAM Trust Agreement provides Value Line with certain consent rights and contains certain restrictive covenants related to the activities of EAM, these are considered to be protective rights and therefore Value Line does not maintain control over EAM.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;In addition, although EAM is expected to be profitable, there is a risk that it could operate at a loss.&amp;#160;&amp;#160;&amp;#160;While all of the profit interest shareholders in EAM are subject to variability based on EAM&amp;#8217;s operations risk, Value Line&amp;#8217;s non-voting revenues interest in EAM is a preferred interest in the revenues of EAM, rather than a profits interest in EAM, and Value Line accordingly believes it is subject to proportionately less risk than other holders of the profits interests.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company has not provided any explicit or implicit financial or other support to EAM other than what was contractually agreed to in the EAM Trust Agreement.&amp;#160;&amp;#160;Value Line has no obligation to fund EAM in the future and, as a result, has no exposure to loss beyond its initial investment and any undistributed revenues and profits interests retained in EAM.&amp;#160;&amp;#160;The following table presents the total assets of EAM, the maximum exposure to loss due to involvement with EAM, as well as the value of the assets and liabilities the Company has recorded on its Consolidated Balance Sheets for its interest in EAM.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font:
 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Value Line&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;VIE Assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Investment in EAM Trust&amp;#160;&lt;br /&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Maximum Exposure to&amp;#160;&lt;br /&gt;Loss&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 814px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;60,159&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;58,048&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;58,048&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;59,965&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57,850&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch:
 normal;"&gt;57,850&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1)&amp;#160;&amp;#160;Reported within Long Term Assets on Consolidated Balance Sheets.&lt;/font&gt;&lt;/p&gt;</valu:VariableInterestEntityTextBlock>
<us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 6-Property and Equipment:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Property and equipment are carried at cost.&amp;#160;&amp;#160;Depreciation and amortization are provided using the straight-line method over the estimated useful lives of the assets, or in the case of leasehold improvements, over the remaining terms of the leases.&amp;#160;&amp;#160;For income tax purposes, depreciation of furniture and equipment is computed using accelerated methods and buildings and leasehold improvements are depreciated over prescribed extended tax lives. Property and equipment, net, on the Consolidated Sheets was comprised of the following:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 1223px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Land&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 16px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;726&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;726&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Building and leasehold improvements&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,037&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,024&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Furniture and equipment&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;4,084&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,312&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9,847&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;11,062&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Accumulated depreciation and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(6,157&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(7,199&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,690&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,863&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 7-Federal, State and Local Income Taxes:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;In accordance with the requirements of the Income Tax Topic of the FASB&amp;#8217;s ASC, the Company&amp;#8217;s provision for income taxes includes the following:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1096px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Current tax expense (benefit):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 603px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Federal&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 132px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,197&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 132px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,707&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 131px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,679&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;State and local&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;243&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;239&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;130&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,440&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,946&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,809&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Deferred tax expense (benefit):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Federal&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(83&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;572&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;728&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;State and local&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(154&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(108&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;350&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(237&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;464&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,078&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Income tax provision:&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,203&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,410&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,887&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company&amp;#8217;s assets and liabilities.&amp;#160;&amp;#160;The tax effect of temporary differences giving rise to the Company&amp;#8217;s deferred tax asset and deferred tax liability are as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1096px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left;" colspan="9"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="6"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Federal tax benefit (liability):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 778px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Unrealized gains on securities available-for-sale&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 131px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(57&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 131px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(134&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Operating lease exit obligation&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;70&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;70&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Deferred professional fees&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;34&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Deferred charges&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;263&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;327&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total federal tax benefit&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;310&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;299&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;State and local tax benefits:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Other - deferred charges&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;46&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;65&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total state and local tax benefits&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;46&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;65&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Deferred tax asset, short term&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;356&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;364&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font size="+0"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Federal tax liability (benefit):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred gain on deconsolidation of EAM&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;17,679&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;17,679&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred non-cash post-employment compensation&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(619&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(619&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Depreciation and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,435&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,416&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Other&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;401&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;646&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total federal tax liability&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="+0"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;19,896&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;20,122&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;State and local tax liabilities (benefits):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred gain on deconsolidation of EAM&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,970&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,181&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred non-cash post-employment compensation&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(69&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(76&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Depreciation and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;271&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;298&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred professional fees&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total state and local tax liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,168&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,398&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Deferred tax liability, long term&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;22,064&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;22,520&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The tax effect of temporary differences giving rise to the Company&amp;#8217;s long term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company&amp;#8217;s asset management and mutual fund distribution subsidiaries, partially offset by the long term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI&amp;#8217;s former employee.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur.&lt;/font&gt;&lt;/p&gt;
&lt;div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/div&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2015, 2014 and 2013 were 30.52%, 33.50% and 37.00%, respectively. The Company&amp;#8217;s annual effective tax rate will change due to a number of factors including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax income, the Company&amp;#8217;s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2015 is primarily attributable to the writeoff of the tax bases of goodwill, effect of the reduction in the allocation factors on the state and local deferred tax liability (primarily the gain on deconsolidation of EAM), reversal of excess income tax accruals established in past years that were resolved upon completion of the prior NYC and IRS audits and an increase in the domestic production tax credits.&amp;#160;&amp;#160;The decrease in the effective income tax rate during fiscal 2014 is attributable to the lower percentage of income subject to state and local income taxes and a favorable settlement of a local income tax audit.&amp;#160;&amp;#160;The fluctuation in the effective income tax rate during fiscal 2013 is attributable to a higher percentage of income subject to state and local taxes offset by the recognition of the domestic production tax credits and an increase in the dividends received deduction during the current fiscal year.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 1050px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;U.S. statutory federal rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 16px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;35.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 16px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;35.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;35.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Increase (decrease) in tax rate from:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;State and local income taxes, net of federal income tax benefit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-0.15&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;0.84&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2.96&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;Effect of dividends received deductions&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-0.40&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-0.33&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-0.27&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;Write off goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-1.62&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font size="+0"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;Domestic production tax credit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-0.44&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-0.58&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-0.52&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;Other, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-1.87&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-1.43&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-0.17&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Effective income tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;30.52&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;33.50&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;37.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company believes that, as of April 30, 2015, there were no material uncertain tax positions that would require disclosure under GAAP.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company is included in the consolidated federal income tax return of the Parent.&amp;#160;&amp;#160;The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company&amp;#8217;s liability/(benefit) as if it filed a separate return.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company&amp;#8217;s federal income tax returns (included in the Parent&amp;#8217;s consolidated returns) and state and city tax returns for fiscal years 2013, 2012, and 2011 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities.&amp;#160;&amp;#160;During May 2014, New York City concluded its examination of the Company&amp;#8217;s income tax returns for the three years through fiscal year 2011, which resulted in no changes that had any adverse effect on the Company&amp;#8217;s financial statements.&amp;#160;&amp;#160;The Company&amp;#8217;s tax returns for the fiscal years ended April 30, 2013 and 2012 are being examined by the Internal Revenue Service (IRS) and by New York City (NYC). The Company does not expect the audit examinations to have a material effect on its financial statements.&lt;/font&gt;&lt;/p&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:CompensationRelatedCostsGeneralTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 8-Employees&amp;#8217; Profit Sharing and Savings Plan:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the &amp;#8220;Plan&amp;#8221;).&amp;#160;&amp;#160;In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the fiscal years ended April 30, 2015, 2014, and 2013, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $422,000, $373,000 and $240,000, respectively.&lt;/font&gt;&lt;/p&gt;</us-gaap:CompensationRelatedCostsGeneralTextBlock>
<us-gaap:CommitmentsDisclosureTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 9-Lease Commitments:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;On February 7, 2013, the Company and Citibank, N.A. (the &amp;#8220;Sublandlord&amp;#8221;) entered into a sublease agreement, pursuant to which Value Line has leased approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (&amp;#8220;Building&amp;#8221; or &amp;#8220;Premises&amp;#8221;) beginning on July 1, 2013 and ending on February 27, 2017 (&amp;#8220;Sublease&amp;#8221;).&amp;#160;&amp;#160;On August 16, 2013, the Company moved to the Building which became its new corporate office facility.&amp;#160;&amp;#160;Base rent under the Sublease is $1,468,269 per annum, subject to customary concessions in the Company&amp;#8217;s favor and pass-through of certain increases in operating costs and real estate taxes.&amp;#160;&amp;#160;The Company provided a security deposit in cash in the amount of $489,423, which is to be partially returned over the course of the sublease term.&amp;#160;&amp;#160;In March 2015 the Company received $122,355 from sublandlord.&amp;#160;&amp;#160;The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises.&amp;#160;&amp;#160;The Sublease terms have provided for a significant decrease in the Company&amp;#8217;s annual rental expenses.&amp;#160;&amp;#160;The Company recorded a deferred charge on its Consolidated Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease due to free rent for the first six months of the sublease.&lt;/font&gt;&lt;/p&gt;
&lt;div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease.&lt;/font&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/div&gt;
&lt;div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows:&lt;/font&gt;&lt;/div&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 783px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Sublease&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; padding-left: 0.375in; width: 591px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch:
 normal;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 8px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 133px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,468&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; padding-left: 0.375in;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2017&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,224&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; padding-left: 0.375in;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2018 and thereafter&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,692&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;For the fiscal years ended April 30, 2015, 2014, and 2013, rental expenses were $1,268,000, $2,213,000 and $2,509,000, respectively.&amp;#160;&amp;#160;The rental expenses during fiscal 2014 included additional one time overlapping rent of $771,000 for the previously occupied office facilities during the short term lease extension which ended September 15, 2013.&amp;#160;&amp;#160;The additional rent was offset by a significant decrease in the Company&amp;#8217;s annual rental expenses for the New York City office facility under the sublease terms between Value Line, Inc. and Citibank.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsDisclosureTextBlock>
<us-gaap:ConcentrationRiskDisclosureTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 10-Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Other than EAM and the Value Line Funds as explained in Note 3 - Related Party Transactions, no single customer accounted for a significant portion of the Company&amp;#8217;s sales in fiscal 2015, 2014, or 2013, nor its accounts receivable as of April 30, 2015 or 2014.&lt;/font&gt;&lt;/p&gt;</us-gaap:ConcentrationRiskDisclosureTextBlock>
<us-gaap:ComprehensiveIncomeNoteTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 11-Comprehensive Income:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The FASB&amp;#8217;s ASC Comprehensive Income topic requires the reporting of comprehensive income in addition to net income from operations.&amp;#160;&amp;#160;Comprehensive income is a more inclusive financial reporting methodology that includes disclosure of certain financial information that otherwise would not be recognized in the calculation of net income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Beginning fiscal 2013, the Company adopted the provisions of Accounting Standards Update 2011-05 to reflect comprehensive income in two statements which include the components of net income and total net income in the first statement, immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income and a total for comprehensive income.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2015, and April 30, 2014, the Company held equity securities consisting primarily of ETFs with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Balance Sheets.&amp;#160;&amp;#160;Additionally, as of April 30, 2015, and April 30, 2014, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield.&amp;#160;&amp;#160;The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated other comprehensive income in the Company&amp;#8217;s Consolidated Balance Sheets.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The components of comprehensive income that are included in the Consolidated&amp;#160;&amp;#160;Statement of Changes in Shareholders&amp;#8217; Equity for the twelve months ending April 30, 2015 are as follows:&amp;#160;&lt;/font&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Year Ended April 30, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Before Tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Tax Expense/ (Benefit)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="3"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Net&amp;#160;&lt;br  /&gt;of Tax&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 861px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Change in unrealized gains on securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px; border-top: black 2px solid;"&gt;(&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;274&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;" nowrap="nowrap"&gt;)&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;96&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px; border-top: black 2px solid;"&gt;(&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;178&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;)&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Less: Gains realized in net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(20&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;37&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(217&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;76&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(141&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The components of comprehensive income that are included in the Consolidated&amp;#160;Statement of Changes in Shareholders&amp;#8217; Equity for the twelve months ending April 30, 2014 are as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="width: 861px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Year Ended April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Before Tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Tax Expense/&lt;br  /&gt;(Benefit)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="3"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Net&amp;#160;&lt;br  /&gt;of Tax&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Change in unrealized gains on securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;28&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(10&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;18&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Less: Gains realized in net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(36&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;13&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(8&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The components of comprehensive income that are included in the Consolidated&amp;#160;Statement of Changes in Shareholders&amp;#8217; Equity for the twelve months ending April 30, 2013 are as follows:&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="width: 861px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Year Ended April 30, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; background-color: #ffffff;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Before Tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; background-color: #ffffff;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Tax Expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; background-color: #ffffff; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Net of Tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Change in unrealized gains on securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;256&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(90&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;166&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;256&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(90&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;166&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ComprehensiveIncomeNoteTextBlock>
<valu:InternalUseSoftwareDisclosureTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 12-Accounting for the Costs of Computer Software Developed for Internal Use:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), "Accounting for the Costs of Computer Software Developed for Internal Use".&amp;#160;&amp;#160;SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software&amp;#8217;s estimated useful life in a systematic and rational manner.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company capitalized&amp;#160;&amp;#160;$2,422,000 and $2,481,000 related to the development of software for internal use for the twelve months ended April 30, 2015 and 2014, respectively, of which $2,414,000 and $2,416,000 related to development costs for&amp;#160;&amp;#160;the digital production software&amp;#160;&amp;#160;project and $8,000 and $65,000 related to a new fulfillment system, respectively.&amp;#160;&amp;#160;Total capitalized software includes $1,692,000 and $1,595,000 of internal costs to develop software and $730,000 and $886,000 of third party programmers&amp;#8217; costs for the years ended April 30, 2015, and April 30, 2014, respectively. Such costs are capitalized and amortized over the expected useful life of the asset which is 5 years.&amp;#160;&amp;#160;Total amortization expenses for the years ended April 30, 2015, 2014, and 2013 were $2,421,000, $1,812,000, and $1,295,000, respectively.&amp;#160;&amp;#160;Amortization expense in fiscal 2015 included accelerated write-off of $138,000 related to obsolete software.&lt;/font&gt;&lt;/p&gt;</valu:InternalUseSoftwareDisclosureTextBlock>
<us-gaap:TreasuryStockTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 13 - Treasury Stock and Repurchase Program:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;On September 19, 2012, the Company&amp;#8217;s Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company&amp;#8217;s common stock up to an aggregate purchase price of $3,000,000.&amp;#160;&amp;#160;The repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program may be suspended or discontinued at any time at the Company&amp;#8217;s discretion and has no set expiration date.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Treasury stock, at cost, consists of the following:&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;($ in thousands except for cost per share)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total Average Cost Assigned&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Average Cost per Share&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Aggregate Purchase Price&lt;br  /&gt;Remaining Under the Program&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 494px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Balance as of April 30, 2012 (1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 155px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;103,619&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 155px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,390&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 155px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;13.41&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 282px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Purchases effected in open market (2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;19,953&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;182&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9.13&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,818&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Balance as of April 30, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;123,572&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,572&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;12.72&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,818&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Purchases effected in open market (2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;58,499&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;550&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9.41&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,268&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Balance as of April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;182,071&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,122&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;11.65&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,268&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Purchases effected in open market (2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;8,433&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;122&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;14.47&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,146&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Balance as of April 30, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;190,504&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,244&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;11.78&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,146&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012;&amp;#160;&amp;#160;18,400 shares were acquired prior to the repurchase program authorized in January 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(2) Were acquired during the $3 million repurchase program authorized in September 2012.&lt;/font&gt;&lt;/p&gt;</us-gaap:TreasuryStockTextBlock>
<us-gaap:RestructuringAndRelatedActivitiesDisclosureTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 15- Expenses for Settlement:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As required by the Settlement, the SEC created a "Fair Fund" pursuant to Section 308(a) of the Sarbanes-Oxley Act of 2002.&amp;#160;&amp;#160;The Fair Fund is being used to reimburse shareholders who owned shares in the affected Value Line Funds in the period covered by the Settlement.&amp;#160;&amp;#160;The Company is required to bear costs associated with the Fair Fund administration, including compensating a third party consultant appointed by the SEC to administer the Fair Fund distribution.&amp;#160;&amp;#160;The SEC has appointed A.B. Data, Ltd., which has no affiliation with the Company, as the Administrator of the Fair Fund.&amp;#160;&amp;#160;The provision for settlement included anticipated costs of Fair Fund administration estimated by Fair Fund administration as well as certain fees and costs arising from the Settlement Transaction.&amp;#160;&amp;#160;During fiscal 2015, 2014 and 2013, the Company expensed $75,000, $270,000 and $0, respectively, and made payments to the Administrator of the Fair Fund aggregating $67,000, $156,000 and $32,000, respectively.&lt;/font&gt;&lt;/p&gt;</us-gaap:RestructuringAndRelatedActivitiesDisclosureTextBlock>
<valu:CopyrightDataFeesTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Note 14 - Copyright Data Fees:&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;During the twelve months ended April 30, 2015, copyright data fees of $2,847,000 were 4.2% above fiscal 2014.&amp;#160;&amp;#160;As of April 30, 2015, total third party sponsored assets were attributable to five contracts for copyright data representing $2.25 billion in various products, as compared to four contracts for copyright data representing $2.28 billion in assets at April 30, 2014.&amp;#160;&amp;#160;The value of assets managed by third party sponsors was affected by a shift in assets in one of the underlying portfolios during April 2013 and then in February 2014 to a new subadviser which was beyond Value Line&amp;#8217;s control.&amp;#160;&amp;#160;The Company signed a new copyright data contract in the third fiscal quarter of 2015, and the three new exchange-traded funds subject to that contract began trading in March 2015.&lt;/font&gt;&lt;/p&gt;</valu:CopyrightDataFeesTextBlock>
<us-gaap:UseOfEstimates contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Use of Estimates:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The preparation of financial statements in conformity with U.S. generally accepted accounting principles (&amp;#8220;GAAP&amp;#8221;) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:UseOfEstimates>
<us-gaap:ConsolidationPolicyTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Principles of Consolidation:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company follows the guidance in the Financial Accounting Standards Board&amp;#8217;s (&amp;#8220;FASB&amp;#8221;) Topic 810 &amp;#8220;Consolidation&amp;#8221; to determine if it should consolidate its investment in a variable interest entity (&amp;#8220;VIE&amp;#8221;). A VIE is a legal entity in which either (i) equity investors do not have sufficient equity investment at risk to enable the entity to finance its activities independently or (ii) the equity holders at risk lack the obligation to absorb losses, the right to receive residual returns or the right to make decisions about the entity&amp;#8217;s activities that most significantly affect the entity&amp;#8217;s economic performance.&amp;#160;&amp;#160;A holder of a variable interest in a VIE is required to consolidate the entity if it is determined that it has a controlling financial interest in the VIE and is therefore the primary beneficiary.&amp;#160;&amp;#160;The determination of a controlling financial interest in a VIE is based on a qualitative assessment to identify the variable interest holder, if any, that has (i) the power to direct the activities of the VIE that most significantly impact the VIE&amp;#8217;s economic performance, and (ii) either the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE.&amp;#160;&amp;#160;The accounting guidance requires the Company to perform an ongoing assessment of whether the Company is the primary beneficiary of a VIE and the Company has determined it is not the primary beneficiary of a VIE (see Note 5).&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;In accordance with FASB&amp;#8217;s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated.&amp;#160;&amp;#160;All significant intercompany accounts and transactions have been eliminated in consolidation.&amp;#160;&amp;#160;On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB&amp;#8217;s Topic 810.&amp;#160;&amp;#160;As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (&amp;#8220;EAM&amp;#8221; or &amp;#8220;EAM Trust&amp;#8221;).&amp;#160;&amp;#160;The Company relied on the guidance in FASB&amp;#8217;s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated&amp;#160;&amp;#160;Statements of Income.&amp;#160;&amp;#160;&amp;#160;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ConsolidationPolicyTextBlock>
<us-gaap:RevenueRecognitionPolicyTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Revenue Recognition:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access.&amp;#160;&amp;#160;The length of a subscription varies by product and offer received by the subscriber.&amp;#160;&amp;#160;Generally, subscriptions are offered as annual subscriptions.&amp;#160;&amp;#160;Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription.&amp;#160;&amp;#160;Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (&amp;#8220;ETFs&amp;#8221;).&amp;#160;&amp;#160;The Company earns asset-based copyright data fees as specified in the individual agreements.&amp;#160;&amp;#160;Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;EAM earns investment management fees from the Value Line Funds.&amp;#160;&amp;#160;The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the &amp;#8220;1940 Act&amp;#8221;).&amp;#160;&amp;#160;Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds.&amp;#160;&amp;#160;Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.&amp;#160;&amp;#160;Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees.&amp;#160;&amp;#160;EAM had no separately managed accounts as of April 30, 2015 or April 30, 2014.&amp;#160;&amp;#160;Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:RevenueRecognitionPolicyTextBlock>
<us-gaap:EquityMethodInvestmentsPolicy contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Investment in Unconsolidated Entities:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; width: 186px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 123px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 200px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 310px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 169px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company accounts for its investment in its unconsolidated entity, EAM, using the equity method of accounting in accordance with FASB&amp;#8217;s ASC 323.&amp;#160;&amp;#160;The equity method is an appropriate means of recognizing increases or decreases measured by GAAP in the economic resources underlying the investments.&amp;#160;&amp;#160;Under the equity method, an investor recognizes its share of the earnings or losses of an investee in the periods for which they are reported by the investee in its financial statements rather than in the period in which an investee declares a dividend or distribution. An investor adjusts the carrying amount of an investment for its share of the earnings or losses recognized by the investee.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company&amp;#8217;s &amp;#8220;interests&amp;#8221; in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a &amp;#8220;non-voting revenues interest&amp;#8221; and a &amp;#8220;non-voting profits interest&amp;#8221; in EAM as defined in the EAM Trust Agreement.&amp;#160;&amp;#160;The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM&amp;#8217;s adjusted gross revenues, excluding EULAV Securities&amp;#8217; distribution revenues (&amp;#8220;Revenues Interest&amp;#8221;).&amp;#160;&amp;#160;The non-voting profits interest entitles the Company to receive 50% of EAM&amp;#8217;s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (&amp;#8220;Profits Interest&amp;#8221;).&amp;#160;&amp;#160;The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line.&amp;#160;&amp;#160;Subsequent to the Restructuring Date, the Company&amp;#8217;s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM&amp;#8217;s subsidiary EULAV Securities.&amp;#160;&amp;#160;The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction.&amp;#160;&amp;#160;Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM&amp;#8217;s revenues and profits.&amp;#160;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:EquityMethodInvestmentsPolicy>
<us-gaap:FairValueMeasurementPolicyPolicyTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Valuation of Securities:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company&amp;#8217;s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs, and deposits in savings accounts at large commercial banks and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB&amp;#8217;s ASC 820.&amp;#160;&amp;#160;The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders&amp;#8217; equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company&amp;#8217;s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices.&amp;#160;&amp;#160;Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Fair Value Measurements Topic of FASB&amp;#8217;s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The&amp;#160;&amp;#160;Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity&amp;#8217;s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;"
 colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The three-tier hierarchy of inputs is summarized in the three broad levels listed below.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 1 &amp;#8211; quoted prices in active markets for identical investments&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 2 &amp;#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 3 &amp;#8211; significant unobservable inputs (including the Company&amp;#8217;s own assumptions in determining the fair value of investments)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The following summarizes the levels of fair value measurements of the Company&amp;#8217;s investments:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="14"&gt;As of April 30, 2015&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;($ in thousands)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;Level 1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;Level 2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;Level 3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;Total&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.95pt; width: 563px;"&gt;Cash equivalents&lt;/td&gt;
&lt;td style="width: 43px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;5,272&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;5,272&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;Securities available-for-sale&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;9,632&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px
 solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;9,632&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;14,904&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;14,904&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="14"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; padding-left: 0.95pt;"&gt;($ in thousands)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.95pt;"&gt;Cash equivalents&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5,482&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5,482&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;Securities available-for-sale&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;9,226&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;9,226&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align:
 right;"&gt;14,708&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;14,708&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr&gt;
&lt;td style="padding-left: 0.95pt; width: 186px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 123px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 200px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 310px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 169px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: top; padding-top: 0.95pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company had no other financial instruments such as futures, forwards and swap contracts. For the periods ended April 30, 2015 and April 30, 2014, there were no Level 2 nor Level 3 investments. The Company does not have any liabilities subject to fair value measurement.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:FairValueMeasurementPolicyPolicyTextBlock>
<us-gaap:AdvertisingCostsPolicyTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Advertising expenses:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="4" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company expenses advertising costs as incurred.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:AdvertisingCostsPolicyTextBlock>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Income Taxes:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company computes its income tax provision in accordance with the Income Tax Topic of the FASB&amp;#8217;s ASC.&amp;#160;&amp;#160;Deferred tax liabilities and assets are recognized for the expected future tax consequences of events that have been reflected in the Consolidated&amp;#160;&amp;#160;Financial Statements. Deferred tax liabilities and assets are determined based on the differences between the book values and the tax bases of particular assets and liabilities, using tax rates currently in effect for the years in which the differences are expected to reverse.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Income Tax Topic of the FASB&amp;#8217;s ASC establishes for all entities, a minimum threshold for financial statement recognition of the benefit of positions taken in filing tax returns (including whether an entity is taxable in a particular jurisdiction), and requires certain expanded tax disclosures.&amp;#160;&amp;#160;As of April 30, 2015, management has reviewed the tax positions for the years still subject to tax audit under the statute of limitations, evaluated the implications, and determined that there is no material impact to the Company&amp;#8217;s financial statements.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Earnings per share:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Earnings per share are based on the weighted average number of shares of common stock and common stock equivalents outstanding during each period. Any shares that are reacquired during the period are weighted for the portion of the period that they are outstanding.&amp;#160;&amp;#160;The Company does not have any potentially dilutive common shares from outstanding stock options, warrants, restricted stock, or restricted stock units.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Cash and Cash Equivalents:&amp;#160;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;For purposes of the Consolidated Statements of Cash Flows, the Company considers all cash held at banks and short term liquid investments with an original maturity of less than three months to be cash and cash equivalents. As of April 30, 2015 and April 30, 2014, cash equivalents included $5,272,000 and $5,482,000, respectively, for amounts invested in savings accounts at large commercial banks, held as bank certificates of deposits, and investments in money market mutual funds that invest in short term U.S. government securities.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<us-gaap:CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Expenses Related to Settlement:&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The Company expenses&amp;#160;&amp;#160;all costs associated with a Fair Fund as incurred (see Note 15 &amp;#8220;Expenses for Settlement&amp;#8221;).&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock>
<us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 1410px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="14"&gt;As of April 30, 2015&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;($ in thousands)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;Level 1&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;Level 2&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;Level 3&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;Total&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.95pt; width: 563px;"&gt;Cash equivalents&lt;/td&gt;
&lt;td style="width: 43px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;5,272&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 42px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;5,272&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;Securities available-for-sale&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;9,632&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;9,632&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;14,904&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;14,904&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: justify; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="14"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; padding-left: 0.95pt;"&gt;($ in thousands)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 1&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 2&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Level 3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.95pt;"&gt;Cash equivalents&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5,482&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5,482&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt; padding-left: 0.95pt;"&gt;Securities available-for-sale&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;9,226&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;9,226&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; padding-left: 0.95pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;14,708&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;14,708&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock>
<us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 1410px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="10"&gt;Fiscal Years Ended April 30,&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;($ in thousands)&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2"&gt;2015&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2"&gt;2014&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2"&gt;2013&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 752px;"&gt;State and local income tax payments&lt;/td&gt;
&lt;td style="width: 31px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;238&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 31px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;114&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 31px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 160px;"&gt;120&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Federal income tax payments to the Parent&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3,366&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;2,254&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1,877&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock>
<valu:ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 1410px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="background-color: #ffffff;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended&amp;#160;April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; background-color: #ffffff; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 861px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Non-voting revenues interest in EAM&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;7,346&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;6,767&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,781&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Non-voting profits interest in EAM&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;624&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;732&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;479&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;7,970&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;7,499&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;6,260&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</valu:ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock>
<us-gaap:ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The carrying value and fair value of securities available-for-sale at April 30, 2015 were as follows:&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 1488px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Cost&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gross&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Unrealized&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gains&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gross&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Unrealized&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Losses&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 774px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Common stocks&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;101&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;74&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 133px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;175&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;ETFs - equities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,903&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,508&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,411&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Inverse ETFs - equities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,466&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1,420&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;4,046&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9,470&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,582&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1,420&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9,632&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;" colspan="16" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows:&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Cost&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gross&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Unrealized&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gains&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Gross&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Unrealized&amp;#160;&lt;/p&gt;
&lt;p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;"&gt;Losses&amp;#160;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fair Value&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Common stocks&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;101&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;47&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(12&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;136&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;ETFs - equities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,878&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,280&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,156&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Inverse ETFs - equities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;4,868&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(934&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,934&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;8,847&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,327&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(948&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9,226&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock>
<us-gaap:InvestmentIncomeTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;div style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1488px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="background-color: #ffffff;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended&amp;#160;April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 953px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Dividend income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;157&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 134px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;147&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 133px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;124&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Interest income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;4&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Capital gain distribution from ETFs (1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Exchange loss&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(16&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Interest expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Other&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(75&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(2&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total income/(loss) from securities transactions and other, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;126&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;178&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;126&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="background-color: #ffffff; vertical-align: top;"&gt;
&lt;td style="text-align: justify; text-indent: 0pt;" colspan="5"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1) Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated&amp;#160;&amp;#160;Balance Sheets to the Consolidated&amp;#160;&amp;#160;Statements of Income in fiscal 2015 and 2014, respectively.&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;/div&gt;</us-gaap:InvestmentIncomeTextBlock>
<us-gaap:InvestmentHoldingsOtherThanSecuritiesTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 1410px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="background-color: #ffffff;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended&amp;#160;April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -9pt; padding-left: 9pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Investment management fees earned from the Value Line Funds, net of waivers shown below&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 112px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;15,014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 112px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;14,452&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 112px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;12,773&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;12b-1 fees and other fees, net of waivers shown below&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,459&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,061&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,905&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Other income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;34&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;16&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;14&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Investment management fee waivers and reimbursements (1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;192&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;89&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;379&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;12b-1 fee waivers (1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,518&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,683&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,156&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Value Line&amp;#8217;s non-voting revenues interest&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;7,346&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;6,767&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,781&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;EAM&amp;#8217;s net income (2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,248&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,464&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;945&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;(1) During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively.&amp;#160;&amp;#160;During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (&amp;#8220;USGMMF&amp;#8221;) which was merged into a third party fund, the Daily Income Fund, managed by Reich &amp;amp; Tang, effective October 19, 2012.&amp;#160;&amp;#160;In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds.&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds&amp;#8217; shareholders to exchange into and is now available in place of the Daily Income Fund.&lt;/p&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;(2) Represents EAM&amp;#8217;s net income, after giving effect to Value Line&amp;#8217;s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;</us-gaap:InvestmentHoldingsOtherThanSecuritiesTextBlock>
<us-gaap:SummaryInvestmentHoldingsTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 1331px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended&amp;#160;April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; background-color: #ffffff; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 1039px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;EAM&amp;#8217;s total assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 106px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;60,159&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 13px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 106px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;59,965&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 13px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;EAM&amp;#8217;s total liabilities (1)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(3,104&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(3,158&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;EAM&amp;#8217;s total equity&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57,055&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;56,807&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;(1) At April 30, 2015 and 2014, EAM&amp;#8217;s total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,951,000 and $1,887,000, respectively.&lt;/p&gt;</us-gaap:SummaryInvestmentHoldingsTextBlock>
<us-gaap:ScheduleOfVariableInterestEntitiesTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Value Line&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;VIE Assets&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Investment in EAM Trust&amp;#160;&lt;br  /&gt;(1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Maximum Exposure to&amp;#160;&lt;br  /&gt;Loss&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 814px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;60,159&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;58,048&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;58,048&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;59,965&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57,850&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57,850&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1)&amp;#160;&amp;#160;Reported within Long Term Assets on Consolidated Balance Sheets.&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfVariableInterestEntitiesTextBlock>
<us-gaap:PropertyPlantAndEquipmentTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As of April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 1223px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Land&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 16px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;726&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;726&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Building and leasehold improvements&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,037&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,024&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Furniture and equipment&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;4,084&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;5,312&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9,847&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;11,062&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Accumulated depreciation and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(6,157&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(7,199&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total property and equipment, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,690&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,863&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:PropertyPlantAndEquipmentTextBlock>
<us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1096px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Current tax expense (benefit):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 603px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Federal&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 132px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,197&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 132px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,707&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 11px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 131px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,679&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;State and local&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;243&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;239&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;130&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,440&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,946&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,809&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Deferred tax expense (benefit):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Federal&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(83&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;572&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;728&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;State and local&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(154&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(108&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;350&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(237&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;464&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,078&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Income tax provision:&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,203&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,410&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3,887&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;</us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock>
<us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="width: 1096px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" colspan="6"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Federal tax benefit (liability):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 778px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Unrealized gains on securities available-for-sale&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 131px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(57&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 10px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 10px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 131px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(134&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Operating lease exit obligation&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;70&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;70&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Deferred professional fees&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;34&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;36&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Deferred charges&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;263&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; padding-bottom: 1pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;327&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total federal tax benefit&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;310&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;299&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;State and local tax benefits:&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;&amp;#160;Other - deferred charges&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;46&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;65&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total state and local tax benefits&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;46&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;65&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Deferred tax asset, short term&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;356&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;364&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Federal tax liability (benefit):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred gain on deconsolidation of EAM&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;17,679&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;17,679&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred non-cash post-employment compensation&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(619&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(619&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Depreciation and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,435&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,416&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Other&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;401&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;646&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total federal tax liability&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;19,896&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;20,122&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;State and local tax liabilities (benefits):&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred gain on deconsolidation of EAM&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,970&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,181&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred non-cash post-employment compensation&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(69&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(76&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Depreciation and amortization&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;271&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;298&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;&amp;#160;Deferred professional fees&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(4&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total state and local tax liabilities&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,168&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,398&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Deferred tax liability, long term&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;22,064&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;22,520&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock>
<us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
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&lt;td&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;2015&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="width: 1050px; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;U.S. statutory federal rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px; text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;35.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px; text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 126px; text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;35.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px; text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 125px; text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;35.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;Increase (decrease) in tax rate from:&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
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&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;State and local income taxes, net of federal income tax benefit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-0.15&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;0.84&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;2.96&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;Effect of dividends received deductions&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-0.40&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-0.33&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-0.27&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #f0ffff;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;Write off goodwill&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-1.62&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;Domestic production tax credit&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-0.44&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-0.58&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-0.52&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #f0ffff;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&amp;#160;Other, net&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-1.87&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-1.43&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;-0.17&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;Effective income tax rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;30.52&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;33.50&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;37.00&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"&gt;%&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock>
<us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="width: 783px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Years Ended April 30,&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Sublease&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; padding-left: 0.375in; width: 591px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2016&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 8px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 8px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 133px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,468&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 7px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; padding-left: 0.375in;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2017&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,224&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; padding-left: 0.375in;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2018 and thereafter&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 4px double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,692&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock>
<us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Year Ended April 30, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Before Tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Tax Expense/ (Benefit)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="3"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Net&amp;#160;&lt;br  /&gt;of Tax&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 861px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Change in unrealized gains on securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px; border-top: black 2px solid;"&gt;(&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;274&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;" nowrap="nowrap"&gt;)&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;96&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px; border-top: black 2px solid;"&gt;(&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;178&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;)&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Less: Gains realized in net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;57&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(20&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;37&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(217&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;76&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(141&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="width: 861px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Year Ended April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Before Tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Tax Expense/&lt;br  /&gt;(Benefit)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; text-indent: 0pt;" colspan="3"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Net&amp;#160;&lt;br  /&gt;of Tax&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Change in unrealized gains on securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;28&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(10&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;18&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Less: Gains realized in net income&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(36&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;13&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(23&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(8&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;3&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(5&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="width: 861px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 141px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Fiscal Year Ended April 30, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;($ in thousands)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; background-color: #ffffff;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Before Tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; background-color: #ffffff;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Tax Expense&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; background-color: #ffffff; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Amount Net of Tax&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Change in unrealized gains on securities&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;256&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(90&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;166&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2.5pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;256&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(90&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;166&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div&gt;&amp;#160;&lt;/div&gt;</us-gaap:ScheduleOfComprehensiveIncomeLossTableTextBlock>
<us-gaap:ScheduleOfTreasuryStockByClassTextBlock contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00">&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;($ in thousands except for cost per share)&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Shares&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Total Average Cost Assigned&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Average Cost per Share&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Aggregate Purchase Price&lt;br  /&gt;Remaining Under the Program&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;" nowrap="nowrap"&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt; width: 494px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Balance as of April 30, 2012 (1)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 15px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 155px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;103,619&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 155px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,390&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 155px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;13.41&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; width: 282px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;-&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; width: 14px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Purchases effected in open market (2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;19,953&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;182&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9.13&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,818&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Balance as of April 30, 2013&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;123,572&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;1,572&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;12.72&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,818&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Purchases effected in open market (2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;58,499&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;550&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;9.41&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,268&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Balance as of April 30, 2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;182,071&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,122&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;11.65&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,268&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Purchases effected in open market (2)&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;8,433&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;122&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;14.47&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 2px solid; text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,146&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #f0ffff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: 0pt;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Balance as of April 30, 2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;190,504&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,244&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;11.78&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;$&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;2,146&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: left;" nowrap="nowrap"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(1) Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012;&amp;#160;&amp;#160;18,400 shares were acquired prior to the repurchase program authorized in January 2011.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;(2) Were acquired during the $3 million repurchase program authorized in September 2012.&lt;/font&gt;&lt;/p&gt;</us-gaap:ScheduleOfTreasuryStockByClassTextBlock>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3">5482000</us-gaap:CashAndCashEquivalentsFairValueDisclosure>
<us-gaap:CashAndCashEquivalentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3">5272000</us-gaap:CashAndCashEquivalentsFairValueDisclosure>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3">9226000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_MajorTypesOfDebtAndEquitySecuritiesAxis_EquitySecuritiesMember" unitRef="USD" decimals="-3">9226000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_MajorTypesOfDebtAndEquitySecuritiesAxis_CommonStockMember" unitRef="USD" decimals="-3">136000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_MajorTypesOfDebtAndEquitySecuritiesAxis_ExchangeTradedFundsMember" unitRef="USD" decimals="-3">5156000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_MajorTypesOfDebtAndEquitySecuritiesAxis_InverseExchangeTradedFundsMember" unitRef="USD" decimals="-3">3934000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" decimals="-3">9226000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3">9632000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_MajorTypesOfDebtAndEquitySecuritiesAxis_EquitySecuritiesMember" unitRef="USD" decimals="-3">9632000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_MajorTypesOfDebtAndEquitySecuritiesAxis_CommonStockMember" unitRef="USD" decimals="-3">175000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_MajorTypesOfDebtAndEquitySecuritiesAxis_ExchangeTradedFundsMember" unitRef="USD" decimals="-3">5411000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_MajorTypesOfDebtAndEquitySecuritiesAxis_InverseExchangeTradedFundsMember" unitRef="USD" decimals="-3">4046000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" decimals="-3">9632000</us-gaap:AvailableForSaleSecurities>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:AvailableForSaleSecurities contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:InvestmentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3">14708000</us-gaap:InvestmentsFairValueDisclosure>
<us-gaap:InvestmentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" decimals="-3">14708000</us-gaap:InvestmentsFairValueDisclosure>
<us-gaap:InvestmentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:InvestmentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:InvestmentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3">14904000</us-gaap:InvestmentsFairValueDisclosure>
<us-gaap:InvestmentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" decimals="-3">14904000</us-gaap:InvestmentsFairValueDisclosure>
<us-gaap:InvestmentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:InvestmentsFairValueDisclosure contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<valu:NonVotingRevenuesInterestPercent contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember_RangeAxis_MaximumMember" unitRef="pure" decimals="2">0.55</valu:NonVotingRevenuesInterestPercent>
<valu:NonVotingRevenuesInterestPercent contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.41</valu:NonVotingRevenuesInterestPercent>
<valu:NonVotingProfitsInterestPercent contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember" unitRef="pure" decimals="2">0.50</valu:NonVotingProfitsInterestPercent>
<valu:PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.90</valu:PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement>
<valu:StateAndLocalIncomeTaxPayments contextRef="Context_FYE_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00" unitRef="USD" decimals="-3">120000</valu:StateAndLocalIncomeTaxPayments>
<valu:StateAndLocalIncomeTaxPayments contextRef="Context_FYE_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3">114000</valu:StateAndLocalIncomeTaxPayments>
<valu:StateAndLocalIncomeTaxPayments contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3">238000</valu:StateAndLocalIncomeTaxPayments>
<valu:FederalIncomeTaxPaymentsToParent contextRef="Context_FYE_01_May_2012T00_00_00_TO_30_Apr_2013T00_00_00" unitRef="USD" decimals="-3">1877000</valu:FederalIncomeTaxPaymentsToParent>
<valu:FederalIncomeTaxPaymentsToParent contextRef="Context_FYE_01_May_2013T00_00_00_TO_30_Apr_2014T00_00_00" unitRef="USD" decimals="-3">2254000</valu:FederalIncomeTaxPaymentsToParent>
<valu:FederalIncomeTaxPaymentsToParent contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00" unitRef="USD" decimals="-3">3366000</valu:FederalIncomeTaxPaymentsToParent>
<us-gaap:AssetsUnderManagementCarryingAmount contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember" unitRef="USD" decimals="-7">2350000000</us-gaap:AssetsUnderManagementCarryingAmount>
<us-gaap:AssetsUnderManagementCarryingAmount contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember" unitRef="USD" decimals="-7">2400000000</us-gaap:AssetsUnderManagementCarryingAmount>
<valu:IncreaseDecreaseInAssetsUnderManagement contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember" unitRef="USD" decimals="-6">46000000</valu:IncreaseDecreaseInAssetsUnderManagement>
<valu:PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember" unitRef="pure" decimals="3">0.020</valu:PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities>
<valu:NonVotingProfitsInterestInVariableEntityNotYetPaid contextRef="Context_As_Of_30_Apr_2014T00_00_00_TO_30_Apr_2014T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember" unitRef="USD" decimals="0">1887000</valu:NonVotingProfitsInterestInVariableEntityNotYetPaid>
<valu:NonVotingProfitsInterestInVariableEntityNotYetPaid contextRef="Context_As_Of_30_Apr_2015T00_00_00_TO_30_Apr_2015T00_00_00_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_EquityMethodInvesteeMember" unitRef="USD" decimals="0">1951000</valu:NonVotingProfitsInterestInVariableEntityNotYetPaid>
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<us-gaap:ReimbursementRevenue contextRef="Context_FYE_01_May_2014T00_00_00_TO_30_Apr_2015T00_00_00_LegalEntityAxis_ParentCompanyMember" unitRef="USD" decimals="0">171000</us-gaap:ReimbursementRevenue>
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<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-1">Reported within Long Term Assets on Consolidated Balance Sheets.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-2">Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-3">Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-4">Were acquired during the $3 million repurchase program authorized in September 2012.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-5">During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively. During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund ("USGMMF") which was merged into a third party fund, the Daily Income Fund, managed by Reich &amp; Tang, effective October 19, 2012. In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds.
Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds' shareholders to exchange into and is now available in place of the Daily Income Fund.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-6">At April 30, 2015 and 2014, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,951,000 and $1,887,000, respectively.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-7">Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2015 and 2014, respectively.</link:footnote>
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&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;Prior to December 23, 2010, (the Restructuring Transaction date), the Company operated two reportable business segments: (1) Publishing and (2) Investment Management. The Publishing segment, the Company&amp;#8217;s only reportable segment subsequent to the Restructuring Transaction date, produces investment periodicals and related publications (retail and institutional) in both print and digital form, and includes copyright data fees for the Value Line Proprietary Ranking System information and other proprietary information.&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit.&amp;#160;&amp;#160;Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM.&lt;/font&gt;&lt;/p&gt;</us-gaap:SegmentReportingDisclosureTextBlock>
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<link:definition>006 - Statement - Consolidated Statements of Cash Flows</link:definition>
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<link:definition>011 - Disclosure - Related Party Transactions</link:definition>
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<link:definition>012 - Disclosure - Investments</link:definition>
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<link:definition>014 - Disclosure - Property and Equipment</link:definition>
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<link:definition>015 - Disclosure - Federal, State and Local Income Taxes</link:definition>
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<link:definition>016 - Disclosure - Employees' Profit Sharing and Savings Plan</link:definition>
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<link:definition>017 - Disclosure - Lease Commitments</link:definition>
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<link:definition>018 - Disclosure - Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk</link:definition>
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<link:definition>019 - Disclosure - Comprehensive Income</link:definition>
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<link:definition>020 - Disclosure - Accounting for the Costs of Computer Software Developed for Internal Use</link:definition>
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<link:definition>021 - Disclosure - Treasury Stock and Repurchase Program</link:definition>
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<link:definition>022 - Disclosure - Copyright Data Fees</link:definition>
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<link:definition>023 - Disclosure - Expenses for Settlement</link:definition>
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<link:definition>024 - Disclosure - Business Segments</link:definition>
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<link:definition>029 - Disclosure - Investments (Tables)</link:definition>
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<link:definition>030 - Disclosure - Variable Interest Entity (Tables)</link:definition>
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<link:definition>031 - Disclosure - Property and Equipment (Tables)</link:definition>
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<link:definition>032 - Disclosure - Federal, State and Local Income Taxes (Tables)</link:definition>
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<link:definition>033 - Disclosure - Lease Commitments (Tables)</link:definition>
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<link:definition>034 - Disclosure - Comprehensive Income (Tables)</link:definition>
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<link:definition>036 - Disclosure - Organization and Summary of Significant Accounting Policies (Details)</link:definition>
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<link:definition>037 - Disclosure - Organization and Summary of Significant Accounting Policies (Detail Textuals)</link:definition>
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<link:definition>038 - Disclosure - Supplementary Cash Flow Information (Details)</link:definition>
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<link:definition>039 - Disclosure - Related Party Transactions - Income from its non-voting revenues interest and its non-voting profits interests in EAM (Details)</link:definition>
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<link:definition>041 - Disclosure - Investments - Carrying value and fair value of securities available-for-sale (Details)</link:definition>
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<link:definition>042 - Disclosure - Investments - Composition of income from securities transactions (Details 1)</link:definition>
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<link:definition>043 - Disclosure - Investments - Components of EAM's investment management operations (Details 2)</link:definition>
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<link:definition>044 - Disclosure - Investments - Components of assets and liabilities (Details 3)</link:definition>
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<link:definition>045 - Disclosure - Investments (Detail Textuals)</link:definition>
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<link:definition>047 - Disclosure - Variable Interest Entity - Total assets of EAM, maximum exposure to loss due to involvement with EAM and value of assets and liabilities (Details)</link:definition>
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<link:definition>048 - Disclosure - Variable Interest Entity (Detail textuals)</link:definition>
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<link:definition>049 - Disclosure - Property and Equipment - Components of property and equipment, net (Details)</link:definition>
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<link:definition>050 - Disclosure - Federal, State and Local Income Taxes - Provision for income taxes (Details)</link:definition>
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<link:definition>051 - Disclosure - Federal, State and Local Income Taxes - Tax effect of temporary differences in deferred tax asset and deferred tax liability (Details 1)</link:definition>
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<link:definition>052 - Disclosure - Federal, State and Local Income Taxes - Provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate (Details 2)</link:definition>
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<link:definition>053 - Disclosure - Federal, State and Local Income Taxes (Detail Textuals)</link:definition>
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<link:definition>054 - Disclosure - Employees' Profit Sharing and Savings Plan (Detail Textuals)</link:definition>
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<link:definition>056 - Disclosure - Lease Commitments (Detail Textuals)</link:definition>
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<link:definition>057 - Disclosure - Comprehensive Income - Components of comprehensive income that are included in Consolidated Statement of Changes in Shareholders' Equity (Details)</link:definition>
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<link:definition>058 - Disclosure - Accounting for the Costs of Computer Software Developed for Internal Use (Detail Textuals)</link:definition>
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<link:definition>059 - Disclosure - Treasury Stock and Repurchase Program - Components of treasury stock, at cost (Details)</link:definition>
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<link:definition>060 - Disclosure - Treasury Stock and Repurchase Program (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
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<link:definition>061 - Disclosure - Copyright Data Fees (Detail Textuals)</link:definition>
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<link:roleType roleURI="http://www.valueline.com/role/ExpensesForSettlementDetailTextuals" id="ExpensesForSettlementDetailTextuals">
<link:definition>062 - Disclosure - Expenses for Settlement (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<link:roleType roleURI="http://www.valueline.com/role/BusinessSegmentsDetailTextuals" id="BusinessSegmentsDetailTextuals">
<link:definition>063 - Disclosure - Business Segments (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
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<element name="AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment" id="valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CapitalGainDistributionFromAvailableForSaleSecurities" id="valu_CapitalGainDistributionFromAvailableForSaleSecurities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="InvestmentManagementFeeWaiversAndReimbursements" id="valu_InvestmentManagementFeeWaiversAndReimbursements" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="DeferredTaxesOnUnrealizedGainsOnSecurities" id="valu_DeferredTaxesOnUnrealizedGainsOnSecurities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FairValueOfContributedCapitalAtInception" id="valu_FairValueOfContributedCapitalAtInception" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount" id="valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfNonVotingProfitInterest" id="valu_PercentageOfNonVotingProfitInterest" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="DeferredTaxAssetsDeferredProfessionalFeesCurrent" id="valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DeferredTaxAssetsDeferredChargesCurrent" id="valu_DeferredTaxAssetsDeferredChargesCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" id="valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" id="valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent" id="valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DeferredTaxAssetsDeferredProfessionalFeesNoncurrent" id="valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="OperatingLeaseFutureMinimumSubleaseRental" id="valu_OperatingLeaseFutureMinimumSubleaseRental" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="ThirdPartyProgrammersCosts" id="valu_ThirdPartyProgrammersCosts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading" id="valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
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<element name="ValueLineFundsMember" id="valu_ValueLineFundsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncomeTaxReconciliationWriteoffOfGoodwill" id="valu_IncomeTaxReconciliationWriteoffOfGoodwill" type="num:percentItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true"/>
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</XBRL>
</TEXT>
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<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>10
<FILENAME>valu-20150430_cal.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION CALCULATION LINKBASE
<TEXT>
<XBRL>
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>12
<FILENAME>valu-20150430_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="loc_839743H4G541_dei_EntityWellKnownSeasonedIssuer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_EntityWellKnownSeasonedIssuer" xml:lang="en-US">Entity Well-known Seasoned Issuer</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_FG95812277699K094F4I_dei_EntityCommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_HI17034499811M216H6K_dei_EntityCommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityPublicFloat" xlink:label="loc_839743H4G541_dei_EntityPublicFloat"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_EntityPublicFloat" xml:lang="en-US">Entity Public Float</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_EntityPublicFloat" xlink:to="lab_051965J6I763_dei_EntityPublicFloat"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_FG95812277699K094F4I_dei_DocumentType"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_DocumentType" xml:lang="en-US">Document Type</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_dei_DocumentType" xml:lang="en-US">Document Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_DocumentType" xlink:to="lab_HI17034499811M216H6K_dei_DocumentType"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_839743H4G541_dei_DocumentPeriodEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_DocumentPeriodEndDate" xlink:to="lab_051965J6I763_dei_DocumentPeriodEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_FG95812277699K094F4I_dei_AmendmentFlag"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_AmendmentFlag" xlink:to="lab_HI17034499811M216H6K_dei_AmendmentFlag"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_839743H4G541_dei_DocumentFiscalYearFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_DocumentFiscalYearFocus" xlink:to="lab_051965J6I763_dei_DocumentFiscalYearFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_FG95812277699K094F4I_dei_DocumentFiscalPeriodFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_DocumentFiscalPeriodFocus" xlink:to="lab_HI17034499811M216H6K_dei_DocumentFiscalPeriodFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_839743H4G541_us-gaap_StatementOfFinancialPositionAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement Of Financial Position [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_051965J6I763_us-gaap_StatementOfFinancialPositionAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_AssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsAbstract" xml:lang="en-US">Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AssetsAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_AssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrentAbstract" xlink:label="loc_839743H4G541_us-gaap_AssetsCurrentAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AssetsCurrentAbstract" xml:lang="en-US">Assets, Current [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AssetsCurrentAbstract" xml:lang="en-US">Current Assets:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AssetsCurrentAbstract" xlink:to="lab_051965J6I763_us-gaap_AssetsCurrentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_FG95812277699K094F4I_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, At Carrying Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents (including short term investments of $5,272 and $5,482, respectively)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents (including short term investments of $6,615 and $6,158, respectively)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at beginning of year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents at end of year</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AvailableForSaleSecuritiesCurrent" xlink:label="loc_839743H4G541_us-gaap_AvailableForSaleSecuritiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesCurrent" xml:lang="en-US">Available-For-Sale Securities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesCurrent" xml:lang="en-US">Securities available-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesCurrent" xml:lang="en-US">Securities available-for-sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AvailableForSaleSecuritiesCurrent" xlink:to="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsReceivableNetCurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_AccountsReceivableNetCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts Receivable, Net, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts receivable, net of allowance for doubtful accounts of $32 and $39, respectively</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccountsReceivableNetCurrent" xml:lang="en-US">Accounts receivable, net of allowance for doubtful accounts of $45 and $45, respectively</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AccountsReceivableNetCurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_AccountsReceivableNetCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxesReceivable" xlink:label="loc_839743H4G541_us-gaap_IncomeTaxesReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeTaxesReceivable" xml:lang="en-US">Income Taxes Receivable, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncomeTaxesReceivable" xml:lang="en-US">Prepaid and refundable income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeTaxesReceivable" xlink:to="lab_051965J6I763_us-gaap_IncomeTaxesReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid Expense and Other Assets, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid expenses and other current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xml:lang="en-US">Prepaid expenses and other current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PrepaidExpenseAndOtherAssetsCurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_PrepaidExpenseAndOtherAssetsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="loc_839743H4G541_us-gaap_DeferredTaxAssetsNetCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DeferredTaxAssetsNetCurrent" xml:lang="en-US">Deferred Tax Assets, Net Of Valuation Allowance, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredTaxAssetsNetCurrent" xml:lang="en-US">Total federal, state and local tax benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredTaxAssetsNetCurrent" xml:lang="en-US">Deferred income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredTaxAssetsNetCurrent" xml:lang="en-US">Deferred tax asset, short term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredTaxAssetsNetCurrent" xml:lang="en-US">Deferred Tax Assets, Net, Current, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredTaxAssetsNetCurrent" xml:lang="en-US">Deferred Tax Assets, Net, Current, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DeferredTaxAssetsNetCurrent" xlink:to="lab_051965J6I763_us-gaap_DeferredTaxAssetsNetCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_AssetsCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsCurrent" xml:lang="en-US">Assets, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsCurrent" xml:lang="en-US">Total current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AssetsCurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_AssetsCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsNoncurrentAbstract" xlink:label="loc_839743H4G541_us-gaap_AssetsNoncurrentAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AssetsNoncurrentAbstract" xml:lang="en-US">Assets, Noncurrent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AssetsNoncurrentAbstract" xml:lang="en-US">Long term assets:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AssetsNoncurrentAbstract" xlink:to="lab_051965J6I763_us-gaap_AssetsNoncurrentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestments" xlink:label="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestments" xml:lang="en-US">Equity Method Investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestments" xml:lang="en-US">Fair value of VLI's non-voting EAM Trust investment at restructuring date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestments" xml:lang="en-US">Investment in EAM Trust</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/netLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestments" xml:lang="en-US">Investment in EAM Trust</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvestments" xlink:to="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="loc_839743H4G541_us-gaap_PropertyPlantAndEquipmentNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property and equipment, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Total property and equipment, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentNet" xml:lang="en-US">Property, Plant and Equipment, Net, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PropertyPlantAndEquipmentNet" xlink:to="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalizedComputerSoftwareNet" xlink:label="loc_FG95812277699K094F4I_us-gaap_CapitalizedComputerSoftwareNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CapitalizedComputerSoftwareNet" xml:lang="en-US">Capitalized Computer Software, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CapitalizedComputerSoftwareNet" xml:lang="en-US">Capitalized software and other intangible assets, net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CapitalizedComputerSoftwareNet" xlink:to="lab_HI17034499811M216H6K_us-gaap_CapitalizedComputerSoftwareNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsNoncurrent" xlink:label="loc_839743H4G541_us-gaap_AssetsNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AssetsNoncurrent" xml:lang="en-US">Assets, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AssetsNoncurrent" xml:lang="en-US">Total long term assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_AssetsNoncurrent" xml:lang="en-US">Total long term assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AssetsNoncurrent" xlink:to="lab_051965J6I763_us-gaap_AssetsNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="loc_FG95812277699K094F4I_us-gaap_Assets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_Assets" xml:lang="en-US">Total Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Assets" xml:lang="en-US">EAM's total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Assets" xml:lang="en-US">EAM's total assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_Assets" xlink:to="lab_HI17034499811M216H6K_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_839743H4G541_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Equity [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Shareholders' Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrentAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_LiabilitiesCurrentAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US">Liabilities, Current [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesCurrentAbstract" xml:lang="en-US">Current Liabilities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LiabilitiesCurrentAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_LiabilitiesCurrentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:label="loc_839743H4G541_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xml:lang="en-US">Accounts Payable and Accrued Liabilities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xml:lang="en-US">Accounts payable and accrued liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xml:lang="en-US">Accounts payable and accrued liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent" xlink:to="lab_051965J6I763_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedSalariesCurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_AccruedSalariesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccruedSalariesCurrent" xml:lang="en-US">Accrued Salaries, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccruedSalariesCurrent" xml:lang="en-US">Accrued salaries</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AccruedSalariesCurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_AccruedSalariesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableCurrent" xlink:label="loc_839743H4G541_us-gaap_DividendsPayableCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DividendsPayableCurrent" xml:lang="en-US">Dividends Payable, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DividendsPayableCurrent" xml:lang="en-US">Dividends payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DividendsPayableCurrent" xlink:to="lab_051965J6I763_us-gaap_DividendsPayableCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_AccruedIncomeTaxesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccruedIncomeTaxesCurrent" xml:lang="en-US">Accrued Income Taxes, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccruedIncomeTaxesCurrent" xml:lang="en-US">Accrued taxes on income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AccruedIncomeTaxesCurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_AccruedIncomeTaxesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenueCurrent" xlink:label="loc_839743H4G541_us-gaap_DeferredRevenueCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Unearned revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredRevenueCurrent" xml:lang="en-US">Deferred Revenue, Current, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DeferredRevenueCurrent" xlink:to="lab_051965J6I763_us-gaap_DeferredRevenueCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_LiabilitiesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Liabilities, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesCurrent" xml:lang="en-US">Total current liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LiabilitiesCurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_LiabilitiesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesNoncurrentAbstract" xlink:label="loc_839743H4G541_us-gaap_LiabilitiesNoncurrentAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesNoncurrentAbstract" xml:lang="en-US">Liabilities, Noncurrent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesNoncurrentAbstract" xml:lang="en-US">Long term liabilities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LiabilitiesNoncurrentAbstract" xlink:to="lab_051965J6I763_us-gaap_LiabilitiesNoncurrentAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_DeferredRevenueNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredRevenueNoncurrent" xml:lang="en-US">Deferred Revenue, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredRevenueNoncurrent" xml:lang="en-US">Unearned revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredRevenueNoncurrent" xml:lang="en-US">Deferred Revenue, Noncurrent, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DeferredRevenueNoncurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_DeferredRevenueNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredRentCreditNoncurrent" xlink:label="loc_839743H4G541_us-gaap_DeferredRentCreditNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DeferredRentCreditNoncurrent" xml:lang="en-US">Deferred Rent Credit, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredRentCreditNoncurrent" xml:lang="en-US">Deferred charges</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DeferredRentCreditNoncurrent" xlink:to="lab_051965J6I763_us-gaap_DeferredRentCreditNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_DeferredTaxLiabilitiesNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesNoncurrent" xml:lang="en-US">Deferred Tax Liabilities, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesNoncurrent" xml:lang="en-US">Deferred tax liability, long-term</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesNoncurrent" xml:lang="en-US">Deferred income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesNoncurrent" xml:lang="en-US">Deferred tax liability, long term</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="loc_839743H4G541_us-gaap_LiabilitiesNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesNoncurrent" xml:lang="en-US">Liabilities, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesNoncurrent" xml:lang="en-US">Total long term liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesNoncurrent" xml:lang="en-US">Total long term liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LiabilitiesNoncurrent" xlink:to="lab_051965J6I763_us-gaap_LiabilitiesNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_FG95812277699K094F4I_us-gaap_Liabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_Liabilities" xml:lang="en-US">Total Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Liabilities" xml:lang="en-US">EAM's total liabilities (1)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Liabilities" xml:lang="en-US">EAM's total liabilities (1)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_Liabilities" xlink:to="lab_HI17034499811M216H6K_us-gaap_Liabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_839743H4G541_us-gaap_StockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Stockholders Equity Attributable To Parent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Shareholders' Equity:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockholdersEquityAbstract" xlink:to="lab_051965J6I763_us-gaap_StockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommonStockValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockValue" xml:lang="en-US">Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommonStockValue" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommonStockValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_839743H4G541_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid In Capital, Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional paid-in capital</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_051965J6I763_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_051965J6I763_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_051965J6I763_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_FG95812277699K094F4I_us-gaap_RetainedEarningsAccumulatedDeficit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained earnings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained earnings</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit), Ending Balance</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="loc_839743H4G541_us-gaap_TreasuryStockValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValue" xml:lang="en-US">Treasury Stock, Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValue" xml:lang="en-US">Total average cost assigned</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValue" xml:lang="en-US">Total Average Cost Assigned, Beginning Balance (in dollars)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValue" xml:lang="en-US">Total Average Cost Assigned, Ending Balance (in dollars)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValue" xml:lang="en-US">Treasury stock, at cost (190,504 shares and 182,071 shares, respectively)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_TreasuryStockValue" xlink:to="lab_051965J6I763_us-gaap_TreasuryStockValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_FG95812277699K094F4I_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net Of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive income, net of tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated other comprehensive income, net of tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Net of Tax, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_839743H4G541_us-gaap_StockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquity" xml:lang="en-US">Stockholders Equity Attributable To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquity" xml:lang="en-US">Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquity" xml:lang="en-US">Total shareholders' equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquity" xml:lang="en-US">Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquity" xml:lang="en-US">Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockholdersEquity" xlink:to="lab_051965J6I763_us-gaap_StockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_FG95812277699K094F4I_us-gaap_LiabilitiesAndStockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and shareholders' equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total liabilities and shareholders' equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_HI17034499811M216H6K_us-gaap_LiabilitiesAndStockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShortTermInvestments" xlink:label="loc_839743H4G541_us-gaap_ShortTermInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ShortTermInvestments" xml:lang="en-US">Short-Term Investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ShortTermInvestments" xml:lang="en-US">Short term investments (in dollars)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_ShortTermInvestments" xml:lang="en-US">Short-term Investments, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ShortTermInvestments" xlink:to="lab_051965J6I763_us-gaap_ShortTermInvestments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowance For Doubtful Accounts Receivable, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowance for doubtful accounts (in dollars)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current, Beginning Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xml:lang="en-US">Allowance for Doubtful Accounts Receivable, Current, Ending Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_839743H4G541_us-gaap_CommonStockParOrStatedValuePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par Or Stated Value Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock, par value (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_051965J6I763_us-gaap_CommonStockParOrStatedValuePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommonStockSharesAuthorized"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common stock, shares authorized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_839743H4G541_us-gaap_CommonStockSharesIssued"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common stock, shares issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued, Total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CommonStockSharesIssued" xlink:to="lab_051965J6I763_us-gaap_CommonStockSharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="loc_FG95812277699K094F4I_us-gaap_TreasuryStockShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockShares" xml:lang="en-US">Treasury Stock, Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockShares" xml:lang="en-US">Treasury stock, at cost (107,059 and 103,619 shares, respectively)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockShares" xml:lang="en-US">Treasury stock, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockShares" xml:lang="en-US">Balance (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockShares" xml:lang="en-US">Balance (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_TreasuryStockShares" xlink:to="lab_HI17034499811M216H6K_us-gaap_TreasuryStockShares"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_839743H4G541_us-gaap_IncomeStatementAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeStatementAbstract" xlink:to="lab_051965J6I763_us-gaap_IncomeStatementAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_SalesRevenueNetAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SalesRevenueNetAbstract" xml:lang="en-US">Revenue, Net [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_SalesRevenueNetAbstract" xml:lang="en-US">Revenues:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SalesRevenueNetAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_SalesRevenueNetAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubscriptionRevenue" xlink:label="loc_839743H4G541_us-gaap_SubscriptionRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SubscriptionRevenue" xml:lang="en-US">Subscription Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_SubscriptionRevenue" xml:lang="en-US">Investment periodicals and related publications</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SubscriptionRevenue" xlink:to="lab_051965J6I763_us-gaap_SubscriptionRevenue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LicensesRevenue" xlink:label="loc_FG95812277699K094F4I_us-gaap_LicensesRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LicensesRevenue" xml:lang="en-US">Licenses Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LicensesRevenue" xml:lang="en-US">Copyright data fees received</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LicensesRevenue" xml:lang="en-US">Copyright data fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LicensesRevenue" xlink:to="lab_HI17034499811M216H6K_us-gaap_LicensesRevenue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SalesRevenueNet" xlink:label="loc_839743H4G541_us-gaap_SalesRevenueNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SalesRevenueNet" xml:lang="en-US">Revenue, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_SalesRevenueNet" xml:lang="en-US">Revenues from external customers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_SalesRevenueNet" xml:lang="en-US">Total revenues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_051965J6I763_us-gaap_SalesRevenueNet" xml:lang="en-US">Total consolidated revenues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_SalesRevenueNet" xml:lang="en-US">Total revenues</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SalesRevenueNet" xlink:to="lab_051965J6I763_us-gaap_SalesRevenueNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpensesAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_OperatingExpensesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingExpensesAbstract" xml:lang="en-US">Operating Expenses [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingExpensesAbstract" xml:lang="en-US">Expenses:</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MarketingAndAdvertisingExpense" xlink:label="loc_839743H4G541_us-gaap_MarketingAndAdvertisingExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MarketingAndAdvertisingExpense" xml:lang="en-US">Marketing and Advertising Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_MarketingAndAdvertisingExpense" xml:lang="en-US">Advertising and promotion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_MarketingAndAdvertisingExpense" xml:lang="en-US">Advertising and promotion</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MarketingAndAdvertisingExpense" xlink:to="lab_051965J6I763_us-gaap_MarketingAndAdvertisingExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LaborAndRelatedExpense" xlink:label="loc_FG95812277699K094F4I_us-gaap_LaborAndRelatedExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LaborAndRelatedExpense" xml:lang="en-US">Labor and Related Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LaborAndRelatedExpense" xml:lang="en-US">Salaries and employee benefits</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LaborAndRelatedExpense" xml:lang="en-US">Salaries and employee benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LaborAndRelatedExpense" xlink:to="lab_HI17034499811M216H6K_us-gaap_LaborAndRelatedExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherSellingAndMarketingExpense" xlink:label="loc_839743H4G541_us-gaap_OtherSellingAndMarketingExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherSellingAndMarketingExpense" xml:lang="en-US">Other Selling and Marketing Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherSellingAndMarketingExpense" xml:lang="en-US">Production and distribution</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherSellingAndMarketingExpense" xlink:to="lab_051965J6I763_us-gaap_OtherSellingAndMarketingExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherGeneralAndAdministrativeExpense" xlink:label="loc_FG95812277699K094F4I_us-gaap_OtherGeneralAndAdministrativeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherGeneralAndAdministrativeExpense" xml:lang="en-US">Other General and Administrative Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherGeneralAndAdministrativeExpense" xml:lang="en-US">Office and administration</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OtherGeneralAndAdministrativeExpense" xlink:to="lab_HI17034499811M216H6K_us-gaap_OtherGeneralAndAdministrativeExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_839743H4G541_us-gaap_OperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OperatingExpenses" xml:lang="en-US">Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OperatingExpenses" xml:lang="en-US">Total expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_OperatingExpenses" xml:lang="en-US">Total expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OperatingExpenses" xlink:to="lab_051965J6I763_us-gaap_OperatingExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingIncomeLoss" xlink:label="loc_FG95812277699K094F4I_us-gaap_OperatingIncomeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Operating Income (Loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Segment profit from operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingIncomeLoss" xml:lang="en-US">Income from operations</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OperatingIncomeLoss" xlink:to="lab_HI17034499811M216H6K_us-gaap_OperatingIncomeLoss"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity" xlink:label="loc_839743H4G541_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity" xml:lang="en-US">Revenues and Profits Distribution From Unconsolidated Entity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity" xml:lang="en-US">Revenues and profits interests in EAM Trust</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity" xml:lang="en-US">Revenues and profits interests in EAM Trust</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity" xml:lang="en-US">Revenues and profits interests in EAM Trust</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity" xml:lang="en-US">Represents the revenues and profits distribution from unconsolidated entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity" xlink:to="lab_051965J6I763_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentIncomeNet" xlink:label="loc_FG95812277699K094F4I_us-gaap_InvestmentIncomeNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNet" xml:lang="en-US">Investment Income, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNet" xml:lang="en-US">Income from securities transactions, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNet" xml:lang="en-US">Income from securities transactions related to corporate assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNet" xml:lang="en-US">Income from securities transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNet" xml:lang="en-US">Total income/(loss) from securities transactions and other, net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_InvestmentIncomeNet" xlink:to="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:label="loc_839743H4G541_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Domestic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xml:lang="en-US">Income before income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xml:lang="en-US">Income before income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xml:lang="en-US">Income before income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="lab_051965J6I763_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncomeTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Deferred income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income tax provision</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income tax provision:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_839743H4G541_us-gaap_NetIncomeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLoss" xml:lang="en-US">EAM's net income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetIncomeLoss" xlink:to="lab_051965J6I763_us-gaap_NetIncomeLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasicAndDiluted" xlink:label="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareBasicAndDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasicAndDiluted" xml:lang="en-US">Earnings Per Share, Basic and Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasicAndDiluted" xml:lang="en-US">Earnings per share, basic &amp; fully diluted (in dollars per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasicAndDiluted" xml:lang="en-US">Earnings per share, basic &amp; fully diluted</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareBasicAndDiluted" xlink:to="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasicAndDiluted"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:label="loc_839743H4G541_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xml:lang="en-US">Weighted Average Number Of Shares Outstanding, Basic and Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xml:lang="en-US">Weighted average number of common shares (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted" xlink:to="lab_051965J6I763_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xml:lang="en-US">Statement Of Other Comprehensive Income [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xml:lang="en-US">Statement of Other Comprehensive Income [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xml:lang="en-US">Other Comprehensive Income (Loss), Net Of Tax [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xml:lang="en-US">Other comprehensive income/(loss), net of tax:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:label="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xml:lang="en-US">Other Comprehensive Income (Loss), Available-For-Sale Securities Adjustment, Net Of Tax, Portion Attributable To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xml:lang="en-US">Change in unrealized gains on securities, net of taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xml:lang="en-US">Change in unrealized gains on securities, net of taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xml:lang="en-US">Other comprehensive income (loss), available-for-sale securities adjustment, net of tax</label>
<label xlink:type="resource" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Change in unrealized gains on securities, net of taxes</label>
<label xlink:type="resource" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xml:lang="en-US">Other comprehensive income (loss), available-for-sale securities adjustment, net of tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent" xlink:to="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:label="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Other Comprehensive Income (Loss), Net Of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Other comprehensive income (loss)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xml:lang="en-US">Other comprehensive income/(loss)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeLossNetOfTax" xlink:to="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ComprehensiveIncomeNetOfTax" xlink:label="loc_FG95812277699K094F4I_us-gaap_ComprehensiveIncomeNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive Income (Loss), Net Of Tax, Attributable To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ComprehensiveIncomeNetOfTax" xml:lang="en-US">Comprehensive income/(loss)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ComprehensiveIncomeNetOfTax" xlink:to="lab_HI17034499811M216H6K_us-gaap_ComprehensiveIncomeNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_839743H4G541_us-gaap_StatementOfCashFlowsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement Of Cash Flows [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_051965J6I763_us-gaap_StatementOfCashFlowsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Cash flows from operating activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_839743H4G541_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net income to net cash provided by operating activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_051965J6I763_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="loc_FG95812277699K094F4I_us-gaap_DepreciationDepletionAndAmortization"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation, Depletion and Amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DepreciationDepletionAndAmortization" xml:lang="en-US">Depreciation and amortization</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DepreciationDepletionAndAmortization" xlink:to="lab_HI17034499811M216H6K_us-gaap_DepreciationDepletionAndAmortization"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_NonVotingRevenuesInterestInUnconsolidatedEntity" xlink:label="loc_839743H4G541_valu_NonVotingRevenuesInterestInUnconsolidatedEntity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_NonVotingRevenuesInterestInUnconsolidatedEntity" xml:lang="en-US">Non Voting Revenues Interest In Unconsolidated Entity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_valu_NonVotingRevenuesInterestInUnconsolidatedEntity" xml:lang="en-US">Non-voting revenues interest in EAM</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_NonVotingRevenuesInterestInUnconsolidatedEntity" xml:lang="en-US">Value Line's non-voting revenues interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_NonVotingRevenuesInterestInUnconsolidatedEntity" xml:lang="en-US">Represents the income received against non voting revenues in unconsolidated entity.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_valu_NonVotingRevenuesInterestInUnconsolidatedEntity" xml:lang="en-US">Non-voting revenues interest in EAM Trust</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_NonVotingRevenuesInterestInUnconsolidatedEntity" xlink:to="lab_051965J6I763_valu_NonVotingRevenuesInterestInUnconsolidatedEntity"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_NonVotingProfitsInterestInUnconsolidatedEntity" xlink:label="loc_FG95812277699K094F4I_valu_NonVotingProfitsInterestInUnconsolidatedEntity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestInUnconsolidatedEntity" xml:lang="en-US">Non Voting Profits Interest In Unconsolidated Entity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestInUnconsolidatedEntity" xml:lang="en-US">Non-voting profits interest in EAM</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestInUnconsolidatedEntity" xml:lang="en-US">Non-voting profits interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestInUnconsolidatedEntity" xml:lang="en-US">Represents the income received against non voting profits in unconsolidated entity.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestInUnconsolidatedEntity" xml:lang="en-US">Non-voting profits interest in EAM Trust</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_NonVotingProfitsInterestInUnconsolidatedEntity" xlink:to="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestInUnconsolidatedEntity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xlink:label="loc_839743H4G541_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xml:lang="en-US">Realized Losses On Securities Available-For- Sale (1)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xml:lang="en-US">Realized loss on sales of fixed income securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xml:lang="en-US">Realized and unrealized losses on securities available-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xml:lang="en-US">Realized gains (losses) on equity and fixed income securities available-for-sale (2)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xml:lang="en-US">Realized losses on securities available-for-sale (1)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedNetLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xml:lang="en-US">Realized gains (losses) on sales of securities available-for-sale reclassified from Accumulated Other Comprehensive Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xml:lang="en-US">Realized loss on sales of fixed income securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses" xlink:to="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_NoncashDeferredRentExpenses" xlink:label="loc_FG95812277699K094F4I_valu_NoncashDeferredRentExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_NoncashDeferredRentExpenses" xml:lang="en-US">Noncash Deferred Rent Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_NoncashDeferredRentExpenses" xml:lang="en-US">Deferred rent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_NoncashDeferredRentExpenses" xml:lang="en-US">Represents amount of deferred noncash expenses made by entity during period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_NoncashDeferredRentExpenses" xlink:to="lab_HI17034499811M216H6K_valu_NoncashDeferredRentExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="loc_839743H4G541_us-gaap_DeferredIncomeTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred tax expense (benefit)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="lab_051965J6I763_us-gaap_DeferredIncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) In Operating Capital [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Changes in operating assets and liabilities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="loc_839743H4G541_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Increase (Decrease) In Deferred Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInDeferredRevenue" xml:lang="en-US">Unearned revenue</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="lab_051965J6I763_us-gaap_IncreaseDecreaseInDeferredRevenue"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_IncreaseDecreaseInReserveForSettlement" xlink:label="loc_FG95812277699K094F4I_valu_IncreaseDecreaseInReserveForSettlement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_IncreaseDecreaseInReserveForSettlement" xml:lang="en-US">Increase (Decrease) In Reserve For Settlement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_IncreaseDecreaseInReserveForSettlement" xml:lang="en-US">Reserve for settlement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_IncreaseDecreaseInReserveForSettlement" xml:lang="en-US">The change in the reserve for settlement recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_IncreaseDecreaseInReserveForSettlement" xlink:to="lab_HI17034499811M216H6K_valu_IncreaseDecreaseInReserveForSettlement"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_IncreaseDecreaseInOperatingLeaseExitObligation" xlink:label="loc_839743H4G541_valu_IncreaseDecreaseInOperatingLeaseExitObligation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_IncreaseDecreaseInOperatingLeaseExitObligation" xml:lang="en-US">Increase (Decrease) In Operating Lease Exit Obligation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_IncreaseDecreaseInOperatingLeaseExitObligation" xml:lang="en-US">Operating lease exit obligation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_IncreaseDecreaseInOperatingLeaseExitObligation" xml:lang="en-US">The change in the operating lease exit obligation recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_IncreaseDecreaseInOperatingLeaseExitObligation" xlink:to="lab_051965J6I763_valu_IncreaseDecreaseInOperatingLeaseExitObligation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Increase (Decrease) In Accounts Payable and Accrued Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">Accounts payable &amp; accrued expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xml:lang="en-US">(Decrease) in accounts payable &amp; accrued expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedSalaries" xlink:label="loc_839743H4G541_us-gaap_IncreaseDecreaseInAccruedSalaries"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInAccruedSalaries" xml:lang="en-US">Increase (Decrease) In Accrued Salaries</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInAccruedSalaries" xml:lang="en-US">Accrued salaries</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">Increase (Decrease) in Income Taxes Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">Accrued taxes on income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xml:lang="en-US">(Decrease) in accrued taxes payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:label="loc_839743H4G541_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xml:lang="en-US">Increase (Decrease) in Income Taxes Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xml:lang="en-US">Prepaid and refundable income taxes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xml:lang="en-US">Prepaid and refundable income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:to="lab_051965J6I763_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) In Prepaid Expense and Other Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other current assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other current assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="loc_839743H4G541_us-gaap_IncreaseDecreaseInAccountsReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInAccountsReceivable" xml:lang="en-US">Increase (Decrease) In Accounts Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInAccountsReceivable" xml:lang="en-US">Accounts receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInAccountsReceivable" xml:lang="en-US">Accounts receivable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="lab_051965J6I763_us-gaap_IncreaseDecreaseInAccountsReceivable"/>





<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xlink:label="loc_839743H4G541_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Adjustments To Reconcile Net Income (Loss) To Cash Provided By (Used In) Operating Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Total adjustments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities" xml:lang="en-US">Total adjustments</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xml:lang="en-US">Net cash provided by operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Cash flows from investing activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract" xlink:label="loc_FG95812277699K094F4I_valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract" xml:lang="en-US">Purchases Sales Of Securities Classified As Available For Sale [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract" xml:lang="en-US">Purchases/sales of securities classified as available-for-sale:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract" xlink:to="lab_HI17034499811M216H6K_valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:label="loc_839743H4G541_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xml:lang="en-US">Proceeds from Sale and Maturity of Available-for-sale Securities, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xml:lang="en-US">Proceeds from maturities and sales of government debt securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xml:lang="en-US">Maturities and sales of fixed income securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities" xlink:to="lab_051965J6I763_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity" xlink:label="loc_FG95812277699K094F4I_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity" xml:lang="en-US">Proceeds from Sale of Available-for-sale Securities, Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity" xml:lang="en-US">Proceeds from sales of equity securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity" xlink:to="lab_HI17034499811M216H6K_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity" xlink:label="loc_839743H4G541_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity" xml:lang="en-US">Payments To Acquire Available-For-Sale Securities, Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity" xml:lang="en-US">Purchases of equity securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity" xml:lang="en-US">Purchases of equity securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity" xlink:to="lab_051965J6I763_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DistributionFromVariableEntityInvestingActivities" xlink:label="loc_FG95812277699K094F4I_valu_DistributionFromVariableEntityInvestingActivities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_DistributionFromVariableEntityInvestingActivities" xml:lang="en-US">Distribution From Variable Entity, Investing Activities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_DistributionFromVariableEntityInvestingActivities" xml:lang="en-US">Distributions received from EAM Trust</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_DistributionFromVariableEntityInvestingActivities" xml:lang="en-US">The cash inflow associated with the Profits or revenue distribution from variable entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_DistributionFromVariableEntityInvestingActivities" xlink:to="lab_HI17034499811M216H6K_valu_DistributionFromVariableEntityInvestingActivities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="loc_839743H4G541_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Payments To Acquire Property, Plant, and Equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Acquisition of property and equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xml:lang="en-US">Acquisition of property and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="lab_051965J6I763_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForSoftware" xlink:label="loc_FG95812277699K094F4I_us-gaap_PaymentsForSoftware"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsForSoftware" xml:lang="en-US">Payments For Software</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsForSoftware" xml:lang="en-US">Expenditures for capitalized software</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsForSoftware" xml:lang="en-US">Expenditures for capitalized software</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PaymentsForSoftware" xlink:to="lab_HI17034499811M216H6K_us-gaap_PaymentsForSoftware"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities, Continuing Operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en-US">Net cash provided by (used for) investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Cash flows from financing activities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:label="loc_839743H4G541_us-gaap_PaymentsForRepurchaseOfCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Payments For Repurchase Of Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Purchase of treasury stock at cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsForRepurchaseOfCommonStock" xml:lang="en-US">Purchase of treasury stock at cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="lab_051965J6I763_us-gaap_PaymentsForRepurchaseOfCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_FG95812277699K094F4I_us-gaap_PaymentsOfDividendsCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsOfDividendsCommonStock" xml:lang="en-US">Payments Of Dividends, Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsOfDividendsCommonStock" xml:lang="en-US">Dividends paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsOfDividendsCommonStock" xml:lang="en-US">Dividends paid</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_HI17034499811M216H6K_us-gaap_PaymentsOfDividendsCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en-US">Net cash used for financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_FG95812277699K094F4I_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net change in cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Net change in cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_HI17034499811M216H6K_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_839743H4G541_us-gaap_StatementOfStockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statement Of Stockholders Equity [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_051965J6I763_us-gaap_StatementOfStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_StatementTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StatementTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_StatementTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_839743H4G541_us-gaap_StatementEquityComponentsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Equity Components [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Statement, Equity Components [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_051965J6I763_us-gaap_StatementEquityComponentsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommonStockMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockMember" xml:lang="en-US">Common stocks</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockMember" xml:lang="en-US">Common stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommonStockMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommonStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_839743H4G541_us-gaap_AdditionalPaidInCapitalMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-In Capital [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional paid-in capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_051965J6I763_us-gaap_AdditionalPaidInCapitalMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_TreasuryStockMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockMember" xml:lang="en-US">Treasury Stock [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockMember" xml:lang="en-US">Treasury Stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_TreasuryStockMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_TreasuryStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_839743H4G541_us-gaap_RetainedEarningsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained earnings</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RetainedEarningsMember" xlink:to="lab_051965J6I763_us-gaap_RetainedEarningsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss) [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xml:lang="en-US">Accumulated Other Comprehensive income (loss)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_AccumulatedOtherComprehensiveIncomeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_839743H4G541_us-gaap_EquityComponentDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EquityComponentDomain" xlink:to="lab_051965J6I763_us-gaap_EquityComponentDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_StatementLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StatementLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_StatementLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="loc_839743H4G541_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xml:lang="en-US">Increase (Decrease) In Stockholders Equity [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_051965J6I763_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Balance (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:label="loc_839743H4G541_us-gaap_TreasuryStockValueAcquiredCostMethod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Treasury Stock, Value, Acquired, Cost Method</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Total average cost</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Purchases effected in open market (in dollars)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockValueAcquiredCostMethod" xml:lang="en-US">Purchase of treasury stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_TreasuryStockValueAcquiredCostMethod" xlink:to="lab_051965J6I763_us-gaap_TreasuryStockValueAcquiredCostMethod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockSharesAcquired" xlink:label="loc_FG95812277699K094F4I_us-gaap_TreasuryStockSharesAcquired"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockSharesAcquired" xml:lang="en-US">Treasury Stock, Shares, Acquired</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockSharesAcquired" xml:lang="en-US">Number of treasury shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockSharesAcquired" xml:lang="en-US">Purchases effected in open market, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockSharesAcquired" xml:lang="en-US">Purchase of treasury stock (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_TreasuryStockSharesAcquired" xlink:to="lab_HI17034499811M216H6K_us-gaap_TreasuryStockSharesAcquired"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsCommonStock" xlink:label="loc_839743H4G541_us-gaap_DividendsCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DividendsCommonStock" xml:lang="en-US">Dividends, Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DividendsCommonStock" xml:lang="en-US">Dividends declared</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_DividendsCommonStock" xml:lang="en-US">Dividends declared</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_DividendsCommonStock" xml:lang="en-US">Dividends declared</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DividendsCommonStock" xlink:to="lab_051965J6I763_us-gaap_DividendsCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockDividendsPerShareDeclared" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommonStockDividendsPerShareDeclared"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockDividendsPerShareDeclared" xml:lang="en-US">Common Stock, Dividends, Per Share, Declared</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockDividendsPerShareDeclared" xml:lang="en-US">Dividends declared per share (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommonStockDividendsPerShareDeclared" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommonStockDividendsPerShareDeclared"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_839743H4G541_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xml:lang="en-US">Organization, Consolidation and Presentation Of Financial Statements [Abstract]</label>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_InternalUseSoftwareDisclosureTextBlock" xml:lang="en-US">Internal Use Software Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_InternalUseSoftwareDisclosureTextBlock" xml:lang="en-US">Accounting for the Costs of Computer Software Developed for Internal Use</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_InternalUseSoftwareDisclosureTextBlock" xml:lang="en-US">Disclosure of accounting policy for its computer software activities including the accounting treatment for costs incurred for (1) research and development activities, (2) development of computer software for internal use, (3) in-process research and development acquired in a purchase business combination.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_InternalUseSoftwareDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_valu_InternalUseSoftwareDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_TreasuryStockAbstract" xlink:label="loc_839743H4G541_valu_TreasuryStockAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_TreasuryStockAbstract" xml:lang="en-US">Treasury Stock [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_TreasuryStockAbstract" xml:lang="en-US">Treasury Stock [Abstract]</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_TreasuryStockTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockTextBlock" xml:lang="en-US">Treasury Stock [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_TreasuryStockTextBlock" xml:lang="en-US">Treasury Stock and Repurchase Program</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_TreasuryStockTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_TreasuryStockTextBlock"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_CopyrightDataFeesAbstract" xlink:label="loc_839743H4G541_valu_CopyrightDataFeesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_CopyrightDataFeesAbstract" xml:lang="en-US">Copyright Data Fees [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_CopyrightDataFeesAbstract" xlink:to="lab_051965J6I763_valu_CopyrightDataFeesAbstract"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_CopyrightDataFeesTextBlock" xlink:label="loc_FG95812277699K094F4I_valu_CopyrightDataFeesTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_CopyrightDataFeesTextBlock" xml:lang="en-US">Copyright Data Fees [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_CopyrightDataFeesTextBlock" xml:lang="en-US">Copyright Data Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_CopyrightDataFeesTextBlock" xml:lang="en-US">Represents the information about copyright data fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_CopyrightDataFeesTextBlock" xlink:to="lab_HI17034499811M216H6K_valu_CopyrightDataFeesTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestructuringAndRelatedActivitiesAbstract" xlink:label="loc_839743H4G541_us-gaap_RestructuringAndRelatedActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RestructuringAndRelatedActivitiesAbstract" xml:lang="en-US">Restructuring and Related Activities [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RestructuringAndRelatedActivitiesAbstract" xlink:to="lab_051965J6I763_us-gaap_RestructuringAndRelatedActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" xml:lang="en-US">Restructuring Expenses and Provision for Settlement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" xml:lang="en-US">Restructuring Expenses and Provision for Settlement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_RestructuringAndRelatedActivitiesDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingAbstract" xlink:label="loc_839743H4G541_us-gaap_SegmentReportingAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SegmentReportingAbstract" xml:lang="en-US">Segment Reporting [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SegmentReportingAbstract" xlink:to="lab_051965J6I763_us-gaap_SegmentReportingAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingDisclosureTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_SegmentReportingDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SegmentReportingDisclosureTextBlock" xml:lang="en-US">Segment Reporting Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_SegmentReportingDisclosureTextBlock" xml:lang="en-US">Business Segments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SegmentReportingDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_SegmentReportingDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UseOfEstimates" xlink:label="loc_839743H4G541_us-gaap_UseOfEstimates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_UseOfEstimates" xml:lang="en-US">Use Of Estimates, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_UseOfEstimates" xml:lang="en-US">Use of Estimates</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_UseOfEstimates" xlink:to="lab_051965J6I763_us-gaap_UseOfEstimates"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ConsolidationPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_ConsolidationPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ConsolidationPolicyTextBlock" xml:lang="en-US">Consolidation, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ConsolidationPolicyTextBlock" xml:lang="en-US">Principles of Consolidation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ConsolidationPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_ConsolidationPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RevenueRecognitionPolicyTextBlock" xlink:label="loc_839743H4G541_us-gaap_RevenueRecognitionPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RevenueRecognitionPolicyTextBlock" xml:lang="en-US">Revenue Recognition</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RevenueRecognitionPolicyTextBlock" xlink:to="lab_051965J6I763_us-gaap_RevenueRecognitionPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentsPolicy" xlink:label="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvestmentsPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentsPolicy" xml:lang="en-US">Equity Method Investments, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentsPolicy" xml:lang="en-US">Investment in Unconsolidated Entities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvestmentsPolicy" xlink:to="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:label="loc_839743H4G541_us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xml:lang="en-US">Fair Value Measurement, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xml:lang="en-US">Valuation of Securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueMeasurementPolicyPolicyTextBlock" xlink:to="lab_051965J6I763_us-gaap_FairValueMeasurementPolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdvertisingCostsPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_AdvertisingCostsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AdvertisingCostsPolicyTextBlock" xml:lang="en-US">Advertising Costs, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AdvertisingCostsPolicyTextBlock" xml:lang="en-US">Advertising expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AdvertisingCostsPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_AdvertisingCostsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_839743H4G541_us-gaap_IncomeTaxPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_051965J6I763_us-gaap_IncomeTaxPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_EarningsPerSharePolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_EarningsPerSharePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_839743H4G541_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and Cash Equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock" xml:lang="en-US">Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock" xml:lang="en-US">Expenses Related to Settlement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:label="loc_839743H4G541_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xml:lang="en-US">Schedule of fair value measurements of investments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock" xlink:to="lab_051965J6I763_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xml:lang="en-US">Schedule Of Cash Flow, Supplemental Disclosures [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xml:lang="en-US">Schedule of cash flow supplemental disclosures</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfCashFlowSupplementalDisclosuresTableTextBlock"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock" xlink:label="loc_839743H4G541_valu_ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock" xml:lang="en-US">Schedule Of Non Voting Revenues Interest And Non Voting Profits Interests [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock" xml:lang="en-US">Schedule of non voting revenues interest and non voting profits interests</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock" xml:lang="en-US">Schedule of non voting revenues interest and non voting profits interests.</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentIncomeTextBlock" xlink:label="loc_839743H4G541_us-gaap_InvestmentIncomeTextBlock"/>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentHoldingsOtherThanSecuritiesTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_InvestmentHoldingsOtherThanSecuritiesTextBlock"/>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SummaryInvestmentHoldingsTextBlock" xlink:label="loc_839743H4G541_us-gaap_SummaryInvestmentHoldingsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SummaryInvestmentHoldingsTextBlock" xml:lang="en-US">Summary Investment Holdings [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_SummaryInvestmentHoldingsTextBlock" xml:lang="en-US">Schedule of assets and liabilities</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfVariableInterestEntitiesTextBlock"/>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:label="loc_839743H4G541_us-gaap_PropertyPlantAndEquipmentTextBlock"/>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentTextBlock" xml:lang="en-US">Schedule of property and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PropertyPlantAndEquipmentTextBlock" xlink:to="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"/>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xml:lang="en-US">Schedule of provision for income taxes</label>
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<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">Schedule Of Deferred Tax Assets and Liabilities [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xml:lang="en-US">Schedule of components of deferred tax asset and deferred tax liability</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xml:lang="en-US">Schedule Of Effective Income Tax Rate Reconciliation [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xml:lang="en-US">Schedule of effective income tax rate reconciliation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xml:lang="en-US">Schedule Of Future Minimum Rental Payments For Operating Leases [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xml:lang="en-US">Schedule of future minimum payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfFutureMinimumRentalPaymentsForOperatingLeasesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xml:lang="en-US">Schedule Of Comprehensive Income (Loss) [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xml:lang="en-US">Schedule of components of comprehensive income included in the consolidated statements of changes in shareholders' equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfComprehensiveIncomeLossTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfTreasuryStockByClassTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xml:lang="en-US">Class of Treasury Stock [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xml:lang="en-US">Schedule of treasury stock, at cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfTreasuryStockByClassTextBlock" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfTreasuryStockByClassTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_839743H4G541_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueByFairValueHierarchyLevelAxis" xml:lang="en-US">Fair Value, Hierarchy [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueByFairValueHierarchyLevelAxis" xml:lang="en-US">Fair Value, Hierarchy [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_051965J6I763_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value, Measurements, Fair Value Hierarchy [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_839743H4G541_us-gaap_FairValueInputsLevel1Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Level 1</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_051965J6I763_us-gaap_FairValueInputsLevel1Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueInputsLevel2Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel2Member" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel2Member" xml:lang="en-US">Level 2</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel2Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_839743H4G541_us-gaap_FairValueInputsLevel3Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsLevel3Member" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsLevel3Member" xml:lang="en-US">Level 3</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_051965J6I763_us-gaap_FairValueInputsLevel3Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xml:lang="en-US">Fair Value, Assets and Liabilities Measured On Recurring and Nonrecurring Basis [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:label="loc_839743H4G541_us-gaap_CashAndCashEquivalentsFairValueDisclosure"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US">Cash and Cash Equivalents, Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xml:lang="en-US">Cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:to="lab_051965J6I763_us-gaap_CashAndCashEquivalentsFairValueDisclosure"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AvailableForSaleSecurities" xlink:label="loc_FG95812277699K094F4I_us-gaap_AvailableForSaleSecurities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AvailableForSaleSecurities" xml:lang="en-US">Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AvailableForSaleSecurities" xml:lang="en-US">Securities available-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AvailableForSaleSecurities" xml:lang="en-US">Fair value of equity securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AvailableForSaleSecurities" xml:lang="en-US">Fair Value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AvailableForSaleSecurities" xlink:to="lab_HI17034499811M216H6K_us-gaap_AvailableForSaleSecurities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsFairValueDisclosure" xlink:label="loc_839743H4G541_us-gaap_InvestmentsFairValueDisclosure"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_InvestmentsFairValueDisclosure" xml:lang="en-US">Investments, Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_InvestmentsFairValueDisclosure" xml:lang="en-US">Investments, Fair Value Disclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_InvestmentsFairValueDisclosure" xml:lang="en-US">Investments, fair value disclosure</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_InvestmentsFairValueDisclosure" xlink:to="lab_051965J6I763_us-gaap_InvestmentsFairValueDisclosure"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfEquityMethodInvestmentsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xml:lang="en-US">Schedule Of Equity Method Investments [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xml:lang="en-US">Schedule of Equity Method Investments [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfEquityMethodInvestmentsTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEquityMethodInvestmentsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xml:lang="en-US">Investment, Name [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xml:lang="en-US">Equity Method Investee, Name [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvesteeNameDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvesteeNameDomain" xml:lang="en-US">Investment, Name [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvesteeNameDomain" xml:lang="en-US">Equity Method Investee, Name [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvesteeNameDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvesteeNameDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvesteeMember" xlink:label="loc_839743H4G541_us-gaap_EquityMethodInvesteeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvesteeMember" xml:lang="en-US">Equity Method Investee [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvesteeMember" xml:lang="en-US">EAM Trust</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvesteeMember" xml:lang="en-US">EULAV Asset Management LLC</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EquityMethodInvesteeMember" xlink:to="lab_051965J6I763_us-gaap_EquityMethodInvesteeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_RangeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_RangeAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_RangeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_839743H4G541_us-gaap_RangeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RangeMember" xlink:to="lab_051965J6I763_us-gaap_RangeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_MinimumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MinimumMember" xml:lang="en-US">Minimum [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MinimumMember" xml:lang="en-US">Minimum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MinimumMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_MinimumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_839743H4G541_us-gaap_MaximumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MaximumMember" xml:lang="en-US">Maximum [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_MaximumMember" xml:lang="en-US">Maximum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MaximumMember" xlink:to="lab_051965J6I763_us-gaap_MaximumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xml:lang="en-US">Schedule Of Equity Method Investments [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xml:lang="en-US">Schedule of Equity Method Investments [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_NonVotingRevenuesInterestPercent" xlink:label="loc_839743H4G541_valu_NonVotingRevenuesInterestPercent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_NonVotingRevenuesInterestPercent" xml:lang="en-US">Non Voting Revenues Interest Percent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_NonVotingRevenuesInterestPercent" xml:lang="en-US">Investment management fee revenues from its mutual fund and separate accounts business</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_NonVotingRevenuesInterestPercent" xml:lang="en-US">Represents percentage of non-voting revenues interest.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_NonVotingRevenuesInterestPercent" xlink:to="lab_051965J6I763_valu_NonVotingRevenuesInterestPercent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_NonVotingProfitsInterestPercent" xlink:label="loc_FG95812277699K094F4I_valu_NonVotingProfitsInterestPercent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestPercent" xml:lang="en-US">Non Voting Profits Interest Percent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestPercent" xml:lang="en-US">Non-voting profits interest in EAM</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestPercent" xml:lang="en-US">Non-voting profits interest ("Profits Interest")</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestPercent" xml:lang="en-US">Represents percentage of non-voting profits interest.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_NonVotingProfitsInterestPercent" xlink:to="lab_HI17034499811M216H6K_valu_NonVotingProfitsInterestPercent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement" xlink:label="loc_839743H4G541_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement" xml:lang="en-US">Percentage Of Non Voting Profits Interests Due From Ex Subsidiary Payable To Parent Under Agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement" xml:lang="en-US">Percentage of non voting profits interests due each quarter from EAM</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement" xml:lang="en-US">Represents the stated percentage of non voting profits interests due from ex-subsidiary payable to parent under agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement" xlink:to="lab_051965J6I763_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_StateAndLocalIncomeTaxPayments" xlink:label="loc_FG95812277699K094F4I_valu_StateAndLocalIncomeTaxPayments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_StateAndLocalIncomeTaxPayments" xml:lang="en-US">State and Local Income Tax Payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_StateAndLocalIncomeTaxPayments" xml:lang="en-US">State and local income tax payments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_StateAndLocalIncomeTaxPayments" xml:lang="en-US">Amount represents State and local income tax payments.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_valu_StateAndLocalIncomeTaxPayments" xml:lang="en-US">State and local income tax payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_StateAndLocalIncomeTaxPayments" xlink:to="lab_HI17034499811M216H6K_valu_StateAndLocalIncomeTaxPayments"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_FederalIncomeTaxPaymentsToParent" xlink:label="loc_839743H4G541_valu_FederalIncomeTaxPaymentsToParent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_FederalIncomeTaxPaymentsToParent" xml:lang="en-US">Federal Income Tax Payments To Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_FederalIncomeTaxPaymentsToParent" xml:lang="en-US">Federal income tax payments to the Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_FederalIncomeTaxPaymentsToParent" xml:lang="en-US">Amount represents Federal income tax payments to the Parent.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_valu_FederalIncomeTaxPaymentsToParent" xml:lang="en-US">Federal income tax payments to the Parent</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_FederalIncomeTaxPaymentsToParent" xlink:to="lab_051965J6I763_valu_FederalIncomeTaxPaymentsToParent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xml:lang="en-US">Schedule Of Related Party Transactions, By Related Party [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_839743H4G541_dei_LegalEntityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_LegalEntityAxis" xml:lang="en-US">Legal Entity [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_dei_LegalEntityAxis" xml:lang="en-US">Legal Entity [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_LegalEntityAxis" xlink:to="lab_051965J6I763_dei_LegalEntityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_FG95812277699K094F4I_dei_EntityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_EntityDomain" xml:lang="en-US">Entity [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_dei_EntityDomain" xml:lang="en-US">Entity [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_EntityDomain" xlink:to="lab_HI17034499811M216H6K_dei_EntityDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ParentCompanyMember" xlink:label="loc_839743H4G541_us-gaap_ParentCompanyMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ParentCompanyMember" xml:lang="en-US">Parent Company [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ParentCompanyMember" xml:lang="en-US">Value Line Inc</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ParentCompanyMember" xlink:to="lab_051965J6I763_us-gaap_ParentCompanyMember"/>



<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="loc_839743H4G541_us-gaap_BalanceSheetLocationDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_BalanceSheetLocationDomain" xml:lang="en-US">Balance Sheet Location [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_BalanceSheetLocationDomain" xlink:to="lab_051965J6I763_us-gaap_BalanceSheetLocationDomain"/>





<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_839743H4G541_us-gaap_RelatedPartyTransactionLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RelatedPartyTransactionLineItems" xml:lang="en-US">Related Party Transaction [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RelatedPartyTransactionLineItems" xml:lang="en-US">Related Party Transaction [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_051965J6I763_us-gaap_RelatedPartyTransactionLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsUnderManagementCarryingAmount" xlink:label="loc_FG95812277699K094F4I_us-gaap_AssetsUnderManagementCarryingAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsUnderManagementCarryingAmount" xml:lang="en-US">Assets Under Management, Carrying Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsUnderManagementCarryingAmount" xml:lang="en-US">Assets under management</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsUnderManagementCarryingAmount" xml:lang="en-US">Total assets of value line funds managed by EAM</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AssetsUnderManagementCarryingAmount" xlink:to="lab_HI17034499811M216H6K_us-gaap_AssetsUnderManagementCarryingAmount"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_IncreaseDecreaseInAssetsUnderManagement" xlink:label="loc_839743H4G541_valu_IncreaseDecreaseInAssetsUnderManagement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_IncreaseDecreaseInAssetsUnderManagement" xml:lang="en-US">Increase Decrease In Assets Under Management</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_IncreaseDecreaseInAssetsUnderManagement" xml:lang="en-US">Increase in the value of assets managed by EAM</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_IncreaseDecreaseInAssetsUnderManagement" xml:lang="en-US">This element represents the amount of increase decrease in the value of assets managed by EAM.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_IncreaseDecreaseInAssetsUnderManagement" xlink:to="lab_051965J6I763_valu_IncreaseDecreaseInAssetsUnderManagement"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities" xlink:label="loc_FG95812277699K094F4I_valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities" xml:lang="en-US">Percentage Of Assets Increased Decreased In Unconsolidated Entities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities" xml:lang="en-US">Percentage of assets increased in funds</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities" xml:lang="en-US">"Represents the stated percentage of assets increased (decreased) in unconsolidated entities."</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities" xlink:to="lab_HI17034499811M216H6K_valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_NonVotingProfitsInterestInVariableEntityNotYetPaid" xlink:label="loc_839743H4G541_valu_NonVotingProfitsInterestInVariableEntityNotYetPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_NonVotingProfitsInterestInVariableEntityNotYetPaid" xml:lang="en-US">Non Voting Profits Interest In Variable Entity Not Yet Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_NonVotingProfitsInterestInVariableEntityNotYetPaid" xml:lang="en-US">Non voting profits interest in variable entity not yet paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_NonVotingProfitsInterestInVariableEntityNotYetPaid" xml:lang="en-US">Represents distributable amounts earned through the balance sheet date, which is included in the Investment in variable interest entity and not yet paid.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_NonVotingProfitsInterestInVariableEntityNotYetPaid" xlink:to="lab_051965J6I763_valu_NonVotingProfitsInterestInVariableEntityNotYetPaid"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ReimbursementRevenue" xlink:label="loc_FG95812277699K094F4I_us-gaap_ReimbursementRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ReimbursementRevenue" xml:lang="en-US">Reimbursement Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ReimbursementRevenue" xml:lang="en-US">Reimbursed income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ReimbursementRevenue" xlink:to="lab_HI17034499811M216H6K_us-gaap_ReimbursementRevenue"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_OwnershipPercentageByParent" xlink:label="loc_839743H4G541_valu_OwnershipPercentageByParent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_OwnershipPercentageByParent" xml:lang="en-US">Ownership Percentage By Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_OwnershipPercentageByParent" xml:lang="en-US">Percentage of ownership in outstanding shares of common stock of the Company by parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_OwnershipPercentageByParent" xml:lang="en-US">The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_OwnershipPercentageByParent" xlink:to="lab_051965J6I763_valu_OwnershipPercentageByParent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity" xlink:label="loc_FG95812277699K094F4I_valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity" xml:lang="en-US">Percentage Of Non Voting Revenues Interest In Unconsolidated Entity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity" xml:lang="en-US">Percentage of non-voting revenues interest in unconsolidated entity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity" xml:lang="en-US">Represents the percentage of non voting revenues interest in unconsolidated entity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity" xlink:to="lab_HI17034499811M216H6K_valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_ValueOfFund" xlink:label="loc_839743H4G541_valu_ValueOfFund"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_ValueOfFund" xml:lang="en-US">Value Of Fund</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_ValueOfFund" xml:lang="en-US">Value of fund</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_ValueOfFund" xml:lang="en-US">Represent value of fund.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_ValueOfFund" xlink:to="lab_051965J6I763_valu_ValueOfFund"/>













<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xml:lang="en-US">Schedule of Available-for-sale Securities [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfAvailableForSaleSecuritiesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis" xml:lang="en-US">Major Types Of Debt and Equity Securities [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis" xml:lang="en-US">Major Types of Debt and Equity Securities [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xlink:label="loc_839743H4G541_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xml:lang="en-US">Major Types Of Debt and Equity Securities [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xml:lang="en-US">Major Types of Debt and Equity Securities [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain" xlink:to="lab_051965J6I763_us-gaap_MajorTypesOfDebtAndEquitySecuritiesDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ExchangeTradedFundsMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_ExchangeTradedFundsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ExchangeTradedFundsMember" xml:lang="en-US">Exchange Traded Funds [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ExchangeTradedFundsMember" xml:lang="en-US">ETFs - equities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ExchangeTradedFundsMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_ExchangeTradedFundsMember"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_InverseExchangeTradedFundsMember" xlink:label="loc_839743H4G541_valu_InverseExchangeTradedFundsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_InverseExchangeTradedFundsMember" xml:lang="en-US">Inverse Exchange Traded Funds [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_InverseExchangeTradedFundsMember" xml:lang="en-US">Inverse ETFs - equities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_InverseExchangeTradedFundsMember" xml:lang="en-US">Represents an exchange-traded fund (ETF) that is constructed by using various derivatives for the purpose of profiting from a decline in the value of an underlying benchmark.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_InverseExchangeTradedFundsMember" xlink:to="lab_051965J6I763_valu_InverseExchangeTradedFundsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xml:lang="en-US">Schedule of Available-for-sale Securities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xml:lang="en-US">Schedule of Available-for-sale Securities [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AvailableForSaleSecuritiesAmortizedCost" xlink:label="loc_839743H4G541_us-gaap_AvailableForSaleSecuritiesAmortizedCost"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesAmortizedCost" xml:lang="en-US">Available-For-Sale Securities, Amortized Cost Basis, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesAmortizedCost" xml:lang="en-US">Aggregate cost of equity securities available for sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesAmortizedCost" xml:lang="en-US">Cost</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AvailableForSaleSecuritiesAmortizedCost" xlink:to="lab_051965J6I763_us-gaap_AvailableForSaleSecuritiesAmortizedCost"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment" xlink:label="loc_FG95812277699K094F4I_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment" xml:lang="en-US">Available For Sale Debt Securities Gross Unrealized Gain Accumulated In Investment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment" xml:lang="en-US">Gross Unrealized Gains</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment" xml:lang="en-US">Amount of accumulated pre-tax unrealized gains before deducting pre-tax unrealized losses on investments in available-for-sale securities impacting investments.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment" xlink:to="lab_HI17034499811M216H6K_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment" xlink:label="loc_839743H4G541_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment" xml:lang="en-US">Available For Sale Debt Securities Gross Unrealized Loss Accumulated In Investment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment" xml:lang="en-US">Amount of accumulated pre-tax unrealized loss before deducting pre-tax unrealized gain on investments in available-for-sale securities impacting investments.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment" xml:lang="en-US">Gross Unrealized Losses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment" xlink:to="lab_051965J6I763_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentIncomeNetAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_InvestmentIncomeNetAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNetAbstract" xml:lang="en-US">Investment Income, Net [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNetAbstract" xml:lang="en-US">Investment Income, Net [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_InvestmentIncomeNetAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeNetAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentIncomeDividend" xlink:label="loc_839743H4G541_us-gaap_InvestmentIncomeDividend"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_InvestmentIncomeDividend" xml:lang="en-US">Dividend Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_InvestmentIncomeDividend" xml:lang="en-US">Dividend income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_InvestmentIncomeDividend" xlink:to="lab_051965J6I763_us-gaap_InvestmentIncomeDividend"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentIncomeInterest" xlink:label="loc_FG95812277699K094F4I_us-gaap_InvestmentIncomeInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Interest Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeInterest" xml:lang="en-US">Interest income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_InvestmentIncomeInterest" xlink:to="lab_HI17034499811M216H6K_us-gaap_InvestmentIncomeInterest"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_CapitalGainDistributionFromAvailableForSaleSecurities" xlink:label="loc_839743H4G541_valu_CapitalGainDistributionFromAvailableForSaleSecurities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_CapitalGainDistributionFromAvailableForSaleSecurities" xml:lang="en-US">Capital Gain Distribution From Available For Sale Securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_CapitalGainDistributionFromAvailableForSaleSecurities" xml:lang="en-US">Capital gain distribution from ETFs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_CapitalGainDistributionFromAvailableForSaleSecurities" xml:lang="en-US">Represents the amount related to capital gain distribution from Available for sale securities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_CapitalGainDistributionFromAvailableForSaleSecurities" xlink:to="lab_051965J6I763_valu_CapitalGainDistributionFromAvailableForSaleSecurities"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_ForeignExchangeGainLossOnInvestmentSecurities" xlink:label="loc_FG95812277699K094F4I_valu_ForeignExchangeGainLossOnInvestmentSecurities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_ForeignExchangeGainLossOnInvestmentSecurities" xml:lang="en-US">Foreign Exchange Gain (Loss) On Investment Securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_ForeignExchangeGainLossOnInvestmentSecurities" xml:lang="en-US">Exchange loss</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_ForeignExchangeGainLossOnInvestmentSecurities" xml:lang="en-US">Represents the amount related to foreign exchange gain or loss on investment securities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_ForeignExchangeGainLossOnInvestmentSecurities" xlink:to="lab_HI17034499811M216H6K_valu_ForeignExchangeGainLossOnInvestmentSecurities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentIncomeInvestmentExpense" xlink:label="loc_839743H4G541_us-gaap_InvestmentIncomeInvestmentExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_InvestmentIncomeInvestmentExpense" xml:lang="en-US">Investment Income, Investment Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_InvestmentIncomeInvestmentExpense" xml:lang="en-US">Interest expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_InvestmentIncomeInvestmentExpense" xml:lang="en-US">Interest expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_InvestmentIncomeInvestmentExpense" xlink:to="lab_051965J6I763_us-gaap_InvestmentIncomeInvestmentExpense"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_InvestmentIncomeExpenseOther" xlink:label="loc_FG95812277699K094F4I_valu_InvestmentIncomeExpenseOther"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_InvestmentIncomeExpenseOther" xml:lang="en-US">Investment Income Expense Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_InvestmentIncomeExpenseOther" xml:lang="en-US">Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_InvestmentIncomeExpenseOther" xml:lang="en-US">This item represents investment income (expense) derived from investments in debt and equity securities unless specified in taxonomy.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_valu_InvestmentIncomeExpenseOther" xml:lang="en-US">Other</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_InvestmentIncomeExpenseOther" xlink:to="lab_HI17034499811M216H6K_valu_InvestmentIncomeExpenseOther"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfInvestmentsTable" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfInvestmentsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfInvestmentsTable" xml:lang="en-US">Schedule of Investments [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfInvestmentsTable" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfInvestmentsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfInvestmentsLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfInvestmentsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfInvestmentsLineItems" xml:lang="en-US">Schedule of Investments [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfInvestmentsLineItems" xml:lang="en-US">Schedule of Investments [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfInvestmentsLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfInvestmentsLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentAdvisoryFees" xlink:label="loc_839743H4G541_us-gaap_InvestmentAdvisoryFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_InvestmentAdvisoryFees" xml:lang="en-US">Total Investment Management Fees Earned From Value Line Funds</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_InvestmentAdvisoryFees" xml:lang="en-US">Total investment management fees earned from Value Line Funds</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_InvestmentAdvisoryFees" xml:lang="en-US">Investment management fees earned from the Value Line Funds, net of waivers shown below</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_InvestmentAdvisoryFees" xlink:to="lab_051965J6I763_us-gaap_InvestmentAdvisoryFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DistributionAndServicingFees" xlink:label="loc_FG95812277699K094F4I_us-gaap_DistributionAndServicingFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DistributionAndServicingFees" xml:lang="en-US">Distribution and Service (12b-1)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DistributionAndServicingFees" xml:lang="en-US">12b-1 fees and other fees, net of waivers shown below</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DistributionAndServicingFees" xlink:to="lab_HI17034499811M216H6K_us-gaap_DistributionAndServicingFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_839743H4G541_us-gaap_OtherIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherIncome" xml:lang="en-US">Other Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherIncome" xml:lang="en-US">Other income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherIncome" xlink:to="lab_051965J6I763_us-gaap_OtherIncome"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_InvestmentManagementFeeWaiversAndReimbursements" xlink:label="loc_FG95812277699K094F4I_valu_InvestmentManagementFeeWaiversAndReimbursements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_InvestmentManagementFeeWaiversAndReimbursements" xml:lang="en-US">Investment Management Fee Waivers And Reimbursements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_InvestmentManagementFeeWaiversAndReimbursements" xml:lang="en-US">Investment management fee waivers and reimbursements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_InvestmentManagementFeeWaiversAndReimbursements" xml:lang="en-US">Represents the portion of revenue recognized on waiver of the investment management fees during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_InvestmentManagementFeeWaiversAndReimbursements" xlink:to="lab_HI17034499811M216H6K_valu_InvestmentManagementFeeWaiversAndReimbursements"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_FeeWaiverOnDistributionAndService12B1Fees" xlink:label="loc_839743H4G541_valu_FeeWaiverOnDistributionAndService12B1Fees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_FeeWaiverOnDistributionAndService12B1Fees" xml:lang="en-US">Fee Waiver On Distribution and Service12 B1 Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_valu_FeeWaiverOnDistributionAndService12B1Fees" xml:lang="en-US">12b-1 fee waivers</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_FeeWaiverOnDistributionAndService12B1Fees" xml:lang="en-US">Distribution and service fee waivers (12b-1)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_FeeWaiverOnDistributionAndService12B1Fees" xml:lang="en-US">Represents the portion of revenue recognized on waiver of all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_FeeWaiverOnDistributionAndService12B1Fees" xlink:to="lab_051965J6I763_valu_FeeWaiverOnDistributionAndService12B1Fees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:label="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xml:lang="en-US">Equity Method Investment, Summarized Financial Information, Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xml:lang="en-US">Total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xml:lang="en-US">EAM's total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xml:lang="en-US">EAM's total assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets" xlink:to="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" xlink:label="loc_839743H4G541_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" xml:lang="en-US">Equity Method Investment, Summarized Financial Information, Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" xml:lang="en-US">EAM's total liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" xml:lang="en-US">Total liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" xml:lang="en-US">EAM's total liabilities (1)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities" xlink:to="lab_051965J6I763_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:label="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xml:lang="en-US">Equity Method Investment Summarized Financial Information, Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xml:lang="en-US">Total equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xml:lang="en-US">EAM's total equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xml:lang="en-US">EAM's total equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity" xlink:to="lab_HI17034499811M216H6K_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquitySecuritiesMember" xlink:label="loc_839743H4G541_us-gaap_EquitySecuritiesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EquitySecuritiesMember" xml:lang="en-US">Equity Securities [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EquitySecuritiesMember" xml:lang="en-US">Equity Securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EquitySecuritiesMember" xlink:to="lab_051965J6I763_us-gaap_EquitySecuritiesMember"/>




<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent" xlink:label="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent" xml:lang="en-US">Increase (decrease) in gross unrealized gains on equity securities classified as available-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent" xml:lang="en-US">Other comprehensive income (loss), available-for-sale securities adjustment, before tax, portion attributable to parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent" xml:lang="en-US">Other comprehensive income (loss), available-for-sale securities adjustment, before tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent" xlink:to="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxesOnUnrealizedGainsOnSecurities" xlink:label="loc_FG95812277699K094F4I_valu_DeferredTaxesOnUnrealizedGainsOnSecurities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxesOnUnrealizedGainsOnSecurities" xml:lang="en-US">Deferred Taxes On Unrealized Gains On Securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxesOnUnrealizedGainsOnSecurities" xml:lang="en-US">Deferred taxes on unrealized gains on securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxesOnUnrealizedGainsOnSecurities" xml:lang="en-US">Represents the deferred tax on unrealized gains on securities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_DeferredTaxesOnUnrealizedGainsOnSecurities" xlink:to="lab_HI17034499811M216H6K_valu_DeferredTaxesOnUnrealizedGainsOnSecurities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:label="loc_839743H4G541_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xml:lang="en-US">Accumulated other comprehensive income, net of tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax" xlink:to="lab_051965J6I763_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AociTaxAttributableToParent" xlink:label="loc_FG95812277699K094F4I_us-gaap_AociTaxAttributableToParent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AociTaxAttributableToParent" xml:lang="en-US">AOCI Tax, Attributable to Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AociTaxAttributableToParent" xml:lang="en-US">Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Deferred Tax Expense (Benefit)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AociTaxAttributableToParent" xlink:to="lab_HI17034499811M216H6K_us-gaap_AociTaxAttributableToParent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_FairValueOfContributedCapitalAtInception" xlink:label="loc_839743H4G541_valu_FairValueOfContributedCapitalAtInception"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_FairValueOfContributedCapitalAtInception" xml:lang="en-US">Fair Value Of Contributed Capital At Inception</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_FairValueOfContributedCapitalAtInception" xml:lang="en-US">Fair value of contributed capital at inception</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_FairValueOfContributedCapitalAtInception" xml:lang="en-US">Represents the fair value of contributed capital at inception.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_FairValueOfContributedCapitalAtInception" xlink:to="lab_051965J6I763_valu_FairValueOfContributedCapitalAtInception"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount" xlink:label="loc_FG95812277699K094F4I_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount" xml:lang="en-US">Cash and Liquid Securities In Excess Of Working Capital Requirements Contributed To Capital Account</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount" xml:lang="en-US">Cash and liquid securities in excess of working capital requirements contributed to capital account</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount" xml:lang="en-US">Cash and Liquid Securities In Excess Of Working Capital Requirements Contributed To Capital Account</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount" xml:lang="en-US">Represents the cash and liquid securities in excess of working capital requirements contributed to capital account.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount" xlink:to="lab_HI17034499811M216H6K_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_PercentageOfNonVotingProfitInterest" xlink:label="loc_839743H4G541_valu_PercentageOfNonVotingProfitInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_PercentageOfNonVotingProfitInterest" xml:lang="en-US">Percentage Of Non Voting Profit Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_PercentageOfNonVotingProfitInterest" xml:lang="en-US">Non-voting profits interest ("Profits Interest")</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_PercentageOfNonVotingProfitInterest" xml:lang="en-US">Represents percentage of non-voting profits interest.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_PercentageOfNonVotingProfitInterest" xlink:to="lab_051965J6I763_valu_PercentageOfNonVotingProfitInterest"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable" xlink:label="loc_FG95812277699K094F4I_valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable" xml:lang="en-US">Accrued Non Voting Revenues And Non Voting Profits Interests Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable" xml:lang="en-US">Payable to VLI for its accrued non-voting revenues and non-voting profits interests</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable" xml:lang="en-US">Sum of the carrying values as of the balance sheet date of accrued payable non-voting revenues and non-voting profits interests.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable" xlink:to="lab_HI17034499811M216H6K_valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfVariableInterestEntitiesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfVariableInterestEntitiesTable" xml:lang="en-US">Schedule Of Variable Interest Entities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfVariableInterestEntitiesTable" xml:lang="en-US">Schedule of Variable Interest Entities [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfVariableInterestEntitiesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_VariableInterestEntityLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_VariableInterestEntityLineItems" xml:lang="en-US">Variable Interest Entity [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_VariableInterestEntityLineItems" xml:lang="en-US">Variable Interest Entity [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_VariableInterestEntityLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_VariableInterestEntityLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:label="loc_839743H4G541_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xml:lang="en-US">Variable Interest Entity, Consolidated, Carrying Amount, Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xml:lang="en-US">VIE Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:to="lab_051965J6I763_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:label="loc_FG95812277699K094F4I_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xml:lang="en-US">Variable Interest Entity, Consolidated, Carrying Amount, Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xml:lang="en-US">Liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:to="lab_HI17034499811M216H6K_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:label="loc_839743H4G541_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xml:lang="en-US">Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xml:lang="en-US">Maximum Exposure to Loss</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount" xlink:to="lab_051965J6I763_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Land" xlink:label="loc_FG95812277699K094F4I_us-gaap_Land"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_Land" xml:lang="en-US">Land</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Land" xml:lang="en-US">Land</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_Land" xlink:to="lab_HI17034499811M216H6K_us-gaap_Land"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_BuildingsAndImprovementsGross" xlink:label="loc_839743H4G541_us-gaap_BuildingsAndImprovementsGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_BuildingsAndImprovementsGross" xml:lang="en-US">Buildings and Improvements, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_BuildingsAndImprovementsGross" xml:lang="en-US">Building and leasehold improvements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_BuildingsAndImprovementsGross" xlink:to="lab_051965J6I763_us-gaap_BuildingsAndImprovementsGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FurnitureAndFixturesGross" xlink:label="loc_FG95812277699K094F4I_us-gaap_FurnitureAndFixturesGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FurnitureAndFixturesGross" xml:lang="en-US">Furniture and Fixtures, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FurnitureAndFixturesGross" xml:lang="en-US">Furniture and equipment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FurnitureAndFixturesGross" xlink:to="lab_HI17034499811M216H6K_us-gaap_FurnitureAndFixturesGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="loc_839743H4G541_us-gaap_PropertyPlantAndEquipmentGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property, Plant and Equipment, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property, Plant and Equipment, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentGross" xml:lang="en-US">Property, plant and equipment, gross</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PropertyPlantAndEquipmentGross" xlink:to="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentGross"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="loc_FG95812277699K094F4I_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Accumulated depreciation and amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xml:lang="en-US">Accumulated depreciation and amortization</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="lab_HI17034499811M216H6K_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="loc_839743H4G541_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Current Income Tax Expense (Benefit), Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Current tax expense (benefit):</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_051965J6I763_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentFederalTaxExpenseBenefit" xlink:label="loc_FG95812277699K094F4I_us-gaap_CurrentFederalTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CurrentFederalTaxExpenseBenefit" xml:lang="en-US">Current Federal Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CurrentFederalTaxExpenseBenefit" xml:lang="en-US">Federal</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CurrentFederalTaxExpenseBenefit" xlink:to="lab_HI17034499811M216H6K_us-gaap_CurrentFederalTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:label="loc_839743H4G541_us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xml:lang="en-US">Current State and Local Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xml:lang="en-US">State and local</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CurrentStateAndLocalTaxExpenseBenefit" xlink:to="lab_051965J6I763_us-gaap_CurrentStateAndLocalTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="loc_FG95812277699K094F4I_us-gaap_CurrentIncomeTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US">Current Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US">Current Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CurrentIncomeTaxExpenseBenefit" xml:lang="en-US">Current tax expense (benefit)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="lab_HI17034499811M216H6K_us-gaap_CurrentIncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="loc_839743H4G541_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Deferred Income Tax Expense (Benefit), Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xml:lang="en-US">Deferred tax expense (benefit):</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="lab_051965J6I763_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:label="loc_FG95812277699K094F4I_us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred Federal Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xml:lang="en-US">Federal</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DeferredFederalIncomeTaxExpenseBenefit" xlink:to="lab_HI17034499811M216H6K_us-gaap_DeferredFederalIncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:label="loc_839743H4G541_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xml:lang="en-US">Deferred State and Local Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xml:lang="en-US">State and local</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit" xlink:to="lab_051965J6I763_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxAssetsAndLiabilitiesTable" xlink:label="loc_FG95812277699K094F4I_valu_DeferredTaxAssetsAndLiabilitiesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsAndLiabilitiesTable" xml:lang="en-US">Deferred Tax Assets and Liabilities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsAndLiabilitiesTable" xml:lang="en-US">Deferred Tax Assets and Liabilities [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsAndLiabilitiesTable" xml:lang="en-US">Represents the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_DeferredTaxAssetsAndLiabilitiesTable" xlink:to="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsAndLiabilitiesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxAuthorityAxis" xlink:label="loc_839743H4G541_us-gaap_IncomeTaxAuthorityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeTaxAuthorityAxis" xml:lang="en-US">Income Tax Authority [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncomeTaxAuthorityAxis" xml:lang="en-US">Income Tax Authority [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeTaxAuthorityAxis" xlink:to="lab_051965J6I763_us-gaap_IncomeTaxAuthorityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxAuthorityDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncomeTaxAuthorityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxAuthorityDomain" xml:lang="en-US">Income Tax Authority [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxAuthorityDomain" xml:lang="en-US">Income Tax Authority [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncomeTaxAuthorityDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncomeTaxAuthorityDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DomesticCountryMember" xlink:label="loc_839743H4G541_us-gaap_DomesticCountryMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DomesticCountryMember" xml:lang="en-US">Federal Tax Benefit (Liability)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DomesticCountryMember" xml:lang="en-US">Federal tax benefit (liability)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DomesticCountryMember" xlink:to="lab_051965J6I763_us-gaap_DomesticCountryMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StateAndLocalJurisdictionMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_StateAndLocalJurisdictionMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StateAndLocalJurisdictionMember" xml:lang="en-US">State and Local Tax Liability (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StateAndLocalJurisdictionMember" xml:lang="en-US">State and local tax liabilities (benefits)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StateAndLocalJurisdictionMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_StateAndLocalJurisdictionMember"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxAssetsAndLiabilitiesLineItems" xlink:label="loc_839743H4G541_valu_DeferredTaxAssetsAndLiabilitiesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsAndLiabilitiesLineItems" xml:lang="en-US">Deferred Tax Assets and Liabilities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsAndLiabilitiesLineItems" xml:lang="en-US">Deferred Tax Assets and Liabilities [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsAndLiabilitiesLineItems" xml:lang="en-US">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_DeferredTaxAssetsAndLiabilitiesLineItems" xlink:to="lab_051965J6I763_valu_DeferredTaxAssetsAndLiabilitiesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities" xlink:label="loc_FG95812277699K094F4I_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities" xml:lang="en-US">Deferred Tax Liabilities, Unrealized Gains on Trading Securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities" xml:lang="en-US">Unrealized gains on securities available-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities" xml:lang="en-US">Unrealized gains on securities held for sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities" xml:lang="en-US">Unrealized gains on securities available-for-sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities" xlink:to="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent" xlink:label="loc_839743H4G541_valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent" xml:lang="en-US">Deferred Tax Assets, Operating Lease Exit Obligation, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent" xml:lang="en-US">Operating lease exit obligation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent" xml:lang="en-US">Represents current potion of deferred tax assets operating lease exit obligation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent" xlink:to="lab_051965J6I763_valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent" xlink:label="loc_FG95812277699K094F4I_valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent" xml:lang="en-US">Deferred Tax Assets, Deferred Professional Fees, Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent" xml:lang="en-US">Deferred professional fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent" xml:lang="en-US">Amount deferred tax asset attributable to deductible temporary differences from deferred professional fees, expected to be realized or consumed within one year or operating cycle, if longer.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent" xlink:to="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxAssetsDeferredChargesCurrent" xlink:label="loc_839743H4G541_valu_DeferredTaxAssetsDeferredChargesCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsDeferredChargesCurrent" xml:lang="en-US">Deferred Tax Assets Deferred Charges Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsDeferredChargesCurrent" xml:lang="en-US">Deferred charges</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsDeferredChargesCurrent" xml:lang="en-US">Amount deferred tax asset attributable to deductible temporary differences from deferred charges, expected to be realized or consumed within one year or operating cycle, if longer.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_DeferredTaxAssetsDeferredChargesCurrent" xlink:to="lab_051965J6I763_valu_DeferredTaxAssetsDeferredChargesCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxAssetsOther" xlink:label="loc_FG95812277699K094F4I_us-gaap_DeferredTaxAssetsOther"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxAssetsOther" xml:lang="en-US">Deferred Tax Assets, Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxAssetsOther" xml:lang="en-US">Other - deferred charges</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxAssetsOther" xml:lang="en-US">Other</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DeferredTaxAssetsOther" xlink:to="lab_HI17034499811M216H6K_us-gaap_DeferredTaxAssetsOther"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" xlink:label="loc_839743H4G541_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" xml:lang="en-US">Deferred Tax Liabilities Deferred Gain On Deconsolidation Of Subsidiary Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" xml:lang="en-US">Gain from deconsolidation of the company's asset management and mutual fund distribution subsidiaries</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" xml:lang="en-US">Deferred gain on deconsolidation of EAM</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" xml:lang="en-US">Amount of deferred tax liability attributable to taxable temporary differences from deferred gain on deconsolidation of subsidiary, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" xml:lang="en-US">Deferred gain on deconsolidation of EAM</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent" xlink:to="lab_051965J6I763_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" xlink:label="loc_FG95812277699K094F4I_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" xml:lang="en-US">Deferred Tax Assets Deferred Non Cash Postemployment Compensation Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" xml:lang="en-US">Deferred non-cash postemployment compensation granted to VLI's former employee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" xml:lang="en-US">Deferred non-cash post-employment compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/negativeVerboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" xml:lang="en-US">Deferred non-cash postemployment compensation granted to VLI's former employee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" xml:lang="en-US">Amount of deferred tax asset attributable to deductible temporary differences from deferred non-cash postemployment compensation, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" xml:lang="en-US">Deferred non-cash post-employment compensation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent" xlink:to="lab_HI17034499811M216H6K_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent" xlink:label="loc_839743H4G541_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent" xml:lang="en-US">Deferred Tax (Assets) Liabilities, Depreciation and Amortization, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent" xml:lang="en-US">Depreciation and amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent" xml:lang="en-US">Amount of deferred tax (asset) liability attributable to deductible temporary differences from depreciation and amortization, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent" xml:lang="en-US">Depreciation and amortization</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent" xlink:to="lab_051965J6I763_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredTaxLiabilitiesOther" xlink:label="loc_FG95812277699K094F4I_us-gaap_DeferredTaxLiabilitiesOther"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesOther" xml:lang="en-US">Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesOther" xml:lang="en-US">Other</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesOther" xml:lang="en-US">Other</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DeferredTaxLiabilitiesOther" xlink:to="lab_HI17034499811M216H6K_us-gaap_DeferredTaxLiabilitiesOther"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent" xlink:label="loc_839743H4G541_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent" xml:lang="en-US">Deferred Tax Assets, Deferred Professional Fees, Noncurrent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent" xml:lang="en-US">Deferred professional fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent" xml:lang="en-US">Amount deferred tax asset attributable to deductible temporary differences from deferred professional fees, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent" xml:lang="en-US">Deferred professional fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent" xlink:to="lab_051965J6I763_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xml:lang="en-US">Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xml:lang="en-US">Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="loc_839743H4G541_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xml:lang="en-US">U.S. Statutory Federal Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xml:lang="en-US">U.S. statutory federal rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_IncreaseDecreaseInTaxRateAbstract" xlink:label="loc_FG95812277699K094F4I_valu_IncreaseDecreaseInTaxRateAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_IncreaseDecreaseInTaxRateAbstract" xml:lang="en-US">Increase (Decrease) In Tax Rate [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_IncreaseDecreaseInTaxRateAbstract" xml:lang="en-US">Increase (decrease) in tax rate from:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_IncreaseDecreaseInTaxRateAbstract" xlink:to="lab_HI17034499811M216H6K_valu_IncreaseDecreaseInTaxRateAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:label="loc_839743H4G541_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xml:lang="en-US">State and Local Income Taxes, Net Of Federal Income Tax Benefit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xml:lang="en-US">State and local income taxes, net of federal income tax benefit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes" xlink:to="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends" xlink:label="loc_FG95812277699K094F4I_us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends" xml:lang="en-US">Effect Of Dividends Received Deductions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends" xml:lang="en-US">Effect of dividends received deductions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends" xlink:to="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends"/>





<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic" xlink:label="loc_FG95812277699K094F4I_us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic" xml:lang="en-US">Effective Income Tax Rate Reconciliation, Tax Settlement, Domestic, Percent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic" xml:lang="en-US">Domestic production tax credit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic" xlink:to="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:label="loc_839743H4G541_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xml:lang="en-US">Other, Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xml:lang="en-US">Other, net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments" xlink:to="lab_051965J6I763_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="loc_FG95812277699K094F4I_us-gaap_EffectiveIncomeTaxRateContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xml:lang="en-US">Effective Income Tax Rate, Continuing Operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xml:lang="en-US">Effective income tax rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xml:lang="en-US">Effective income tax rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="lab_HI17034499811M216H6K_us-gaap_EffectiveIncomeTaxRateContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution" xlink:label="loc_839743H4G541_us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution" xml:lang="en-US">Deferred Compensation Arrangement With Individual, Employer Contribution</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution" xml:lang="en-US">Estimated profit sharing plan contribution included in salaries and employee benefits</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution" xlink:to="lab_051965J6I763_us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="loc_FG95812277699K094F4I_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US">Operating Leases, Future Minimum Payments Due, Next Twelve Months</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xml:lang="en-US">2016</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="loc_839743H4G541_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due in Two Years</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xml:lang="en-US">2017</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="lab_051965J6I763_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="loc_FG95812277699K094F4I_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xml:lang="en-US">Operating Leases, Future Minimum Payments, Due Thereafter</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xml:lang="en-US">2018 and thereafter</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:to="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="loc_839743H4G541_us-gaap_OperatingLeasesFutureMinimumPaymentsDue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xml:lang="en-US">Operating Leases, Future Minimum Payments Due, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xml:lang="en-US">Operating leases sublease, total</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="lab_051965J6I763_us-gaap_OperatingLeasesFutureMinimumPaymentsDue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfOperatingLeasedAssetsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xml:lang="en-US">Schedule Of Operating Leased Assets [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xml:lang="en-US">Schedule of Operating Leased Assets [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfOperatingLeasedAssetsTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfOperatingLeasedAssetsTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseArrangementTypeAxis" xlink:label="loc_839743H4G541_us-gaap_LeaseArrangementTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LeaseArrangementTypeAxis" xml:lang="en-US">Lease Arrangement, Type [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_LeaseArrangementTypeAxis" xml:lang="en-US">Parties to Contractual Arrangement [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LeaseArrangementTypeAxis" xlink:to="lab_051965J6I763_us-gaap_LeaseArrangementTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseArrangementTypeDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_LeaseArrangementTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LeaseArrangementTypeDomain" xml:lang="en-US">Lease Arrangement, Type [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LeaseArrangementTypeDomain" xml:lang="en-US">Parties to Contractual Arrangement [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LeaseArrangementTypeDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_LeaseArrangementTypeDomain"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_CitiBankMember" xlink:label="loc_839743H4G541_valu_CitiBankMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_CitiBankMember" xml:lang="en-US">Citi Bank [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_CitiBankMember" xml:lang="en-US">Citibank, N.A. (the "Sublandlord")</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_CitiBankMember" xml:lang="en-US">Represents name of the party to a contractual arrangement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_CitiBankMember" xlink:to="lab_051965J6I763_valu_CitiBankMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasedAssetsLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_OperatingLeasedAssetsLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingLeasedAssetsLineItems" xml:lang="en-US">Operating Leased Assets [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingLeasedAssetsLineItems" xml:lang="en-US">Operating Leased Assets [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OperatingLeasedAssetsLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_OperatingLeasedAssetsLineItems"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_AreaOfLandForLease" xlink:label="loc_839743H4G541_valu_AreaOfLandForLease"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_AreaOfLandForLease" xml:lang="en-US">Area Of Land For Lease</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_AreaOfLandForLease" xml:lang="en-US">Area of land for lease</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_AreaOfLandForLease" xml:lang="en-US">Represents area of land for lease.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_AreaOfLandForLease" xlink:to="lab_051965J6I763_valu_AreaOfLandForLease"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingLeasesIncomeStatementSubleaseRevenue" xlink:label="loc_FG95812277699K094F4I_us-gaap_OperatingLeasesIncomeStatementSubleaseRevenue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesIncomeStatementSubleaseRevenue" xml:lang="en-US">Operating Leases, Income Statement, Sublease Revenue</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesIncomeStatementSubleaseRevenue" xml:lang="en-US">Base rent under the sublease agreement per annum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OperatingLeasesIncomeStatementSubleaseRevenue" xlink:to="lab_HI17034499811M216H6K_us-gaap_OperatingLeasesIncomeStatementSubleaseRevenue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecurityDeposit" xlink:label="loc_839743H4G541_us-gaap_SecurityDeposit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SecurityDeposit" xml:lang="en-US">Security Deposit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_SecurityDeposit" xml:lang="en-US">Security deposit in cash</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SecurityDeposit" xlink:to="lab_051965J6I763_us-gaap_SecurityDeposit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="loc_FG95812277699K094F4I_us-gaap_LeaseAndRentalExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LeaseAndRentalExpense" xml:lang="en-US">Operating Leases, Rent Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LeaseAndRentalExpense" xml:lang="en-US">Rental expenses</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LeaseAndRentalExpense" xlink:to="lab_HI17034499811M216H6K_us-gaap_LeaseAndRentalExpense"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_AdditionalShortTermOverlappingRentExpense" xlink:label="loc_839743H4G541_valu_AdditionalShortTermOverlappingRentExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_AdditionalShortTermOverlappingRentExpense" xml:lang="en-US">Additional Short Term Overlapping Rent Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_AdditionalShortTermOverlappingRentExpense" xml:lang="en-US">Additional short term overlapping rent expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_AdditionalShortTermOverlappingRentExpense" xml:lang="en-US">Represents the amount of additional short term overlapping rent expense during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_AdditionalShortTermOverlappingRentExpense" xlink:to="lab_051965J6I763_valu_AdditionalShortTermOverlappingRentExpense"/>





<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_OperatingLeaseFutureMinimumSubleaseRental" xlink:label="loc_839743H4G541_valu_OperatingLeaseFutureMinimumSubleaseRental"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_OperatingLeaseFutureMinimumSubleaseRental" xml:lang="en-US">Operating Lease Future Minimum Sublease Rental</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_OperatingLeaseFutureMinimumSubleaseRental" xml:lang="en-US">Lease received</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_OperatingLeaseFutureMinimumSubleaseRental" xml:lang="en-US">Represents operating lease future minimum sublease rental.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_OperatingLeaseFutureMinimumSubleaseRental" xlink:to="lab_051965J6I763_valu_OperatingLeaseFutureMinimumSubleaseRental"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax" xlink:label="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax" xml:lang="en-US">Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) On Securities Arising During Period, Before Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax" xml:lang="en-US">Change in unrealized gains on securities during the period, before tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax" xlink:to="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:label="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xml:lang="en-US">Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) on Securities Arising During Period, Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xml:lang="en-US">Change in unrealized gains on securities during the period, tax expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xml:lang="en-US">Change in unrealized gains on securities during the period, tax (expense)/(benefit)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax" xlink:to="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:label="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Other Comprehensive Income (Loss), Unrealized Holding Gain (Loss) On Securities Arising During Period, Net Of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Change in unrealized gains on securities during the period, net of tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xml:lang="en-US">Change in unrealized gains on securities during the period, net of tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax" xlink:to="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax" xlink:label="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax" xml:lang="en-US">Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, before Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax" xml:lang="en-US">Less: Gains losses realized in net income, before tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax" xml:lang="en-US">Add /Less: Gains losses realized in net income, before tax</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax" xlink:to="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:label="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xml:lang="en-US">Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xml:lang="en-US">Add/Less: Gains losses realized in net income, tax expense/benefit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xml:lang="en-US">Adjustments for losses realized in net income, tax expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xml:lang="en-US">Less: Gains losses realized in net income, tax (expense)/(benefit)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax" xlink:to="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:label="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xml:lang="en-US">Other Comprehensive Income (Loss), Reclassification Adjustment from AOCI for Sale of Securities, Net of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xml:lang="en-US">Gains realized in net income amount, net of tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xml:lang="en-US">Adjustments for losses realized in net income, tax expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xml:lang="en-US">Less: Gains realized in net income amount, net of tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xml:lang="en-US">Add/Less: Gains losses realized in net income, tax expense/benefit</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax" xlink:to="lab_051965J6I763_us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent" xlink:label="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent" xml:lang="en-US">Other Comprehensive Income (Loss), Available-for-sale Securities, Tax, Portion Attributable to Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent" xml:lang="en-US">Other Comprehensive Income (Loss), Available-for-sale Securities, Tax Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent" xml:lang="en-US">Other comprehensive income (loss), available-for-sale securities, tax (expense)/(benefit)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent" xlink:to="lab_HI17034499811M216H6K_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalizedComputerSoftwareAdditions" xlink:label="loc_839743H4G541_us-gaap_CapitalizedComputerSoftwareAdditions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CapitalizedComputerSoftwareAdditions" xml:lang="en-US">Capitalized Computer Software, Additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CapitalizedComputerSoftwareAdditions" xml:lang="en-US">Capitalized cost of development of software for internal use</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CapitalizedComputerSoftwareAdditions" xlink:to="lab_051965J6I763_us-gaap_CapitalizedComputerSoftwareAdditions"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_CapitalizedSoftwareDevelopmentCostsForProject" xlink:label="loc_FG95812277699K094F4I_valu_CapitalizedSoftwareDevelopmentCostsForProject"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_CapitalizedSoftwareDevelopmentCostsForProject" xml:lang="en-US">Capitalized Software Development Costs For Project</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_CapitalizedSoftwareDevelopmentCostsForProject" xml:lang="en-US">Development costs for the digital production software project</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_CapitalizedSoftwareDevelopmentCostsForProject" xml:lang="en-US">Represents the capitalized development cost for project during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_CapitalizedSoftwareDevelopmentCostsForProject" xlink:to="lab_HI17034499811M216H6K_valu_CapitalizedSoftwareDevelopmentCostsForProject"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_CapitalizedSoftwareDevelopmentCostsForNewSystems" xlink:label="loc_839743H4G541_valu_CapitalizedSoftwareDevelopmentCostsForNewSystems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_CapitalizedSoftwareDevelopmentCostsForNewSystems" xml:lang="en-US">Capitalized Software Development Costs For New Systems</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_CapitalizedSoftwareDevelopmentCostsForNewSystems" xml:lang="en-US">Development costs related to a new fulfillment system</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_CapitalizedSoftwareDevelopmentCostsForNewSystems" xml:lang="en-US">Represents the capitalized development cost for new system during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_CapitalizedSoftwareDevelopmentCostsForNewSystems" xlink:to="lab_051965J6I763_valu_CapitalizedSoftwareDevelopmentCostsForNewSystems"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_InternalCostsToDevelopSoftware" xlink:label="loc_FG95812277699K094F4I_valu_InternalCostsToDevelopSoftware"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_InternalCostsToDevelopSoftware" xml:lang="en-US">Internal Costs To Develop Software</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_InternalCostsToDevelopSoftware" xml:lang="en-US">Internal costs to develop software</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_InternalCostsToDevelopSoftware" xml:lang="en-US">Represents the internal costs to develop software.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_InternalCostsToDevelopSoftware" xlink:to="lab_HI17034499811M216H6K_valu_InternalCostsToDevelopSoftware"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_ThirdPartyProgrammersCosts" xlink:label="loc_839743H4G541_valu_ThirdPartyProgrammersCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_ThirdPartyProgrammersCosts" xml:lang="en-US">Third Party Programmers Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_ThirdPartyProgrammersCosts" xml:lang="en-US">Third party programmers' costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_ThirdPartyProgrammersCosts" xml:lang="en-US">Represents the third party programmer costs.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_ThirdPartyProgrammersCosts" xlink:to="lab_051965J6I763_valu_ThirdPartyProgrammersCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:label="loc_FG95812277699K094F4I_us-gaap_FiniteLivedIntangibleAssetUsefulLife"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FiniteLivedIntangibleAssetUsefulLife" xml:lang="en-US">Finite-Lived Intangible Asset, Useful Life</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FiniteLivedIntangibleAssetUsefulLife" xml:lang="en-US">Expected useful life of the asset</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FiniteLivedIntangibleAssetUsefulLife" xlink:to="lab_HI17034499811M216H6K_us-gaap_FiniteLivedIntangibleAssetUsefulLife"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CapitalizedComputerSoftwareAmortization" xlink:label="loc_839743H4G541_us-gaap_CapitalizedComputerSoftwareAmortization"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CapitalizedComputerSoftwareAmortization" xml:lang="en-US">Capitalized Computer Software, Amortization</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CapitalizedComputerSoftwareAmortization" xml:lang="en-US">Amortization expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CapitalizedComputerSoftwareAmortization" xlink:to="lab_051965J6I763_us-gaap_CapitalizedComputerSoftwareAmortization"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_AcceleratedWriteOffOfObsoleteSoftware" xlink:label="loc_FG95812277699K094F4I_valu_AcceleratedWriteOffOfObsoleteSoftware"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_AcceleratedWriteOffOfObsoleteSoftware" xml:lang="en-US">Accelerated Write Off Of Obsolete Software</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_AcceleratedWriteOffOfObsoleteSoftware" xml:lang="en-US">Accelerated write off of obsolete software</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_AcceleratedWriteOffOfObsoleteSoftware" xml:lang="en-US">Represents the amount related to accelerated write off of obsolete software.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_AcceleratedWriteOffOfObsoleteSoftware" xlink:to="lab_HI17034499811M216H6K_valu_AcceleratedWriteOffOfObsoleteSoftware"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_TreasuryStockAtCostRollForward" xlink:label="loc_839743H4G541_valu_TreasuryStockAtCostRollForward"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_TreasuryStockAtCostRollForward" xml:lang="en-US">Treasury Stock At Cost [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_TreasuryStockAtCostRollForward" xml:lang="en-US">Treasury Stock At Cost [Roll Forward]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_TreasuryStockAtCostRollForward" xml:lang="en-US">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_TreasuryStockAtCostRollForward" xlink:to="lab_051965J6I763_valu_TreasuryStockAtCostRollForward"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_TreasuryStockAverageCostPerShare" xlink:label="loc_FG95812277699K094F4I_valu_TreasuryStockAverageCostPerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_TreasuryStockAverageCostPerShare" xml:lang="en-US">Treasury Stock Average Cost Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_valu_TreasuryStockAverageCostPerShare" xml:lang="en-US">Average Cost per Share, Beginning Balance (in dollars per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_valu_TreasuryStockAverageCostPerShare" xml:lang="en-US">Average Cost per Share, Ending Balance (in dollars per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_TreasuryStockAverageCostPerShare" xml:lang="en-US">Represents the average cost per share.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_TreasuryStockAverageCostPerShare" xlink:to="lab_HI17034499811M216H6K_valu_TreasuryStockAverageCostPerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:label="loc_839743H4G541_us-gaap_TreasuryStockAcquiredAverageCostPerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xml:lang="en-US">Treasury Stock Acquired, Average Cost Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xml:lang="en-US">Average cost per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_TreasuryStockAcquiredAverageCostPerShare" xlink:to="lab_051965J6I763_us-gaap_TreasuryStockAcquiredAverageCostPerShare"/>






<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:label="loc_839743H4G541_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xml:lang="en-US">Stock Repurchase Program, Remaining Authorized Repurchase Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xml:lang="en-US">Aggregate purchase price remaining under the program</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1" xlink:to="lab_051965J6I763_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ClassOfTreasuryStockTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_ClassOfTreasuryStockTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ClassOfTreasuryStockTable" xml:lang="en-US">Class Of Treasury Stock [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ClassOfTreasuryStockTable" xml:lang="en-US">Class of Treasury Stock [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ClassOfTreasuryStockTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_ClassOfTreasuryStockTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareRepurchaseProgramAxis" xlink:label="loc_839743H4G541_us-gaap_ShareRepurchaseProgramAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ShareRepurchaseProgramAxis" xml:lang="en-US">Share Repurchase Program [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ShareRepurchaseProgramAxis" xlink:to="lab_051965J6I763_us-gaap_ShareRepurchaseProgramAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareRepurchaseProgramDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_ShareRepurchaseProgramDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareRepurchaseProgramDomain" xml:lang="en-US">Share Repurchase Program [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ShareRepurchaseProgramDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_ShareRepurchaseProgramDomain"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_September2012ShareRepurchaseProgramMember" xlink:label="loc_839743H4G541_valu_September2012ShareRepurchaseProgramMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_September2012ShareRepurchaseProgramMember" xml:lang="en-US">September 2012 Share Repurchase Program [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_September2012ShareRepurchaseProgramMember" xml:lang="en-US">September 2012 Share Repurchase Program</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_September2012ShareRepurchaseProgramMember" xml:lang="en-US">New share repurchase program approved by company's board of directors on September 19, 2012.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_September2012ShareRepurchaseProgramMember" xlink:to="lab_051965J6I763_valu_September2012ShareRepurchaseProgramMember"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_January2011ShareRepurchaseProgramMember" xlink:label="loc_FG95812277699K094F4I_valu_January2011ShareRepurchaseProgramMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_January2011ShareRepurchaseProgramMember" xml:lang="en-US">January 2011 Share Repurchase Program [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_January2011ShareRepurchaseProgramMember" xml:lang="en-US">January 2011 Share Repurchase Program</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_January2011ShareRepurchaseProgramMember" xml:lang="en-US">Share repurchase program approved by company's board of directors on January 20, 2012.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_January2011ShareRepurchaseProgramMember" xlink:to="lab_HI17034499811M216H6K_valu_January2011ShareRepurchaseProgramMember"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_FormerRepurchaseProgramMember" xlink:label="loc_839743H4G541_valu_FormerRepurchaseProgramMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_FormerRepurchaseProgramMember" xml:lang="en-US">Former Repurchase Program [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_FormerRepurchaseProgramMember" xml:lang="en-US">Former Repurchase Program</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_FormerRepurchaseProgramMember" xml:lang="en-US">Former repurchase program approved by company's board of directors.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_FormerRepurchaseProgramMember" xlink:to="lab_051965J6I763_valu_FormerRepurchaseProgramMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityClassOfTreasuryStockLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_EquityClassOfTreasuryStockLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityClassOfTreasuryStockLineItems" xml:lang="en-US">Equity, Class Of Treasury Stock [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityClassOfTreasuryStockLineItems" xml:lang="en-US">Equity, Class of Treasury Stock [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EquityClassOfTreasuryStockLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_EquityClassOfTreasuryStockLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:label="loc_839743H4G541_us-gaap_StockRepurchaseProgramAuthorizedAmount1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xml:lang="en-US">Stock Repurchase Program, Authorized Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xml:lang="en-US">Authorized repurchase amount of common stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockRepurchaseProgramAuthorizedAmount1" xlink:to="lab_051965J6I763_us-gaap_StockRepurchaseProgramAuthorizedAmount1"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_PercentageOfCopyrightDataFees" xlink:label="loc_FG95812277699K094F4I_valu_PercentageOfCopyrightDataFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfCopyrightDataFees" xml:lang="en-US">Percentage Of Copyright Data Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfCopyrightDataFees" xml:lang="en-US">Percentage of copyright data fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_PercentageOfCopyrightDataFees" xml:lang="en-US">Represents the percentage of copyright data fees during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_PercentageOfCopyrightDataFees" xlink:to="lab_HI17034499811M216H6K_valu_PercentageOfCopyrightDataFees"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_NumberOfContractsForCopyrightData" xlink:label="loc_839743H4G541_valu_NumberOfContractsForCopyrightData"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_NumberOfContractsForCopyrightData" xml:lang="en-US">Number Of Contracts For Copyright Data</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_NumberOfContractsForCopyrightData" xml:lang="en-US">Number of contracts for copyright data</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_NumberOfContractsForCopyrightData" xml:lang="en-US">This element represents number of contracts for copyright data.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_NumberOfContractsForCopyrightData" xlink:to="lab_051965J6I763_valu_NumberOfContractsForCopyrightData"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_ThirdPartySponsoredAssetsForCopyrightData" xlink:label="loc_FG95812277699K094F4I_valu_ThirdPartySponsoredAssetsForCopyrightData"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_valu_ThirdPartySponsoredAssetsForCopyrightData" xml:lang="en-US">Third Party Sponsored Assets For Copyright Data</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_valu_ThirdPartySponsoredAssetsForCopyrightData" xml:lang="en-US">Third party sponsored assets for copyright data</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_valu_ThirdPartySponsoredAssetsForCopyrightData" xml:lang="en-US">This element represents amount of third party sponsored assets for copyright data.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_valu_ThirdPartySponsoredAssetsForCopyrightData" xlink:to="lab_HI17034499811M216H6K_valu_ThirdPartySponsoredAssetsForCopyrightData"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading" xlink:label="loc_839743H4G541_valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading" xml:lang="en-US">Number Of New Exchange Traded Funds Subject To Contract Began Trading</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading" xml:lang="en-US">Number of new ETFs subject to contract began trading in March 2015</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading" xml:lang="en-US">Represents the number of new exchange traded funds subject to contract began trading.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading" xlink:to="lab_051965J6I763_valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRestructuringAndRelatedCostsTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfRestructuringAndRelatedCostsTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfRestructuringAndRelatedCostsTable" xml:lang="en-US">Schedule of Restructuring and Related Costs [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfRestructuringAndRelatedCostsTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfRestructuringAndRelatedCostsTable"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_FundAxis" xlink:label="loc_839743H4G541_valu_FundAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_valu_FundAxis" xml:lang="en-US">Fund [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_FundAxis" xml:lang="en-US">Represents fund.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_valu_FundAxis" xlink:to="lab_051965J6I763_valu_FundAxis"/>
<loc xlink:type="locator" xlink:href="valu-20150430.xsd#valu_FundDomain" xlink:label="loc_FG95812277699K094F4I_valu_FundDomain"/>
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<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_valu_ValueLineFundsMember" xml:lang="en-US">Represents open-end management companies registered under the Investment Company Act of 1940 (the "1940 Act").</label>
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<label xlink:type="resource" xlink:label="lab_valu_IncomeTaxReconciliationWriteoffOfGoodwill" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Income Tax Reconciliation Writeoff Of Goodwill</label>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>13
<FILENAME>valu-20150430_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790218560816">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions - Income from its non-voting revenues interest and its non-voting profits interests in EAM (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingRevenuesInterestInUnconsolidatedEntity', window );">Non-voting revenues interest in EAM</a></td>
<td class="nump">$ 7,346<span></span>
</td>
<td class="nump">$ 6,767<span></span>
</td>
<td class="nump">$ 5,781<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingProfitsInterestInUnconsolidatedEntity', window );">Non-voting profits interest in EAM</a></td>
<td class="nump">624<span></span>
</td>
<td class="nump">732<span></span>
</td>
<td class="nump">479<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity', window );">Revenues and profits interests in EAM Trust</a></td>
<td class="nump">$ 7,970<span></span>
</td>
<td class="nump">$ 7,499<span></span>
</td>
<td class="nump">$ 6,260<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingProfitsInterestInUnconsolidatedEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the income received against non voting profits in unconsolidated entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingProfitsInterestInUnconsolidatedEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingRevenuesInterestInUnconsolidatedEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the income received against non voting revenues in unconsolidated entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingRevenuesInterestInUnconsolidatedEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the revenues and profits distribution from unconsolidated entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
</div>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R54.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148603776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employees' Profit Sharing and Savings Plan (Detail Textuals) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CompensationRelatedCostsAbstract', window );"><strong>Compensation Related Costs [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution', window );">Estimated profit sharing plan contribution included in salaries and employee benefits</a></td>
<td class="nump">$ 422,000<span></span>
</td>
<td class="nump">$ 373,000<span></span>
</td>
<td class="nump">$ 240,000<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CompensationRelatedCostsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CompensationRelatedCostsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of payment into the fund established for purposes of making future disbursements to the individual in accordance with the terms and understanding of the deferred compensation arrangement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredCompensationArrangementWithIndividualEmployerContribution</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
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</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>R48.htm
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790212628992">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Variable Interest Entity (Detail textuals)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingProfitsInterestPercent', window );">Non-voting profits interest in EAM</a></td>
<td class="nump">50.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityLineItems</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of non-voting profits interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<td><strong> Name:</strong></td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790215860288">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Lease Commitments - Future minimum payments under operating lease (Details)<br> $ in Thousands</strong></div></th>
<th class="th">
<div>Apr. 30, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent', window );">2016</a></td>
<td class="nump">$ 1,468<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears', window );">2017</a></td>
<td class="nump">$ 1,224<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter', window );">2018 and thereafter</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue', window );">Operating leases sublease, total</a></td>
<td class="nump">$ 2,692<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for leases having an initial or remaining non-cancelable letter-terms in excess of one year.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 40<br><br><br><br> -Subparagraph (Note 3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDue</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the next fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 40<br><br><br><br> -Subparagraph (Note 3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due in the second fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 40<br><br><br><br> -Subparagraph (Note 3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of required minimum rental payments for operating leases having an initial or remaining non-cancelable lease term in excess of one year due after the fifth fiscal year following the latest fiscal year. Excludes interim and annual periods when interim periods are reported on a rolling approach, from latest balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 40<br><br><br><br> -Subparagraph (Note 3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584154&amp;loc=d3e38371-112697<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
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<html>
<head>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148410640">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Investments - Equity Method Investment (Detail Textuals 1) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investment in EAM Trust</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 58,048,000<span></span>
</td>
<td class="nump">$ 57,850,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investment in EAM Trust</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">58,048,000<span></span>
</td>
<td class="nump">57,850,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_FairValueOfContributedCapitalAtInception', window );">Fair value of contributed capital at inception</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">55,805,000<span></span>
</td>
<td class="nump">55,805,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount', window );">Cash and liquid securities in excess of working capital requirements contributed to capital account</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 5,820,000<span></span>
</td>
<td class="nump">$ 5,820,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PercentageOfNonVotingProfitInterest', window );">Non-voting profits interest ("Profits Interest")</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable', window );">Payable to VLI for its accrued non-voting revenues and non-voting profits interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 1,951,000<span></span>
</td>
<td class="nump">$ 1,887,000<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Reported within Long Term Assets on Consolidated Balance Sheets.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of accrued payable non-voting revenues and non-voting profits interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_AccruedNonVotingRevenuesAndNonVotingProfitsInterestsPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the cash and liquid securities in excess of working capital requirements contributed to capital account.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_CashAndLiquidSecuritiesInExcessOfWorkingCapitalRequirementsContributedToCapitalAccount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_FairValueOfContributedCapitalAtInception">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the fair value of contributed capital at inception.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_FairValueOfContributedCapitalAtInception</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_PercentageOfNonVotingProfitInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of non-voting profits interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_PercentageOfNonVotingProfitInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Lease Commitments (Tables)<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of future minimum payments required in the aggregate and for each of the five succeeding fiscal years for operating leases having initial or remaining noncancelable lease terms in excess of one year and the total minimum rentals to be received in the future under noncancelable subleases as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6453985&amp;loc=d3e41502-112717<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790222279280">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Comprehensive Income - Components of comprehensive income that are included in Consolidated Statement of Changes in Shareholders' Equity (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
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<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_ComprehensiveIncomeLossNoteAbstract', window );"><strong>Comprehensive Income (Loss) Note [Abstract]</strong></a></td>
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<td class="nump">166<span></span>
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<td class="nump">57<span></span>
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<td class="num">(20)<span></span>
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<td class="nump">13<span></span>
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<td class="num">(217)<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent', window );">Other comprehensive income (loss), available-for-sale securities, tax (expense)/(benefit)</a></td>
<td class="nump">76<span></span>
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<td class="nump">3<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax, after reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit), after reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesTaxPortionAttributableToParent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e689-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e689-108580<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e640-108580<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax and reclassification adjustments of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10A<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669646-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax, before reclassification adjustments, of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10A<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669646-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) before reclassification adjustments of unrealized holding gain (loss) on available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e640-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10A<br><br><br><br> -Subparagraph (e,f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669646-108580<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148411120">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and Summary of Significant Accounting Policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation Of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UseOfEstimates', window );">Use of Estimates</a></td>
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<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The preparation of financial statements in conformity with U.S. generally accepted accounting principles (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results may differ from those estimates.</font></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConsolidationPolicyTextBlock', window );">Principles of Consolidation</a></td>
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<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">In accordance with FASB&#8217;s Topic 810, the assets, liabilities, and results of operations of subsidiaries in which the Company has a controlling interest have been consolidated.&#160;&#160;All significant intercompany accounts and transactions have been eliminated in consolidation.&#160;&#160;On December 23, 2010, the Company completed the Restructuring Transaction and deconsolidated the related affiliates in accordance with FASB&#8217;s Topic 810.&#160;&#160;As part of the Restructuring Transaction, the Company received a significant non-voting revenues interest (excluding distribution revenues) and a significant non-voting profits interest in the new entity, EULAV Asset Management, a Delaware statutory trust (&#8220;EAM&#8221; or &#8220;EAM Trust&#8221;).&#160;&#160;The Company relied on the guidance in FASB&#8217;s ASC Topics 323 and 810 in its determination not to consolidate its investment in EAM and to account for such investment under the equity method of accounting. The Company reports the amount it receives for its non-voting revenues and non-voting profits interests as a separate line item below operating income in the Consolidated&#160;&#160;Statements of Income.&#160;&#160;&#160;&#160;&#160;</font></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenueRecognitionPolicyTextBlock', window );">Revenue Recognition</a></td>
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<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Depending upon the product, subscription fulfillment for Value Line periodicals and related publications is available in print or digitally, via internet access.&#160;&#160;The length of a subscription varies by product and offer received by the subscriber.&#160;&#160;Generally, subscriptions are offered as annual subscriptions.&#160;&#160;Subscription revenues, net of discounts, are recognized ratably on a straight line basis when the product is served to the client over the life of the subscription.&#160;&#160;Accordingly, the amount of subscription fees to be earned by fulfilling subscriptions after the date of the balance sheets are shown as unearned revenue within current and long term liabilities.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
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<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Copyright data revenues are derived from providing certain Value Line trademarks and the Value Line Proprietary Ranking System information to third parties under written agreements for use in selecting securities for third party marketed products, including unit investment trusts, annuities and exchange traded funds (&#8220;ETFs&#8221;).&#160;&#160;The Company earns asset-based copyright data fees as specified in the individual agreements.&#160;&#160;Revenue is recognized monthly over the term of the agreement and, because it is asset-based, will fluctuate as the market value of the underlying portfolio increases or decreases in value.&#160;&#160;</font></td>
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<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
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<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">EAM earns investment management fees from the Value Line Funds.&#160;&#160;The management fees and average daily net assets for the Value Line Funds are calculated by State Street Bank, which serves as the fund accountant, fund administrator, and custodian of the Value Line Funds.</font></td>
</tr>
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<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
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<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"></td>
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<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Value Line Funds are open-end management companies registered under the Investment Company Act of 1940 (the &#8220;1940 Act&#8221;).&#160;&#160;Shareholder transactions for the Value Line Funds are processed each business day by the third party transfer agent of the Funds.&#160;&#160;Shares can be redeemed without advance notice upon request of the shareowners each day that the New York Stock Exchange is open.&#160;&#160;Prior to December 1, 2010, EAM LLC, in addition to managing the Value Line Funds, separately managed accounts of institutions and high net worth individuals for which it was paid advisory fees.&#160;&#160;EAM had no separately managed accounts as of April 30, 2015 or April 30, 2014.&#160;&#160;Assets within the separately managed accounts were held at third party custodians and were subject to the terms of the applicable advisory agreements and did not have any advance notice requirement for withdrawals.</font></td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentsPolicy', window );">Investment in Unconsolidated Entities</a></td>
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<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Investment in Unconsolidated Entities:&#160;&#160;</b></font></td>
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<tr style="vertical-align: bottom;">
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<td style="padding-left: 0.95pt; width: 123px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 200px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 310px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 169px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="vertical-align: top;">
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<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
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<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company&#8217;s &#8220;interests&#8221; in EAM, the investment adviser to and the sole member of the distributor of the Value Line Funds, consist of a &#8220;non-voting revenues interest&#8221; and a &#8220;non-voting profits interest&#8221; in EAM as defined in the EAM Trust Agreement.&#160;&#160;The non-voting revenues interest entitles the Company to receive a range of 41% to 55%, based on the amount of EAM&#8217;s adjusted gross revenues, excluding EULAV Securities&#8217; distribution revenues (&#8220;Revenues Interest&#8221;).&#160;&#160;The non-voting profits interest entitles the Company to receive 50% of EAM&#8217;s profits, subject to certain limited adjustments as defined in the EAM Trust Agreement (&#8220;Profits Interest&#8221;).&#160;&#160;The Revenues Interest and at least 90% of the Profits Interest are to be distributed each quarter to all interest holders of EAM, including Value Line.&#160;&#160;Subsequent to the Restructuring Date, the Company&#8217;s Revenues Interest in EAM excludes participation in the service and distribution fees of EAM&#8217;s subsidiary EULAV Securities.&#160;&#160;The Company reflects its non-voting revenues and non-voting profits interests in EAM as non-operating income under the equity method of accounting subsequent to the Restructuring Transaction.&#160;&#160;Although the Company does not have control over the operating and financial policies of EAM, pursuant to the EAM Trust Agreement, the Company has a contractual right to receive its share of EAM&#8217;s revenues and profits.&#160;&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Valuation of Securities:</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company&#8217;s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs, and deposits in savings accounts at large commercial banks and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB&#8217;s ASC 820.&#160;&#160;The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders&#8217; equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company&#8217;s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices.&#160;&#160;Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Fair Value Measurements Topic of FASB&#8217;s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The&#160;&#160;Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity&#8217;s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;"
 colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 1 &#8211; quoted prices in active markets for identical investments</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 2 &#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 3 &#8211; significant unobservable inputs (including the Company&#8217;s own assumptions in determining the fair value of investments)</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The following summarizes the levels of fair value measurements of the Company&#8217;s investments:</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: center;" colspan="14">As of April 30, 2015</td>
<td style="text-align: center;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid;">($ in thousands)</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2">Level 1</td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2">Level 2</td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2">Level 3</td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2">Total</td>
<td style="text-align: center;">&#160;</td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.95pt; width: 563px;">Cash equivalents</td>
<td style="width: 43px;">&#160;</td>
<td style="text-align: left; width: 14px;">$</td>
<td style="text-align: right; width: 141px;">5,272</td>
<td style="text-align: left; width: 14px;">&#160;</td>
<td style="width: 42px;">&#160;</td>
<td style="text-align: left; width: 14px;">$</td>
<td style="text-align: right; width: 141px;">-</td>
<td style="text-align: left; width: 14px;">&#160;</td>
<td style="width: 42px;">&#160;</td>
<td style="text-align: left; width: 14px;">$</td>
<td style="text-align: right; width: 141px;">-</td>
<td style="text-align: left; width: 14px;">&#160;</td>
<td style="width: 42px;">&#160;</td>
<td style="text-align: left; width: 14px;">$</td>
<td style="text-align: right; width: 141px;">5,272</td>
<td style="text-align: left; width: 14px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.95pt;">Securities available-for-sale</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">9,632</td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px
 solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">9,632</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; padding-left: 0.95pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">14,904</td>
<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">14,904</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: justify; padding-left: 0.95pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.95pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: center;" colspan="14"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">As of April 30, 2014</font></td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; padding-left: 0.95pt;">($ in thousands)</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 1</font></td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 2</font></td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 3</font></td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center; border-top: black 2px solid;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total</font></td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.95pt;">Cash equivalents</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">5,482</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">5,482</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.95pt;">Securities available-for-sale</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">9,226</td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">9,226</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; padding-left: 0.95pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align:
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<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">14,708</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; border-collapse: collapse; font: 12pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr>
<td style="padding-left: 0.95pt; width: 186px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 123px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 200px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 310px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 169px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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</tr>
<tr style="vertical-align: top;">
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</tr>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdvertisingCostsPolicyTextBlock', window );">Advertising expenses</a></td>
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<tr style="vertical-align: bottom;">
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</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
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</tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income Taxes</a></td>
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<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Income Taxes:</b></font></td>
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<tr style="vertical-align: bottom;">
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<tr style="vertical-align: top;">
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<tr style="vertical-align: top;">
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<tr style="vertical-align: top;">
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</td>
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<tr class="re">
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<tr style="vertical-align: bottom;">
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<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="vertical-align: top;">
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and Cash Equivalents</a></td>
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<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Cash and Cash Equivalents:&#160;&#160;</b></font></td>
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<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAssociatedWithExitOrDisposalActivitiesOrRestructuringsPolicyTextBlock', window );">Expenses Related to Settlement</a></td>
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<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Expenses Related to Settlement:</b></font></td>
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<tr style="vertical-align: bottom;">
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<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="vertical-align: top;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for advertising costs. For those costs that cannot be capitalized, discloses whether such costs are expensed as incurred or the first period in which the advertising takes place. For direct response advertising costs that are capitalized, describes those assets and the accounting policy used, including a description of the qualifying activity, the types of costs capitalized and the related amortization period. An entity also may disclose its accounting policy for cooperative advertising arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51677389&amp;loc=d3e8384-108330<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 340<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51662920&amp;loc=d3e8275-108329<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 305<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Financial Reporting Release (FRR)<br><br><br><br> -Number 203<br><br><br><br> -Paragraph 02-03<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy regarding (1) the principles it follows in consolidating or combining the separate financial statements, including the principles followed in determining the inclusion or exclusion of subsidiaries or other entities in the consolidated or combined financial statements and (2) its treatment of interests (for example, common stock, a partnership interest or other means of exerting influence) in other entities, for example consolidation or use of the equity or cost methods of accounting.  The accounting policy may also address the accounting treatment for intercompany accounts and transactions, noncontrolling interest, and the income statement treatment in consolidation for issuances of stock by a subsidiary.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.3A-02)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27015204&amp;loc=d3e355033-122828<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph k<br><br><br><br> -Article 1<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02, 03<br><br><br><br> -Article 3A<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for recognizing and reporting costs associated with exiting, disposing of, and restructuring certain operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 420<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 5.P.3,4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27011515&amp;loc=d3e140864-122747<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 420<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27011515&amp;loc=d3e140864-122747<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 5<br><br><br><br> -Section P<br><br><br><br> -Subsection 3, 4<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the equity method of accounting for investments in common stock or other interests including unconsolidated subsidiaries, corporate joint ventures, noncontrolling interests in real estate ventures, limited partnerships, and limited liability companies. The accounting policy may include information such as: (1) initially recording an investment in the stock of an investee at cost; (2) adjusting the carrying amount of the investment to recognize the investor's share of the earnings or losses of the investee after the date of acquisition; and (3) adjustments to reflect the investor's share of changes in the investee's capital (dividends). This disclosure may also include a detailed description of the policy for determining the amount of equity method losses recognized after an investment has been reduced to zero as a result of previous losses, reasons for not using the equity method when the investor company owns 20 percent or more of the voting stock of the investee's company (including identification of the significant investee), reasons for using the equity method when the ownership percentage is less than 20 percent, and discussion of recognition of equity method losses when an investor's total investment in an investee includes, in addition to an investment in common stock, other investments such as preferred stock and loans to the investee. An entity also may describe how such investments are assessed for impairment.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (a)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for fair value measurements of financial and non-financial assets, liabilities and instruments classified in shareholders' equity. Disclosures include, but are not limited to, how an entity that manages a group of financial assets and liabilities on the basis of its net exposure measures the fair value of those assets and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6423966&amp;loc=d3e40913-109327<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 954<br><br><br><br> -SubTopic 740<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 17<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32247-109318<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32280-109318<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for revenue recognition. If the entity has different policies for different types of revenue transactions, the policy for each material type of transaction is generally disclosed. If a sales transaction has multiple element arrangements (for example, delivery of multiple products, services or the rights to use assets) the disclosure may indicate the accounting policy for each unit of accounting as well as how units of accounting are determined and valued. The disclosure may encompass important judgment as to appropriateness of principles related to recognition of revenue. The disclosure also may indicate the entity's treatment of any unearned or deferred revenue that arises from the transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18823-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18726-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.B.Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section B<br><br><br><br> -Paragraph Question 1<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenueRecognitionPolicyTextBlock</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6061-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6143-108592<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6132-108592<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148188800">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Federal, State and Local Income Taxes - Provision for income taxes (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Current tax expense (benefit):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentFederalTaxExpenseBenefit', window );">Federal</a></td>
<td class="nump">$ 3,197<span></span>
</td>
<td class="nump">$ 2,707<span></span>
</td>
<td class="nump">$ 2,679<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentStateAndLocalTaxExpenseBenefit', window );">State and local</a></td>
<td class="nump">243<span></span>
</td>
<td class="nump">239<span></span>
</td>
<td class="nump">130<span></span>
</td>
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<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CurrentIncomeTaxExpenseBenefit', window );">Current tax expense (benefit)</a></td>
<td class="nump">3,440<span></span>
</td>
<td class="nump">2,946<span></span>
</td>
<td class="nump">2,809<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract', window );"><strong>Deferred tax expense (benefit):</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredFederalIncomeTaxExpenseBenefit', window );">Federal</a></td>
<td class="num">(83)<span></span>
</td>
<td class="nump">572<span></span>
</td>
<td class="nump">728<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit', window );">State and local</a></td>
<td class="num">(154)<span></span>
</td>
<td class="num">(108)<span></span>
</td>
<td class="nump">350<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred tax expense (benefit)</a></td>
<td class="num">(237)<span></span>
</td>
<td class="nump">464<span></span>
</td>
<td class="nump">1,078<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax provision:</a></td>
<td class="nump">$ 3,203<span></span>
</td>
<td class="nump">$ 3,410<span></span>
</td>
<td class="nump">$ 3,887<span></span>
</td>
</tr>
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<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current federal tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 6<br><br><br><br> -Section I<br><br><br><br> -Paragraph Question 1-7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 6<br><br><br><br> -Section I<br><br><br><br> -Subsection 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current state and local tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509736<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 6<br><br><br><br> -Section I<br><br><br><br> -Subsection 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CurrentStateAndLocalTaxExpenseBenefit</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred federal income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 6<br><br><br><br> -Section I<br><br><br><br> -Subsection 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredFederalIncomeTaxExpenseBenefit</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 6<br><br><br><br> -Section I<br><br><br><br> -Subsection 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefitContinuingOperationsAbstract</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred state and local tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 6<br><br><br><br> -Section I<br><br><br><br> -Subsection 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredStateAndLocalIncomeTaxExpenseBenefit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td>duration</td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790213004848">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Investments - Composition of income from securities transactions (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeNetAbstract', window );"><strong>Investment Income, Net [Abstract]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeDividend', window );">Dividend income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 157<span></span>
</td>
<td class="nump">$ 147<span></span>
</td>
<td class="nump">$ 124<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInterest', window );">Interest income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3<span></span>
</td>
<td class="nump">5<span></span>
</td>
<td class="nump">$ 4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_CapitalGainDistributionFromAvailableForSaleSecurities', window );">Capital gain distribution from ETFs</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">57<span></span>
</td>
<td class="nump">$ 36<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_ForeignExchangeGainLossOnInvestmentSecurities', window );">Exchange loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (16)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeInvestmentExpense', window );">Interest expense</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (5)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_InvestmentIncomeExpenseOther', window );">Other</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">$ (75)<span></span>
</td>
<td class="num">(5)<span></span>
</td>
<td class="num">$ (2)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeNet', window );">Total income/(loss) from securities transactions and other, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 126<span></span>
</td>
<td class="nump">$ 178<span></span>
</td>
<td class="nump">$ 126<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2015 and 2014, respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeDividend">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of dividend income on nonoperating securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeDividend</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeInterest</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeInvestmentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses related to the generation of investment income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeInvestmentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accretion (amortization) of discount (premium), and investment expense, of interest income and dividend income on nonoperating securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7(a),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeNet</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentIncomeNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_CapitalGainDistributionFromAvailableForSaleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to capital gain distribution from Available for sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_CapitalGainDistributionFromAvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_ForeignExchangeGainLossOnInvestmentSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to foreign exchange gain or loss on investment securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_ForeignExchangeGainLossOnInvestmentSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_InvestmentIncomeExpenseOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents investment income (expense) derived from investments in debt and equity securities unless specified in taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_InvestmentIncomeExpenseOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790213006160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and Summary of Significant Accounting Policies (Detail Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash equivalents</a></td>
<td class="nump">$ 5,272<span></span>
</td>
<td class="nump">$ 5,482<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingProfitsInterestPercent', window );">Non-voting profits interest ("Profits Interest")</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingRevenuesInterestPercent', window );">Investment management fee revenues from its mutual fund and separate accounts business</a></td>
<td class="nump">41.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement', window );">Percentage of non voting profits interests due each quarter from EAM</a></td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems', window );"><strong>Schedule of Equity Method Investments [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingRevenuesInterestPercent', window );">Investment management fee revenues from its mutual fund and separate accounts business</a></td>
<td class="nump">55.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsFairValueDisclosure</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingProfitsInterestPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of non-voting profits interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingProfitsInterestPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingRevenuesInterestPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of non-voting revenues interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingRevenuesInterestPercent</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the stated percentage of non voting profits interests due from ex-subsidiary payable to parent under agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790221874672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Federal, State and Local Income Taxes - Provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate (Details 2)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract', window );"><strong>Effective Income Tax Rate, Continuing Operations, Tax Rate Reconciliation [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate', window );">U.S. statutory federal rate</a></td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
<td class="nump">35.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_IncreaseDecreaseInTaxRateAbstract', window );"><strong>Increase (decrease) in tax rate from:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes', window );">State and local income taxes, net of federal income tax benefit</a></td>
<td class="num">(0.15%)<span></span>
</td>
<td class="nump">0.84%<span></span>
</td>
<td class="nump">2.96%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends', window );">Effect of dividends received deductions</a></td>
<td class="num">(0.40%)<span></span>
</td>
<td class="num">(0.33%)<span></span>
</td>
<td class="num">(0.27%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_IncomeTaxReconciliationWriteoffOfGoodwill', window );">Write off goodwill</a></td>
<td class="num">(1.62%)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic', window );">Domestic production tax credit</a></td>
<td class="num">(0.44%)<span></span>
</td>
<td class="num">(0.58%)<span></span>
</td>
<td class="num">(0.52%)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments', window );">Other, net</a></td>
<td class="num">(1.87%)<span></span>
</td>
<td class="num">(1.43%)<span></span>
</td>
<td class="num">(0.17%)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Effective income tax rate</a></td>
<td class="nump">30.52%<span></span>
</td>
<td class="nump">33.50%<span></span>
</td>
<td class="nump">37.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperationsTaxRateReconciliationAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of domestic federal statutory tax rate applicable to pretax income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to deduction for dividend.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationDeductionsDividends</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to other adjustments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationOtherAdjustments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations applicable to state and local income tax expense (benefit), net of federal tax expense (benefit).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to domestic income tax settlement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateReconciliationTaxSettlementsDomestic</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of the difference between reported income tax expense (benefit) and expected income tax expense (benefit) computed by applying the domestic federal statutory income tax rates to pretax income (loss) from continuing operations attributable to writeoff of goodwill.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="white-space:nowrap;">valu_IncomeTaxReconciliationWriteoffOfGoodwill</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_IncreaseDecreaseInTaxRateAbstract</td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790218879296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Copyright Data Fees (Detail Textuals)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Apr. 30, 2015 </div>
<div>USD ($) </div>
<div>Contract </div>
<div>Fund</div>
</th>
<th class="th">
<div>Apr. 30, 2014 </div>
<div>USD ($) </div>
<div>Contract</div>
</th>
<th class="th">
<div>Apr. 30, 2013 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_CopyrightDataFeesAbstract', window );"><strong>Copyright Data Fees [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LicensesRevenue', window );">Copyright data fees received</a></td>
<td class="nump">$ 2,847<span></span>
</td>
<td class="nump">$ 2,733<span></span>
</td>
<td class="nump">$ 3,900<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PercentageOfCopyrightDataFees', window );">Percentage of copyright data fees</a></td>
<td class="nump">4.20%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NumberOfContractsForCopyrightData', window );">Number of contracts for copyright data | Contract</a></td>
<td class="nump">5<span></span>
</td>
<td class="nump">4<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_ThirdPartySponsoredAssetsForCopyrightData', window );">Third party sponsored assets for copyright data</a></td>
<td class="nump">$ 2,250,000<span></span>
</td>
<td class="nump">$ 2,280,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading', window );">Number of new ETFs subject to contract began trading in March 2015 | Fund</a></td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LicensesRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LicensesRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_CopyrightDataFeesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_CopyrightDataFeesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NumberOfContractsForCopyrightData">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents number of contracts for copyright data.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NumberOfContractsForCopyrightData</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of new exchange traded funds subject to contract began trading.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NumberOfNewExchangeTradedFundsSubjectToContractBeganTrading</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_PercentageOfCopyrightDataFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of copyright data fees during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_PercentageOfCopyrightDataFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_ThirdPartySponsoredAssetsForCopyrightData">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents amount of third party sponsored assets for copyright data.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_ThirdPartySponsoredAssetsForCopyrightData</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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</html>

</TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790221878672">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Variable Interest Entity - Total assets of EAM, maximum exposure to loss due to involvement with EAM and value of assets and liabilities (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investment in EAM Trust</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 58,048<span></span>
</td>
<td class="nump">$ 57,850<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityLineItems', window );"><strong>Variable Interest Entity [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets', window );">VIE Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">60,159<span></span>
</td>
<td class="nump">59,965<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investment in EAM Trust</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 58,048<span></span>
</td>
<td class="nump">$ 57,850<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities', window );">Liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount', window );">Maximum Exposure to Loss</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 58,048<span></span>
</td>
<td class="nump">$ 57,850<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Reported within Long Term Assets on Consolidated Balance Sheets.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the consolidated Variable Interest Entity's assets included in the reporting entity's statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (bb)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5710-111685<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the consolidated Variable Interest Entity's liabilities included in the reporting entity's statement of financial position.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (bb)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5710-111685<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reporting entity's maximum amount of exposure to loss as a result of its involvement with the Variable Interest Entity (VIE).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph b<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5728-111685<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5747-111685<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_VariableInterestEntityEntityMaximumLossExposureAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_VariableInterestEntityLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148129424">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and Summary of Significant Accounting Policies<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
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<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
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</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Investment in Unconsolidated Entities:&#160;&#160;</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; width: 186px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 123px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 200px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 310px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 169px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: top;">
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</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
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</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Valuation of Securities:</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company&#8217;s securities classified as cash equivalents and available-for-sale consist of shares of money market funds that invest primarily in short-term U.S. Government securities, investments in equities including ETFs, and deposits in savings accounts at large commercial banks and are valued in accordance with the requirements of the Fair Value Measurements Topic of the FASB&#8217;s ASC 820.&#160;&#160;The securities classified as available-for-sale reflected in the Consolidated Condensed Balance Sheets are valued at market and unrealized gains and losses, net of applicable taxes, are reported as a separate component of shareholders&#8217; equity. Realized gains and losses on sales of the securities classified as available-for-sale are recorded in earnings as of the trade date and are determined on the identified cost method.</font></td>
</tr>
<tr style="background-color: white; vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company classifies its securities available-for-sale as current assets to properly reflect its liquidity and to recognize the fact that it has liquid assets available-for-sale should the need arise.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Market valuations of securities listed on a securities exchange and ETF shares are based on the closing sales prices on the last business day of each month. The market value of the Company&#8217;s fixed maturity U.S. Government debt securities is determined utilizing publicly quoted market prices.&#160;&#160;Cash equivalents consist of investments in money market funds that invest primarily in U.S. Government securities valued in accordance with rule 2a-7 under the 1940 Act.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Fair Value Measurements Topic of FASB&#8217;s ASC defines fair value as the price that the Company would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market for the investment. The&#160;&#160;Fair Value Measurements Topic established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the information that market participants would use in pricing the asset or liability, including assumptions about risk. Examples of risks include those inherent in a particular valuation technique used to measure fair value such as the risk inherent in the inputs to the valuation technique. Inputs are classified as observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity&#8217;s own assumptions about the factors market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The three-tier hierarchy of inputs is summarized in the three broad levels listed below.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 1 &#8211; quoted prices in active markets for identical investments</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 2 &#8211; other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Level 3 &#8211; significant unobservable inputs (including the Company&#8217;s own assumptions in determining the fair value of investments)</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The following summarizes the levels of fair value measurements of the Company&#8217;s investments:</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 13.33px/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 1410px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: center;" colspan="14">As of April 30, 2015</td>
<td style="text-align: center;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">($ in thousands)</td>
<td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2">Level 1</td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2">Level 2</td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2">Level 3</td>
<td style="text-align: right; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2">Total</td>
<td style="text-align: center;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #f0ffff;">
<td style="width: 563.73px; text-align: left; padding-left: 0.95pt;">Cash equivalents</td>
<td style="width: 43px;">&#160;</td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">5,272</td>
<td style="width: 14px; text-align: left;">&#160;</td>
<td style="width: 42px;">&#160;</td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">-</td>
<td style="width: 14px; text-align: left;">&#160;</td>
<td style="width: 42px;">&#160;</td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">-</td>
<td style="width: 14px; text-align: left;">&#160;</td>
<td style="width: 42px;">&#160;</td>
<td style="width: 14px; text-align: left;">$</td>
<td style="width: 141px; text-align: right;">5,272</td>
<td style="width: 14px; text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt; padding-left: 0.95pt;">Securities available-for-sale</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">9,632</td>
<td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td>
<td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td>
<td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">9,632</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #f0ffff;">
<td style="padding-bottom: 2.5pt; padding-left: 0.95pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">14,904</td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">14,904</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: justify; padding-left: 0.95pt;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt; padding-left: 0.95pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
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<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt; padding-left: 0.95pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">($ in thousands)</td>
<td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 1</font></td>
<td style="text-align: left; padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 2</font></td>
<td style="text-align: left; padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Level 3</font></td>
<td style="text-align: left; padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;">&#160;</td>
<td style="text-align: center; border-top-color: black; border-bottom-color: black; border-top-width: 2px; border-bottom-width: 2px; border-top-style: solid; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Total</font></td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #f0ffff;">
<td style="text-align: left; padding-left: 0.95pt;">Cash equivalents</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">5,482</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">5,482</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt; padding-left: 0.95pt;">Securities available-for-sale</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">9,226</td>
<td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td>
<td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">-</td>
<td style="text-align: left; padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="padding-bottom: 1pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;">9,226</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
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<tr style="vertical-align: bottom; background-color: #f0ffff;">
<td style="padding-bottom: 2.5pt; padding-left: 0.95pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">14,708</td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">-</td>
<td style="text-align: left; padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="padding-bottom: 2.5pt; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;">14,708</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<div>&#160;</div>
<table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr>
<td style="padding-left: 0.95pt; width: 186px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 123px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 200px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 310px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 185px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; width: 169px; padding-right: 0.95pt; vertical-align: bottom; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="vertical-align: top;">
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<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Advertising expenses:&#160;&#160;</b></font></td>
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<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="4" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company expenses advertising costs as incurred.</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font>&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
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<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: top;">
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</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8">&#160;</td>
</tr>
<tr style="vertical-align: top;">
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</tr>
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
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</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the organization, consolidation and basis of presentation of financial statements disclosure, and significant accounting policies of the reporting entity. May be provided in more than one note to the financial statements, as long as users are provided with an understanding of (1) the significant judgments and assumptions made by an enterprise in determining whether it must consolidate a VIE and/or disclose information about its involvement with a VIE, (2) the nature of restrictions on a consolidated VIE's assets reported by an enterprise in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows.  Describes procedure if disclosures are provided in more than one note to the financial statements.</p></div>
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<th class="th"><div>Apr. 30, 2015</div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790216300096">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Investments - Components of EAM's investment management operations (Details 2) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsLineItems', window );"><strong>Schedule of Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingRevenuesInterestInUnconsolidatedEntity', window );">Value Line's non-voting revenues interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 7,346<span></span>
</td>
<td class="nump">$ 6,767<span></span>
</td>
<td class="nump">$ 5,781<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">EAM's net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,292<span></span>
</td>
<td class="nump">6,768<span></span>
</td>
<td class="nump">6,619<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsLineItems', window );"><strong>Schedule of Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentAdvisoryFees', window );">Investment management fees earned from the Value Line Funds, net of waivers shown below</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">15,014<span></span>
</td>
<td class="nump">14,452<span></span>
</td>
<td class="nump">12,773<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DistributionAndServicingFees', window );">12b-1 fees and other fees, net of waivers shown below</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">5,459<span></span>
</td>
<td class="nump">5,061<span></span>
</td>
<td class="nump">3,905<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other income</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">34<span></span>
</td>
<td class="nump">16<span></span>
</td>
<td class="nump">14<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_InvestmentManagementFeeWaiversAndReimbursements', window );">Investment management fee waivers and reimbursements</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">192<span></span>
</td>
<td class="nump">89<span></span>
</td>
<td class="nump">379<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_FeeWaiverOnDistributionAndService12B1Fees', window );">12b-1 fee waivers</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">1,518<span></span>
</td>
<td class="nump">1,683<span></span>
</td>
<td class="nump">2,156<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingRevenuesInterestInUnconsolidatedEntity', window );">Value Line's non-voting revenues interest</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,346<span></span>
</td>
<td class="nump">6,767<span></span>
</td>
<td class="nump">5,781<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">EAM's net income</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 1,248<span></span>
</td>
<td class="nump">$ 1,464<span></span>
</td>
<td class="nump">$ 945<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively. During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund ("USGMMF") which was merged into a third party fund, the Daily Income Fund, managed by Reich & Tang, effective October 19, 2012. In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds.
Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds' shareholders to exchange into and is now available in place of the Daily Income Fund.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Represents EAM's net income, after giving effect to Value Line's non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DistributionAndServicingFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of fees from providing distribution and shareholder services. Distribution services include, but are not limited to, marketing and selling fund shares, advertising, printing and mailing of prospectuses and sales literature to investors. Shareholder services include, but are not limited to, answering shareholder inquiries and providing shareholders with investment information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DistributionAndServicingFees</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentAdvisoryFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of fees earned from providing investment advice and research to customers.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.13(a),(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfInvestmentsLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfInvestmentsLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_FeeWaiverOnDistributionAndService12B1Fees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the portion of revenue recognized on waiver of all distribution or other expenses incurred during the most recent fiscal year under a plan adopted pursuant to rule 12b-1.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_FeeWaiverOnDistributionAndService12B1Fees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790212615072">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract', window );"><strong>Investments, Debt and Equity Securities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock', window );">Schedule of carrying value and fair value of securities available-for-sale</a></td>
<td class="text"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
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<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The carrying value and fair value of securities available-for-sale at April 30, 2015 were as follows:</font></td>
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<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
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<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Cost</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unrealized&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gains&#160;</p>
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<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unrealized&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Losses&#160;</p>
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<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">101</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">74</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 133px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">175</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">ETFs - equities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,903</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,508</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,411</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Inverse ETFs - equities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,466</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(1,420</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">4,046</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9,470</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,582</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(1,420</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9,632</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt;" colspan="16" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows:</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Cost</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unrealized&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gains&#160;</p>
</td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unrealized&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Losses&#160;</p>
</td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fair Value</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Common stocks</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">101</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">47</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(12</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">136</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">ETFs - equities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,878</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,280</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(2</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,156</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Inverse ETFs - equities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">4,868</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(934</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,934</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">8,847</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,327</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(948</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9,226</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeTextBlock', window );">Schedule of income from securities transactions</a></td>
<td class="text"><div style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1488px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="background-color: #ffffff;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended&#160;April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 953px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Dividend income</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">157</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">147</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 133px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">124</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Interest income</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">4</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Capital gain distribution from ETFs (1)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">57</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">36</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Exchange loss</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(16</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Interest expense</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(5</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;">-<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Other</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(75</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(5</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(2</font></td>
<td style="text-align: left; vertical-align: top;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total income/(loss) from securities transactions and other, net</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">126</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">178</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">126</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;" colspan="5"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(1) Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated&#160;&#160;Balance Sheets to the Consolidated&#160;&#160;Statements of Income in fiscal 2015 and 2014, respectively.</font></td>
</tr>
</table>
</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentHoldingsOtherThanSecuritiesTextBlock', window );">Schedule of components of EAM's investment management operations</a></td>
<td class="text"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1410px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="background-color: #ffffff;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended&#160;April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Investment management fees earned from the Value Line Funds, net of waivers shown below</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 112px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">15,014</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 112px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">14,452</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 112px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">12,773</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">12b-1 fees and other fees, net of waivers shown below</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,459</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,061</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,905</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Other income</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">34</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">16</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">14</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Investment management fee waivers and reimbursements (1)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">192</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">89</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">379</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">12b-1 fee waivers (1)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,518</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,683</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,156</font></td>
<td style="text-align: left;" nowrap="nowrap"><font>&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Value Line&#8217;s non-voting revenues interest</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">7,346</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">6,767</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,781</font></td>
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<tr style="background-color: #f0ffff; vertical-align: bottom;">
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,248</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,464</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">945</font></td>
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<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;&#160;</p>
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</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SummaryInvestmentHoldingsTextBlock', window );">Schedule of assets and liabilities</a></td>
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<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 1039px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;EAM&#8217;s total assets</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 106px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">60,159</font></td>
<td style="text-align: left; width: 13px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 13px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 13px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 106px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">59,965</font></td>
<td style="text-align: left; width: 13px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;EAM&#8217;s total liabilities (1)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(3,104</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(3,158</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
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<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;EAM&#8217;s total equity</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">57,055</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">56,807</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;&#160;</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the investment holdings which are represented by other than securities (for example, commodities). The investment holdings, other than securities investments table lists the long positions of non-security investments held by entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 320<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (SX 210.12-13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611282-123010<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 12C<br><br><br><br> -Article 12<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 12<br><br><br><br> -Article 12<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7(a),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the summary of investment holdings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 320<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (SX 210.12-12C)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611225-123010<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790360343392">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock', window );">Schedule of non voting revenues interest and non voting profits interests</a></td>
<td class="text"><table style="font: 10pt/normal 'times new roman', times, serif; width: 1410px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="background-color: #ffffff;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended&#160;April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; background-color: #ffffff; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 861px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Non-voting revenues interest in EAM</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">7,346</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">6,767</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,781</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Non-voting profits interest in EAM</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">624</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">732</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">479</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">7,970</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">7,499</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">6,260</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Schedule of non voting revenues interest and non voting profits interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_ScheduleOfNonVotingRevenuesInterestAndNonVotingProfitsInterestsTableTextBlock</td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148727824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Lease Commitments (Detail Textuals)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Feb. 07, 2013 </div>
<div>USD ($) </div>
<div>ft&#178;</div>
</th>
<th class="th">
<div>Apr. 30, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 30, 2014 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Apr. 30, 2013 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Mar. 31, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasedAssetsLineItems', window );"><strong>Operating Leased Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseAndRentalExpense', window );">Rental expenses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,268,000<span></span>
</td>
<td class="nump">$ 2,213,000<span></span>
</td>
<td class="nump">$ 2,509,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AdditionalShortTermOverlappingRentExpense', window );">Additional short term overlapping rent expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 771,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LeaseArrangementTypeAxis=valu_CitiBankMember', window );">Citibank, N.A. (the "Sublandlord")</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasedAssetsLineItems', window );"><strong>Operating Leased Assets [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AreaOfLandForLease', window );">Area of land for lease | ft&#178;</a></td>
<td class="nump">44,493<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingLeasesIncomeStatementSubleaseRevenue', window );">Base rent under the sublease agreement per annum</a></td>
<td class="nump">$ 1,468,269<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecurityDeposit', window );">Security deposit in cash</a></td>
<td class="nump">$ 489,423<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_OperatingLeaseFutureMinimumSubleaseRental', window );">Lease received</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 122,355<span></span>
</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of rent expense incurred for leased assets, including but not limited to, furniture and equipment, that is not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of revenue recognized for the period under subleasing arrangements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6584307&amp;loc=d3e41620-112719<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingLeasesIncomeStatementSubleaseRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecurityDeposit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of an asset, typically cash, provided to a counterparty to provide certain assurance of performance by the entity pursuant to the terms of a written or oral agreement, such as a lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.8,17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecurityDeposit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_AdditionalShortTermOverlappingRentExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount of additional short term overlapping rent expense during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_AdditionalShortTermOverlappingRentExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_AreaOfLandForLease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents area of land for lease.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_AreaOfLandForLease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:areaItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_OperatingLeaseFutureMinimumSubleaseRental">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents operating lease future minimum sublease rental.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_OperatingLeaseFutureMinimumSubleaseRental</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LeaseArrangementTypeAxis=valu_CitiBankMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LeaseArrangementTypeAxis=valu_CitiBankMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
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<head>
<title></title>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790209374848">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Investments - Components of assets and liabilities (Details 3) - EAM Trust - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfInvestmentsLineItems', window );"><strong>Schedule of Investments [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets', window );">EAM's total assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 60,159<span></span>
</td>
<td class="nump">$ 59,965<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities', window );">EAM's total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="num">(3,104)<span></span>
</td>
<td class="num">(3,158)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity', window );">EAM's total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 57,055<span></span>
</td>
<td class="nump">$ 56,807<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">At April 30, 2015 and 2014, EAM's total liabilities included a payable to VLI for its accrued non-voting revenues and non-voting profits interests of $1,951,000 and $1,887,000, respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of assets reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(g))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721683-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33912-111571<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph w<br><br><br><br> -Article 1<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph bb<br><br><br><br> -Article 1<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph g<br><br><br><br> -Subparagraph 1, 2<br><br><br><br> -Article 4<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of equity, including noncontrolling interest, reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.g)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721683-107760<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentSummarizedFinancialInformationEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentSummarizedFinancialInformationLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of liabilities reported by an equity method investment of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33912-111571<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=SL51721683-107760<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(g))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 08<br><br><br><br> -Paragraph g<br><br><br><br> -Subparagraph 1, 2<br><br><br><br> -Article 4<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph w<br><br><br><br> -Article 1<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph bb<br><br><br><br> -Article 1<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790212675680">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Variable Interest Entity (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_VariableInterestEntityAbstract', window );"><strong>Variable Interest Entity [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">60,159</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">58,048</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">58,048</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">59,965</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">57,850</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">57,850</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;" nowrap="nowrap">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;" nowrap="nowrap">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;" nowrap="nowrap">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;" nowrap="nowrap">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5747-111685<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=SL6228884-111685<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5728-111685<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Variable Interest Entity<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528138<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=SL6759159-111685<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=52262685&amp;loc=d3e5710-111685<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790360395152">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and Equipment (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">As of April 30,</font></td>
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<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; width: 16px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">726</font></td>
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<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">726</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Building and leasehold improvements</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,037</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,024</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Furniture and equipment</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">4,084</font></td>
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<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,312</font></td>
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<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9,847</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">11,062</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(6,157</font></td>
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<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(7,199</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,690</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,863</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph b<br><br><br><br> -Article 5<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790212911408">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Changes in Shareholders' Equity (Parentheticals) - $ / shares<br></strong></div></th>
<th class="th" colspan="12">3 Months Ended</th>
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<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Jan. 31, 2015</div></th>
<th class="th"><div>Oct. 31, 2014</div></th>
<th class="th"><div>Jul. 31, 2014</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Jan. 31, 2014</div></th>
<th class="th"><div>Oct. 31, 2013</div></th>
<th class="th"><div>Jul. 31, 2013</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
<th class="th"><div>Jan. 31, 2013</div></th>
<th class="th"><div>Oct. 31, 2012</div></th>
<th class="th"><div>Jul. 31, 2012</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
</td>
<td class="nump">$ 0.15<span></span>
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<td class="nump">$ 0.15<span></span>
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<td class="nump">$ 0.15<span></span>
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<td class="nump">$ 0.15<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate dividends declared during the period for each share of common stock outstanding.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790218845552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Federal, State and Local Income Taxes (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1096px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Current tax expense (benefit):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="width: 11px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right; width: 132px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,197</font></td>
<td style="text-align: left; width: 11px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 11px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; width: 11px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; width: 10px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">239</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">130</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,440</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,946</font></td>
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<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,809</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Deferred tax expense (benefit):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Federal</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(83</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">572</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">728</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;State and local</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(154</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(108</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">350</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(237</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">464</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,078</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Income tax provision:</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,203</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,410</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,887</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock', window );">Schedule of components of deferred tax asset and deferred tax liability</a></td>
<td class="text"><table style="width: 1096px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="6"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended April 30,</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Federal tax benefit (liability):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 778px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Unrealized gains on securities available-for-sale</font></td>
<td style="width: 10px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 10px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 131px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(57</font></td>
<td style="text-align: left; width: 10px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="width: 10px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 10px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 131px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(134</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Operating lease exit obligation</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">70</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">70</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Deferred professional fees</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">34</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">36</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Deferred charges</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">263</font></td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">327</font></td>
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total federal tax benefit</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">310</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">299</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">State and local tax benefits:</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Other - deferred charges</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">46</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">65</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total state and local tax benefits</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">46</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">65</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Deferred tax asset, short term</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">356</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">364</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended April 30,</font></td>
<td style="text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Federal tax liability (benefit):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font>&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred gain on deconsolidation of EAM</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">17,679</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">17,679</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred non-cash post-employment compensation</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(619</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(619</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Depreciation and amortization</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,435</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,416</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Other</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">401</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">646</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total federal tax liability</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">19,896</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">20,122</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">State and local tax liabilities (benefits):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred gain on deconsolidation of EAM</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,970</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,181</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred non-cash post-employment compensation</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(69</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(76</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Depreciation and amortization</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">271</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">298</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred professional fees</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(4</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(5</font></td>
<td style="text-align: left; vertical-align: top;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total state and local tax liabilities</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,168</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,398</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Deferred tax liability, long term</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">22,064</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">22,520</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock', window );">Schedule of effective income tax rate reconciliation</a></td>
<td class="text"><table style="width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; font-family: 'times new roman', times, serif; word-spacing: 0px; widows: 1; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="10"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" colspan="2"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #f0ffff;">
<td style="width: 1050px; text-align: left; text-indent: 0pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">U.S. statutory federal rate</font></td>
<td style="width: 16px; text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 16px; text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 126px; text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">35.00</font></td>
<td style="width: 16px; text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="width: 16px; text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 16px; text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 126px; text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">35.00</font></td>
<td style="width: 15px; text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="width: 15px; text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 15px; text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 125px; text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">35.00</font></td>
<td style="width: 15px; text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Increase (decrease) in tax rate from:</font></td>
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #f0ffff;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;State and local income taxes, net of federal income tax benefit</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-0.15</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">0.84</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">2.96</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;Effect of dividends received deductions</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-0.40</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-0.33</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-0.27</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #f0ffff;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;Write off goodwill</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-1.62</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;Domestic production tax credit</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-0.44</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-0.58</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-0.52</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #f0ffff;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;Other, net</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-1.87</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-1.43</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2px; border-bottom-style: solid;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">-0.17</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">Effective income tax rate</font></td>
<td style="text-align: right;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">30.52</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">33.50</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 4px; border-bottom-style: double;"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">37.00</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt/normal 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock</td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790145226896">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions (Detail Textuals) - USD ($)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="8">3 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Feb. 28, 2015</div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Jan. 31, 2015</div></th>
<th class="th"><div>Oct. 31, 2014</div></th>
<th class="th"><div>Jul. 31, 2014</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Jan. 31, 2014</div></th>
<th class="th"><div>Oct. 31, 2013</div></th>
<th class="th"><div>Jul. 31, 2013</div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_FederalIncomeTaxPaymentsToParent', window );">Federal income tax payments to the Parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,366,000<span></span>
</td>
<td class="nump">$ 2,254,000<span></span>
</td>
<td class="nump">$ 1,877,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember', window );">Value Line Inc</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ReimbursementRevenue', window );">Reimbursed income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">171,000<span></span>
</td>
<td class="nump">220,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsUnderManagementCarryingAmount', window );">Total assets of value line funds managed by EAM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,400,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,350,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,400,000,000<span></span>
</td>
<td class="nump">2,350,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_IncreaseDecreaseInAssetsUnderManagement', window );">Increase in the value of assets managed by EAM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 46,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities', window );">Percentage of assets increased in funds</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingProfitsInterestPercent', window );">Non-voting profits interest in EAM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingProfitsInterestInVariableEntityNotYetPaid', window );">Non voting profits interest in variable entity not yet paid</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,951,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,887,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 1,951,000<span></span>
</td>
<td class="nump">$ 1,887,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_OwnershipPercentageByParent', window );">Percentage of ownership in outstanding shares of common stock of the Company by parent</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">88.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">88.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity', window );">Percentage of non-voting revenues interest in unconsolidated entity</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">49.87%<span></span>
</td>
<td class="nump">49.80%<span></span>
</td>
<td class="nump">49.63%<span></span>
</td>
<td class="nump">49.18%<span></span>
</td>
<td class="nump">48.66%<span></span>
</td>
<td class="nump">47.91%<span></span>
</td>
<td class="nump">47.27%<span></span>
</td>
<td class="nump">46.66%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust | Value Line Inc</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_ValueOfFund', window );">Value of fund</a></td>
<td class="nump">$ 2,000,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement', window );">Percentage of non voting profits interests due each quarter from EAM</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingRevenuesInterestPercent', window );">Investment management fee revenues from its mutual fund and separate accounts business</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">41.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember', window );">EAM Trust | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingRevenuesInterestPercent', window );">Investment management fee revenues from its mutual fund and separate accounts business</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">55.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsUnderManagementCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of assets an investment adviser manages on behalf of investors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsUnderManagementCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ReimbursementRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Repayment received or receivable for expenses incurred on behalf of a client or customer, other than those reimbursements received by landlords from tenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 45<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 23<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51671805&amp;loc=d3e60722-111653<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ReimbursementRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_FederalIncomeTaxPaymentsToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount represents Federal income tax payments to the Parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_FederalIncomeTaxPaymentsToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_IncreaseDecreaseInAssetsUnderManagement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the amount of increase decrease in the value of assets managed by EAM.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_IncreaseDecreaseInAssetsUnderManagement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingProfitsInterestInVariableEntityNotYetPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents distributable amounts earned through the balance sheet date, which is included in the Investment in variable interest entity and not yet paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingProfitsInterestInVariableEntityNotYetPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingProfitsInterestPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of non-voting profits interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingProfitsInterestPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingRevenuesInterestPercent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of non-voting revenues interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingRevenuesInterestPercent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_OwnershipPercentageByParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_OwnershipPercentageByParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>"Represents the stated percentage of assets increased (decreased) in unconsolidated entities."</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_PercentageOfAssetsIncreasedDecreasedInUnconsolidatedEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the stated percentage of non voting profits interests due from ex-subsidiary payable to parent under agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_PercentageOfNonVotingProfitsInterestsDueFromExSubsidiaryPayableToParentUnderAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of non voting revenues interest in unconsolidated entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_PercentageOfNonVotingRevenuesInterestInUnconsolidatedEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_ValueOfFund">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represent value of fund.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_ValueOfFund</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=us-gaap_ParentCompanyMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=us-gaap_ParentCompanyMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis=us-gaap_EquityMethodInvesteeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R53.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148072256">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Federal, State and Local Income Taxes (Detail Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent', window );">Gain from deconsolidation of the company's asset management and mutual fund distribution subsidiaries</a></td>
<td class="nump">$ 50,510<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent', window );">Deferred non-cash postemployment compensation granted to VLI's former employee</a></td>
<td class="nump">$ 1,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations', window );">Effective income tax rate</a></td>
<td class="nump">30.52%<span></span>
</td>
<td class="nump">33.50%<span></span>
</td>
<td class="nump">37.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EffectiveIncomeTaxRateContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32698-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32687-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EffectiveIncomeTaxRateContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax asset attributable to deductible temporary differences from deferred non-cash postemployment compensation, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences from deferred gain on deconsolidation of subsidiary, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>46
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790145982816">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrentAbstract', window );"><strong>Current Assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents (including short term investments of $5,272 and $5,482, respectively)</a></td>
<td class="nump">$ 5,874<span></span>
</td>
<td class="nump">$ 5,788<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesCurrent', window );">Securities available-for-sale</a></td>
<td class="nump">9,632<span></span>
</td>
<td class="nump">9,226<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsReceivableNetCurrent', window );">Accounts receivable, net of allowance for doubtful accounts of $32 and $39, respectively</a></td>
<td class="nump">1,409<span></span>
</td>
<td class="nump">1,206<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesReceivable', window );">Prepaid and refundable income taxes</a></td>
<td class="nump">114<span></span>
</td>
<td class="nump">175<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">1,460<span></span>
</td>
<td class="nump">1,507<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred income taxes</a></td>
<td class="nump">356<span></span>
</td>
<td class="nump">364<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsCurrent', window );">Total current assets</a></td>
<td class="nump">18,845<span></span>
</td>
<td class="nump">18,266<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrentAbstract', window );"><strong>Long term assets:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestments', window );">Investment in EAM Trust</a></td>
<td class="nump">58,048<span></span>
</td>
<td class="nump">57,850<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Property and equipment, net</a></td>
<td class="nump">3,690<span></span>
</td>
<td class="nump">3,863<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalizedComputerSoftwareNet', window );">Capitalized software and other intangible assets, net</a></td>
<td class="nump">6,838<span></span>
</td>
<td class="nump">6,896<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsNoncurrent', window );">Total long term assets</a></td>
<td class="nump">68,576<span></span>
</td>
<td class="nump">68,609<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="nump">87,421<span></span>
</td>
<td class="nump">86,875<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrentAbstract', window );"><strong>Current Liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent', window );">Accounts payable and accrued liabilities</a></td>
<td class="nump">1,787<span></span>
</td>
<td class="nump">2,429<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedSalariesCurrent', window );">Accrued salaries</a></td>
<td class="nump">1,219<span></span>
</td>
<td class="nump">1,349<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableCurrent', window );">Dividends payable</a></td>
<td class="nump">1,472<span></span>
</td>
<td class="nump">1,472<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedIncomeTaxesCurrent', window );">Accrued taxes on income</a></td>
<td class="nump">226<span></span>
</td>
<td class="nump">316<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueCurrent', window );">Unearned revenue</a></td>
<td class="nump">21,510<span></span>
</td>
<td class="nump">21,490<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesCurrent', window );">Total current liabilities</a></td>
<td class="nump">26,214<span></span>
</td>
<td class="nump">27,056<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrentAbstract', window );"><strong>Long term liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRevenueNoncurrent', window );">Unearned revenue</a></td>
<td class="nump">4,537<span></span>
</td>
<td class="nump">3,634<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredRentCreditNoncurrent', window );">Deferred charges</a></td>
<td class="nump">167<span></span>
</td>
<td class="nump">367<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred income taxes</a></td>
<td class="nump">22,064<span></span>
</td>
<td class="nump">22,520<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesNoncurrent', window );">Total long term liabilities</a></td>
<td class="nump">26,768<span></span>
</td>
<td class="nump">26,521<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="nump">52,982<span></span>
</td>
<td class="nump">53,577<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Shareholders' Equity:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock, $0.10 par value; authorized 30,000,000 shares; issued 10,000,000 shares</a></td>
<td class="nump">1,000<span></span>
</td>
<td class="nump">1,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="nump">991<span></span>
</td>
<td class="nump">991<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="nump">34,587<span></span>
</td>
<td class="nump">33,183<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Treasury stock, at cost (190,504 shares and 182,071 shares, respectively)</a></td>
<td class="num">(2,244)<span></span>
</td>
<td class="num">(2,122)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax', window );">Accumulated other comprehensive income, net of tax</a></td>
<td class="nump">105<span></span>
</td>
<td class="nump">246<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Total shareholders' equity</a></td>
<td class="nump">34,439<span></span>
</td>
<td class="nump">33,298<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities and shareholders' equity</a></td>
<td class="nump">$ 87,421<span></span>
</td>
<td class="nump">$ 86,875<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsReceivableNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount due from customers or clients, within one year of the balance sheet date (or the normal operating cycle, whichever is longer), for goods or services (including trade receivables) that have been delivered or sold in the normal course of business, reduced to the estimated net realizable fair value by an allowance established by the entity of the amount it deems uncertain of collection.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3-4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph a(1)<br><br><br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 4<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountsReceivableNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedIncomeTaxesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of the unpaid sum of the known and estimated amounts payable to satisfy all currently due domestic and foreign income tax obligations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph b(1)<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedIncomeTaxesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedSalariesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6911-107765<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedSalariesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at period end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, unrealized gains and losses on certain investments in debt and equity securities, other than temporary impairment (OTTI) losses related to factors other than credit losses on available-for-sale and held-to-maturity debt securities that an entity does not intend to sell and it is not more likely than not that the entity will be required to sell before recovery of the amortized cost basis, as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
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</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6801-107765<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.10-17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt and equity securities categorized neither as trading securities nor held-to-maturity securities and intended be sold or mature one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51813488&amp;loc=d3e22054-111558<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26626-111562<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CapitalizedComputerSoftwareNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of capitalized computer software costs net of accumulated amortization as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 985<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 985<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128487-111756<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CapitalizedComputerSoftwareNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRentCreditNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For a classified balance sheet, the cumulative difference between the rental income or payments required by a lease agreement and the rental income or expense recognized on a straight-line basis, or other systematic and rational basis more representative of the time pattern in which use or benefit is granted or derived from the leased property, expected to be recognized in income or expense, by the lessor or lessee, respectively, more than one year after the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.26(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 840<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7501430&amp;loc=d3e39927-112707<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRentCreditNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of consideration received or receivable as of the balance sheet date on potential earnings that were not recognized as revenue in conformity with GAAP, and which are expected to be recognized as such within one year or the normal operating cycle, if longer, including sales, license fees, and royalties, but excluding interest income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredRevenueNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The noncurrent portion of deferred revenue amount as of balance sheet date. Deferred revenue is a liability related to a revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 605<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 13.A.4(a).Q1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012821&amp;loc=d3e214044-122780<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 13<br><br><br><br> -Section A<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredRevenueNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6935-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.20)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Current Liabilities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6509677<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the carrying amount on the entity's balance sheet of its investment in common stock of an equity method investee. This is not an indicator of the fair value of the investment, rather it is the initial cost adjusted for the entity's share of earnings and losses of the investee, adjusted for any distributions (dividends) and other than temporary impairment (OTTI) losses recognized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35755396&amp;loc=d3e33749-111570<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.12)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount due within one year of the balance sheet date (or one operating cycle, if longer) from tax authorities as of the balance sheet date representing refunds of overpayments or recoveries based on agreed-upon resolutions of disputes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.5(c))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.3(a)(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesCurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesCurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligation due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 22, 23, 24, 25, 26, 27<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesNoncurrentAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesNoncurrentAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssetsCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssetsCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790216057472">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Investments (Detail Textuals) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems', window );"><strong>Schedule of Available-for-sale Securities [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost', window );">Aggregate cost of equity securities available for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 9,470,000<span></span>
</td>
<td class="nump">$ 8,847,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Fair value of equity securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,632,000<span></span>
</td>
<td class="nump">9,226,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_CapitalGainDistributionFromAvailableForSaleSecurities', window );">Capital gain distribution from ETFs</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">57,000<span></span>
</td>
<td class="nump">36,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent', window );">Increase (decrease) in gross unrealized gains on equity securities classified as available-for-sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(217,000)<span></span>
</td>
<td class="num">(8,000)<span></span>
</td>
<td class="nump">$ 256,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax', window );">Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">105,000<span></span>
</td>
<td class="nump">246,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=us-gaap_EquitySecuritiesMember', window );">Equity Securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems', window );"><strong>Schedule of Available-for-sale Securities [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost', window );">Aggregate cost of equity securities available for sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,470,000<span></span>
</td>
<td class="nump">8,847,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Fair value of equity securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,632,000<span></span>
</td>
<td class="nump">9,226,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent', window );">Increase (decrease) in gross unrealized gains on equity securities classified as available-for-sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="num">(217,000)<span></span>
</td>
<td class="num">(8,000)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxesOnUnrealizedGainsOnSecurities', window );">Deferred taxes on unrealized gains on securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 76,000<span></span>
</td>
<td class="nump">$ 3,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities', window );">Proceeds from maturities and sales of government debt securities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax', window );">Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Net of Tax</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 162,000<span></span>
</td>
<td class="nump">$ 380,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AociTaxAttributableToParent', window );">Accumulated Other Comprehensive Income (Loss), Available-for-sale Securities Adjustment, Deferred Tax Expense (Benefit)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 57,000<span></span>
</td>
<td class="nump">$ 134,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated Balance Sheets to the Consolidated Statements of Income in fiscal 2015 and 2014, respectively.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Accumulated appreciation or loss, net of tax, in value of the total of available-for-sale securities at the end of an accounting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669686-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10A<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669646-108580<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedOtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of tax expense (benefit) allocated to accumulated other comprehensive income (loss) attributable to parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51813488&amp;loc=d3e22054-111558<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (aa)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26610-111562<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesAmortizedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before tax, after reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale or maturity (principal being due) of securities not classified as either held-to-maturity securities or trading securities which are classified as available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26853-111562<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_CapitalGainDistributionFromAvailableForSaleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to capital gain distribution from Available for sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_CapitalGainDistributionFromAvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxesOnUnrealizedGainsOnSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the deferred tax on unrealized gains on securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxesOnUnrealizedGainsOnSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=us-gaap_EquitySecuritiesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=us-gaap_EquitySecuritiesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148671792">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Cash Flows - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract', window );"><strong>Cash flows from operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 7,292<span></span>
</td>
<td class="nump">$ 6,768<span></span>
</td>
<td class="nump">$ 6,619<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash provided by operating activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DepreciationDepletionAndAmortization', window );">Depreciation and amortization</a></td>
<td class="nump">2,715<span></span>
</td>
<td class="nump">2,085<span></span>
</td>
<td class="nump">1,552<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingRevenuesInterestInUnconsolidatedEntity', window );">Non-voting revenues interest in EAM Trust</a></td>
<td class="num">(7,346)<span></span>
</td>
<td class="num">(6,767)<span></span>
</td>
<td class="num">(5,781)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NonVotingProfitsInterestInUnconsolidatedEntity', window );">Non-voting profits interest in EAM Trust</a></td>
<td class="num">$ (624)<span></span>
</td>
<td class="num">$ (732)<span></span>
</td>
<td class="num">$ (479)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses', window );">Realized and unrealized losses on securities available-for-sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_NoncashDeferredRentExpenses', window );">Deferred rent</a></td>
<td class="num">$ (200)<span></span>
</td>
<td class="nump">$ 567<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredIncomeTaxExpenseBenefit', window );">Deferred income taxes</a></td>
<td class="num">(237)<span></span>
</td>
<td class="nump">464<span></span>
</td>
<td class="nump">$ 1,078<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Changes in operating assets and liabilities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInDeferredRevenue', window );">Unearned revenue</a></td>
<td class="nump">923<span></span>
</td>
<td class="nump">415<span></span>
</td>
<td class="num">(1,286)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_IncreaseDecreaseInReserveForSettlement', window );">Reserve for settlement</a></td>
<td class="nump">21<span></span>
</td>
<td class="nump">7<span></span>
</td>
<td class="num">(32)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_IncreaseDecreaseInOperatingLeaseExitObligation', window );">Operating lease exit obligation</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(36)<span></span>
</td>
<td class="num">(439)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities', window );">Accounts payable &amp; accrued expenses</a></td>
<td class="num">(663)<span></span>
</td>
<td class="num">(202)<span></span>
</td>
<td class="num">(17)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedSalaries', window );">Accrued salaries</a></td>
<td class="num">(130)<span></span>
</td>
<td class="nump">149<span></span>
</td>
<td class="nump">92<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable', window );">Accrued taxes on income</a></td>
<td class="num">(249)<span></span>
</td>
<td class="nump">733<span></span>
</td>
<td class="nump">33<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable', window );">Prepaid and refundable income taxes</a></td>
<td class="nump">61<span></span>
</td>
<td class="num">(175)<span></span>
</td>
<td class="nump">779<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other current assets</a></td>
<td class="nump">47<span></span>
</td>
<td class="nump">139<span></span>
</td>
<td class="num">(575)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsReceivable', window );">Accounts receivable</a></td>
<td class="num">(203)<span></span>
</td>
<td class="nump">72<span></span>
</td>
<td class="num">(376)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities', window );">Total adjustments</a></td>
<td class="num">(5,885)<span></span>
</td>
<td class="num">(3,281)<span></span>
</td>
<td class="num">(5,451)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash provided by operating activities</a></td>
<td class="nump">1,407<span></span>
</td>
<td class="nump">$ 3,487<span></span>
</td>
<td class="nump">$ 1,168<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract', window );"><strong>Purchases/sales of securities classified as available-for-sale:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity', window );">Proceeds from sales of equity securities</a></td>
<td class="nump">57<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity', window );">Purchases of equity securities</a></td>
<td class="num">(656)<span></span>
</td>
<td class="num">$ (2,553)<span></span>
</td>
<td class="num">$ (2,545)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DistributionFromVariableEntityInvestingActivities', window );">Distributions received from EAM Trust</a></td>
<td class="nump">7,832<span></span>
</td>
<td class="nump">7,160<span></span>
</td>
<td class="nump">5,080<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment', window );">Acquisition of property and equipment</a></td>
<td class="num">(120)<span></span>
</td>
<td class="num">(206)<span></span>
</td>
<td class="num">(331)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForSoftware', window );">Expenditures for capitalized software</a></td>
<td class="num">(2,424)<span></span>
</td>
<td class="num">(2,481)<span></span>
</td>
<td class="num">(2,457)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash provided by (used for) investing activities</a></td>
<td class="nump">4,689<span></span>
</td>
<td class="nump">1,920<span></span>
</td>
<td class="num">(253)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract', window );"><strong>Cash flows from financing activities:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Purchase of treasury stock at cost</a></td>
<td class="num">(122)<span></span>
</td>
<td class="num">(550)<span></span>
</td>
<td class="num">(182)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividends paid</a></td>
<td class="num">(5,888)<span></span>
</td>
<td class="num">(5,909)<span></span>
</td>
<td class="num">(5,935)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash used for financing activities</a></td>
<td class="num">(6,010)<span></span>
</td>
<td class="num">(6,459)<span></span>
</td>
<td class="num">(6,117)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Net change in cash and cash equivalents</a></td>
<td class="nump">86<span></span>
</td>
<td class="num">(1,052)<span></span>
</td>
<td class="num">(5,202)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of year</a></td>
<td class="nump">5,788<span></span>
</td>
<td class="nump">6,840<span></span>
</td>
<td class="nump">12,042<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of year</a></td>
<td class="nump">$ 5,874<span></span>
</td>
<td class="nump">$ 5,788<span></span>
</td>
<td class="nump">$ 6,840<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The sum of adjustments which are added to or deducted from net income or loss, including the portion attributable to noncontrolling interest, to reflect cash provided by or used in operating activities, in accordance with the indirect cash flow method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the gross loss realized on the sale of debt or equity securities categorized neither as held-to-maturity nor trading securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27357-111563<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesGrossRealizedLosses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 830<br><br><br><br> -SubTopic 230<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredIncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Deferred Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6510177<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 6.I.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34349781&amp;loc=d3e330036-122817<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 6<br><br><br><br> -Section I<br><br><br><br> -Subsection 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredIncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DepreciationDepletionAndAmortization">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DepreciationDepletionAndAmortization</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccountsReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccountsReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the period in the amount due for taxes based on the reporting entity's earnings or attributable to the entity's income earning process (business presence) within a given jurisdiction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedSalaries">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the period in accrued salaries.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedSalaries</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInDeferredRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInDeferredRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInIncomeTaxesReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInIncomeTaxesReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
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</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to reacquire common stock during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForRepurchaseOfCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForSoftware">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the development, modification or acquisition of software programs or applications for internal use (that is, not to be sold, leased or otherwise marketed to others) that qualify for capitalization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsForSoftware</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to acquire equity securities classified as available-for-sale securities, because they are not classified as trading securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26853-111562<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquirePropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquirePropertyPlantAndEquipment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the sale of equity securities classified as available-for-sale securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26853-111562<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DistributionFromVariableEntityInvestingActivities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the Profits or revenue distribution from variable entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DistributionFromVariableEntityInvestingActivities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_IncreaseDecreaseInOperatingLeaseExitObligation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The change in the operating lease exit obligation recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_IncreaseDecreaseInOperatingLeaseExitObligation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_IncreaseDecreaseInReserveForSettlement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The change in the reserve for settlement recorded on the balance sheet, which is needed to adjust net income to arrive at net cash flows provided by or used in operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_IncreaseDecreaseInReserveForSettlement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingProfitsInterestInUnconsolidatedEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the income received against non voting profits in unconsolidated entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingProfitsInterestInUnconsolidatedEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NonVotingRevenuesInterestInUnconsolidatedEntity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the income received against non voting revenues in unconsolidated entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NonVotingRevenuesInterestInUnconsolidatedEntity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_NoncashDeferredRentExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of deferred noncash expenses made by entity during period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_NoncashDeferredRentExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_PurchasesSalesOfSecuritiesClassifiedAsAvailableForSaleAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</div></td></tr>
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<head>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148439920">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Treasury Stock and Repurchase Program - Components of treasury stock, at cost (Details) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="4">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th" colspan="2"><div>Apr. 30, 2013</div></th>
<th class="th"><div>Apr. 30, 2012</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_TreasuryStockAtCostRollForward', window );"><strong>Treasury Stock At Cost [Roll Forward]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Balance (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">182,071<span></span>
</td>
<td class="nump">123,572<span></span>
</td>
<td class="nump">103,619<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Purchases effected in open market, shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">8,433<span></span>
</td>
<td class="nump">58,499<span></span>
</td>
<td class="nump">19,953<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Balance (in shares)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">190,504<span></span>
</td>
<td class="nump">182,071<span></span>
</td>
<td class="nump">123,572<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Total Average Cost Assigned, Beginning Balance (in dollars)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,122<span></span>
</td>
<td class="nump">$ 1,572<span></span>
</td>
<td class="nump">$ 1,390<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Purchases effected in open market (in dollars)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">122<span></span>
</td>
<td class="nump">550<span></span>
</td>
<td class="nump">182<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValue', window );">Total Average Cost Assigned, Ending Balance (in dollars)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,244<span></span>
</td>
<td class="nump">$ 2,122<span></span>
</td>
<td class="nump">$ 1,572<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_TreasuryStockAverageCostPerShare', window );">Average Cost per Share, Beginning Balance (in dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 11.65<span></span>
</td>
<td class="nump">$ 12.72<span></span>
</td>
<td class="nump">$ 13.41<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockAcquiredAverageCostPerShare', window );">Average cost per share</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">14.47<span></span>
</td>
<td class="nump">9.41<span></span>
</td>
<td class="nump">9.13<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_TreasuryStockAverageCostPerShare', window );">Average Cost per Share, Ending Balance (in dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 11.78<span></span>
</td>
<td class="nump">$ 11.65<span></span>
</td>
<td class="nump">$ 12.72<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1', window );">Aggregate purchase price remaining under the program</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 2,146<span></span>
</td>
<td class="nump">$ 2,268<span></span>
</td>
<td class="nump">$ 2,818<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="7"></td></tr>
<tr><td colspan="7"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Includes 85,219 shares with a total average cost of $1,036,000 that were acquired during the former repurchase program, which was authorized in January 2011 and expired in January 2012; 18,400 shares were acquired prior to the repurchase program authorized in January 2011.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">Were acquired during the $3 million repurchase program authorized in September 2012.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount remaining of a stock repurchase plan authorized.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1</td>
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<td><strong> Data Type:</strong></td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockAcquiredAverageCostPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total cost of shares repurchased divided by the total number of shares repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockAcquiredAverageCostPerShare</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28,29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td>
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<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockSharesAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased during the period and are being held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30<br><br><br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockSharesAcquired</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount allocated to treasury stock. Treasury stock is common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockValue</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the average cost per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790212655760">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Treasury Stock and Repurchase Program (Tables)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">($ in thousands except for cost per share)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Shares</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Average Cost per Share</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 155px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">103,619</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 155px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,390</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 155px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">13.41</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 282px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Purchases effected in open market (2)</font></td>
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<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">19,953</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">182</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9.13</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,818</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">123,572</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,572</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">12.72</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,818</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Purchases effected in open market (2)</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">58,499</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">550</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9.41</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,268</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Balance as of April 30, 2014</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">182,071</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,122</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">11.65</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,268</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Purchases effected in open market (2)</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">8,433</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">122</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">14.47</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,146</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Balance as of April 30, 2015</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">190,504</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,244</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">11.78</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,146</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
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<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(2) Were acquired during the $3 million repurchase program authorized in September 2012.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of treasury stock, including, but not limited to, average cost per share, description of share repurchase program, shares repurchased, shares held for each class of treasury stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23315-112656<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23285-112656<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405834&amp;loc=d3e23309-112656<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148421984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Copyright Data Fees<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_CopyrightDataFeesTextBlock', window );">Copyright Data Fees</a></td>
<td class="text"><p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Note 14 - Copyright Data Fees:</b></font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">During the twelve months ended April 30, 2015, copyright data fees of $2,847,000 were 4.2% above fiscal 2014.&#160;&#160;As of April 30, 2015, total third party sponsored assets were attributable to five contracts for copyright data representing $2.25 billion in various products, as compared to four contracts for copyright data representing $2.28 billion in assets at April 30, 2014.&#160;&#160;The value of assets managed by third party sponsors was affected by a shift in assets in one of the underlying portfolios during April 2013 and then in February 2014 to a new subadviser which was beyond Value Line&#8217;s control.&#160;&#160;The Company signed a new copyright data contract in the third fiscal quarter of 2015, and the three new exchange-traded funds subject to that contract began trading in March 2015.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the information about copyright data fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790212666976">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Organization and Summary of Significant Accounting Policies (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash equivalents</a></td>
<td class="nump">$ 5,272<span></span>
</td>
<td class="nump">$ 5,482<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Securities available-for-sale</a></td>
<td class="nump">9,632<span></span>
</td>
<td class="nump">9,226<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsFairValueDisclosure', window );">Investments, fair value disclosure</a></td>
<td class="nump">14,904<span></span>
</td>
<td class="nump">14,708<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Level 1</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash equivalents</a></td>
<td class="nump">5,272<span></span>
</td>
<td class="nump">5,482<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Securities available-for-sale</a></td>
<td class="nump">9,632<span></span>
</td>
<td class="nump">9,226<span></span>
</td>
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<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsFairValueDisclosure', window );">Investments, fair value disclosure</a></td>
<td class="nump">$ 14,904<span></span>
</td>
<td class="nump">$ 14,708<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Level 2</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Securities available-for-sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsFairValueDisclosure', window );">Investments, fair value disclosure</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
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<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Level 3</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems', window );"><strong>Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsFairValueDisclosure', window );">Cash equivalents</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Securities available-for-sale</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsFairValueDisclosure', window );">Investments, fair value disclosure</a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51813488&amp;loc=d3e22054-111558<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (aa)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26610-111562<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Trading Securities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6526789<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27723805&amp;loc=d3e24584-111560<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51813488&amp;loc=d3e22054-111558<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Available-for-Sale Securities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6505594<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph a, f, g<br><br><br><br> -Article 7<br><br><br><br></p></div>
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<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">As more fully described in Note 1 - Organization and Summary of Significant Accounting Policies, the Company deconsolidated its investment management business on December 23, 2010 and therefore no longer reports the investment management operation as a separate business unit.&#160;&#160;Although VLI continues to receive significant cash flows from these operations through its non-controlling investment in EAM, it no longer considers this to be a reportable business segment due to its lack of control over the operating and financial policies of EAM.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 280<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 34<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e8981-108599<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 280<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 41<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51669610&amp;loc=d3e9038-108599<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards 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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Statements of Changes in Shareholders' Equity - USD ($)<br> $ in Thousands</strong></div></th>
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<th class="th"><div>Additional paid-in capital</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">166<span></span>
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</td>
<td class="num">$ (182)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (182)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Purchase of treasury stock (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,953)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(19,953)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,932)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (5,932)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Apr. 30, 2013</a></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="nump">991<span></span>
</td>
<td class="num">$ (1,572)<span></span>
</td>
<td class="nump">32,315<span></span>
</td>
<td class="nump">251<span></span>
</td>
<td class="nump">32,985<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares) at Apr. 30, 2013</a></td>
<td class="nump">10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(123,572)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,768<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">6,768<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent', window );">Change in unrealized gains on securities, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5)<span></span>
</td>
<td class="num">(5)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Purchase of treasury stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (550)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (550)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Purchase of treasury stock (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(58,499)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(58,499)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,900)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (5,900)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Apr. 30, 2014</a></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="nump">991<span></span>
</td>
<td class="num">$ (2,122)<span></span>
</td>
<td class="nump">33,183<span></span>
</td>
<td class="nump">246<span></span>
</td>
<td class="nump">33,298<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares) at Apr. 30, 2014</a></td>
<td class="nump">10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(182,071)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,292<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">7,292<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent', window );">Change in unrealized gains on securities, net of taxes</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(141)<span></span>
</td>
<td class="num">(141)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Purchase of treasury stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (122)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (122)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Purchase of treasury stock (in shares)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,433)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(8,433)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsCommonStock', window );">Dividends declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(5,888)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">$ (5,888)<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Balance at Apr. 30, 2015</a></td>
<td class="nump">$ 1,000<span></span>
</td>
<td class="nump">$ 991<span></span>
</td>
<td class="num">$ (2,244)<span></span>
</td>
<td class="nump">$ 34,587<span></span>
</td>
<td class="nump">$ 105<span></span>
</td>
<td class="nump">$ 34,439<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Balance (in shares) at Apr. 30, 2015</a></td>
<td class="nump">10,000,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(190,504)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="fn" style="border-bottom: 0px;"></td>
</tr>
<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Were acquired during the $3 million repurchase program authorized in September 2012.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid common stock dividends declared with the form of settlement in cash, stock and payment-in-kind (PIK).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 405<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInStockholdersEquityRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockSharesAcquired">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased during the period and are being held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30<br><br><br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockSharesAcquired</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockValueAcquiredCostMethod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockValueAcquiredCostMethod</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_TreasuryStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
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<tr>
<td><strong> Period Type:</strong></td>
<td></td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790221914496">
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<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Consolidated Balance Sheets (Parentheticals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statement Of Financial Position [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShortTermInvestments', window );">Short term investments (in dollars)</a></td>
<td class="nump">$ 5,272<span></span>
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<td class="nump">$ 5,482<span></span>
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</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent', window );">Allowance for doubtful accounts (in dollars)</a></td>
<td class="nump">$ 32<span></span>
</td>
<td class="nump">$ 39<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock, par value (in dollars per share)</a></td>
<td class="nump">$ 0.10<span></span>
</td>
<td class="nump">$ 0.10<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock, shares authorized</a></td>
<td class="nump">30,000,000<span></span>
</td>
<td class="nump">30,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
<td class="nump">10,000,000<span></span>
</td>
<td class="nump">10,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockShares', window );">Treasury stock, shares</a></td>
<td class="nump">190,504<span></span>
</td>
<td class="nump">182,071<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A valuation allowance for trade and other receivables due to an Entity within one year (or the normal operating cycle, whichever is longer) that are expected to be uncollectible.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5074-111524<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShortTermInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, whichever is longer) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments not otherwise listed in the existing taxonomy.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph g<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShortTermInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TreasuryStockShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common and preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date. This stock has no voting rights and receives no dividends.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28,29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TreasuryStockShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790212718464">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Lease Commitments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsDisclosureTextBlock', window );">Lease Commitments</a></td>
<td class="text"><p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Note 9-Lease Commitments:</b></font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">On February 7, 2013, the Company and Citibank, N.A. (the &#8220;Sublandlord&#8221;) entered into a sublease agreement, pursuant to which Value Line has leased approximately 44,493 square feet of office space located on the ninth floor at 485 Lexington Ave., New York, NY (&#8220;Building&#8221; or &#8220;Premises&#8221;) beginning on July 1, 2013 and ending on February 27, 2017 (&#8220;Sublease&#8221;).&#160;&#160;On August 16, 2013, the Company moved to the Building which became its new corporate office facility.&#160;&#160;Base rent under the Sublease is $1,468,269 per annum, subject to customary concessions in the Company&#8217;s favor and pass-through of certain increases in operating costs and real estate taxes.&#160;&#160;The Company provided a security deposit in cash in the amount of $489,423, which is to be partially returned over the course of the sublease term.&#160;&#160;In March 2015 the Company received $122,355 from sublandlord.&#160;&#160;The Company is required to pay for certain operating expenses associated with the Premises as well as utilities supplied to the Premises.&#160;&#160;The Sublease terms have provided for a significant decrease in the Company&#8217;s annual rental expenses.&#160;&#160;The Company recorded a deferred charge on its Consolidated Balance Sheets to reflect the excess of annual rental expense over cash payments since inception of the lease due to free rent for the first six months of the sublease.</font></p>
<div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font>&#160;</div>
<div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The total amount of the base rent payments is being charged to expense on the straight-line method over the term of the lease.</font><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></div>
<div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</div>
<div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Future minimum payments, exclusive of potential increases in real estate taxes and operating cost escalations, under operating leases for office space, with remaining terms of one year or more, are as follows:</font></div>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 783px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended April 30,</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt; padding-left: 0.375in;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2017</font></td>
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<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,224</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
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<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant arrangements with third parties, which includes operating lease arrangements and arrangements in which the entity has agreed to expend funds to procure goods or services, or has agreed to commit resources to supply goods or services, and operating lease arrangements. Descriptions may include identification of the specific goods and services, period of time covered, minimum quantities and amounts, and cancellation rights.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148492304">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information - USD ($)<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
<th class="th" colspan="1"></th>
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<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation 12B<br><br><br><br> -Number 240<br><br><br><br> -Section 12b<br><br><br><br> -Subsection 1<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCurrentReportingStatus</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>State aggregate market value of voting and non-voting common equity held by non-affiliates computed by reference to price at which the common equity was last sold, or average bid and asked price of such common equity, as of the last business day of registrant's most recently completed second fiscal quarter. The public float should be reported on the cover page of the registrants form 10K.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation 12B<br><br><br><br> -Number 240<br><br><br><br> -Section 12b<br><br><br><br> -Subsection 1<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityWellKnownSeasonedIssuer</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148428560">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RisksAndUncertaintiesAbstract', window );"><strong>Risks and Uncertainties [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ConcentrationRiskDisclosureTextBlock', window );">Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk</a></td>
<td class="text"><p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Note 10-Disclosure of Credit Risk of Financial Instruments with Off-Balance Sheet Risk:</b></font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Other than EAM and the Value Line Funds as explained in Note 3 - Related Party Transactions, no single customer accounted for a significant portion of the Company&#8217;s sales in fiscal 2015, 2014, or 2013, nor its accounts receivable as of April 30, 2015 or 2014.</font></p><span></span>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6327-108592<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13531-108611<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6404-108592<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 21<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6442-108592<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 275<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 18<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51801978&amp;loc=d3e6351-108592<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 21<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RisksAndUncertaintiesAbstract</td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148635120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>Revenues:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubscriptionRevenue', window );">Investment periodicals and related publications</a></td>
<td class="nump">$ 32,676<span></span>
</td>
<td class="nump">$ 33,598<span></span>
</td>
<td class="nump">$ 31,940<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LicensesRevenue', window );">Copyright data fees</a></td>
<td class="nump">2,847<span></span>
</td>
<td class="nump">2,733<span></span>
</td>
<td class="nump">3,900<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNet', window );">Total revenues</a></td>
<td class="nump">35,523<span></span>
</td>
<td class="nump">36,331<span></span>
</td>
<td class="nump">35,840<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpensesAbstract', window );"><strong>Expenses:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MarketingAndAdvertisingExpense', window );">Advertising and promotion</a></td>
<td class="nump">4,984<span></span>
</td>
<td class="nump">4,223<span></span>
</td>
<td class="nump">4,075<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LaborAndRelatedExpense', window );">Salaries and employee benefits</a></td>
<td class="nump">15,935<span></span>
</td>
<td class="nump">16,335<span></span>
</td>
<td class="nump">15,034<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherSellingAndMarketingExpense', window );">Production and distribution</a></td>
<td class="nump">7,081<span></span>
</td>
<td class="nump">6,402<span></span>
</td>
<td class="nump">5,694<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherGeneralAndAdministrativeExpense', window );">Office and administration</a></td>
<td class="nump">5,124<span></span>
</td>
<td class="nump">6,870<span></span>
</td>
<td class="nump">6,917<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
<td class="nump">33,124<span></span>
</td>
<td class="nump">33,830<span></span>
</td>
<td class="nump">31,720<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingIncomeLoss', window );">Income from operations</a></td>
<td class="nump">2,399<span></span>
</td>
<td class="nump">2,501<span></span>
</td>
<td class="nump">4,120<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity', window );">Revenues and profits interests in EAM Trust</a></td>
<td class="nump">7,970<span></span>
</td>
<td class="nump">7,499<span></span>
</td>
<td class="nump">6,260<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentIncomeNet', window );">Income from securities transactions, net</a></td>
<td class="nump">126<span></span>
</td>
<td class="nump">178<span></span>
</td>
<td class="nump">126<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic', window );">Income before income taxes</a></td>
<td class="nump">10,495<span></span>
</td>
<td class="nump">10,178<span></span>
</td>
<td class="nump">10,506<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax provision</a></td>
<td class="nump">3,203<span></span>
</td>
<td class="nump">3,410<span></span>
</td>
<td class="nump">3,887<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 7,292<span></span>
</td>
<td class="nump">$ 6,768<span></span>
</td>
<td class="nump">$ 6,619<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAndDiluted', window );">Earnings per share, basic &amp; fully diluted (in dollars per share)</a></td>
<td class="nump">$ 0.74<span></span>
</td>
<td class="nump">$ 0.69<span></span>
</td>
<td class="nump">$ 0.67<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted', window );">Weighted average number of common shares (in shares)</a></td>
<td class="nump">9,813,623<span></span>
</td>
<td class="nump">9,839,155<span></span>
</td>
<td class="nump">9,888,774<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements.  Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period.  Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAndDiluted</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
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<td><strong> Balance Type:</strong></td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
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<td><strong> Balance Type:</strong></td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<tr>
<td><strong> Data Type:</strong></td>
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<td><strong> Balance Type:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accretion (amortization) of discount (premium), and investment expense, of interest income and dividend income on nonoperating securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.7(a),(b))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentIncomeNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LaborAndRelatedExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of expenditures for salaries, wages, profit sharing and incentive compensation, and other employee benefits, including equity-based compensation, and pension and other postretirement benefit expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LaborAndRelatedExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LicensesRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue earned during the period relating to consideration received from another party for the right to use, but not own, certain of the entity's intangible assets. Licensing arrangements include, but are not limited to, rights to use a patent, copyright, technology, manufacturing process, software or trademark. Licensing fees are generally, but not always, fixed as to amount and not dependent upon the revenue generated by the licensing party. An entity may receive licensing fees for licenses that also generate royalty payments to the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LicensesRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MarketingAndAdvertisingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The total expense recognized in the period for promotion, public relations, and brand or product advertising.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MarketingAndAdvertisingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net result for the period of deducting operating expenses from operating revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherGeneralAndAdministrativeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The sum of expenses not otherwise specified in the taxonomy for managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherGeneralAndAdministrativeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherSellingAndMarketingExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Other expenses directly related to the marketing or selling of products or services not otherwise defined.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherSellingAndMarketingExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubscriptionRevenue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Revenue from circulation or sale of subscriptions (for example, but not limited to, subscriptions to a magazine or newspaper).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(a))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubscriptionRevenue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the revenues and profits distribution from unconsolidated entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_RevenuesAndProfitsDistributionFromUnconsolidatedEntity</td>
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<td>duration</td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790221974352">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Investments<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsDebtAndEquitySecuritiesAbstract', window );"><strong>Investments, Debt and Equity Securities [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInDebtAndMarketableEquitySecuritiesAndCertainTradingAssetsDisclosureTextBlock', window );">Investments</a></td>
<td class="text"><table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Note 4-Investments:</b></font></td>
</tr>
<tr style="vertical-align: top;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b><i>Securities Available-for-Sale:</i></b></font></td>
</tr>
<tr style="vertical-align: top;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Investments held by the Company and its subsidiaries are classified as securities available-for-sale in accordance with FASB&#8217;s ASC 320, Investments - Debt and Equity Securities.&#160;&#160;All of the Company&#8217;s securities classified as available-for-sale were readily marketable or had a maturity of twelve months or less and are classified as current assets on the Consolidated Balance Sheets.</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b><i>Equity Securities:</i></b></font></td>
</tr>
<tr style="vertical-align: top;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Equity securities classified as available-for-sale on the Consolidated Balance Sheets, consist of investments in common stocks, ETFs that attempt to replicate the performance of certain equity indexes held for dividend yield, ETFs that attempt to replicate the inverse of the price performance of certain equity indexes and ETFs that hold preferred shares primarily of financial institutions.</font></td>
</tr>
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;">&#160;</td>
</tr>
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">As of April 30, 2015 and April 30, 2014, the aggregate cost of the equity securities classified as available-for-sale, which consist of investments in the iShares Dow Jones Select Dividend Index (DVY), SPDR S&amp;P Dividend (SDY), First Trust Value Line Dividend Index (FVD), PowerShares Financial Preferred (PGF), certain common shares of equity securities and inverse equity index ETFs,&#160;&#160;was $9,470,000 and $8,847,000, respectively, and the fair value was $9,632,000 and $9,226,000, respectively.&#160;&#160;There were capital gain distributions from certain ETF&#8217;s of $57,000 and&#160;&#160;$36,000, respectively, during fiscal years 2015 and 2014.&#160;&#160;&#160;The decreases in gross unrealized gains on equity securities classified as available-for-sale of $217,000, net of deferred&#160;&#160;taxes of $76,000, were included in Shareholders&#8217; Equity at April 30, 2015.&#160;&#160;The decreases in gross unrealized gains on equity securities classified as available-for-sale of $8,000, net of deferred&#160;&#160;taxes of $3,000, were included in Shareholders&#8217; Equity at April 30, 2014.&#160;&#160;There were no sales or proceeds from sales of equity securities during the fiscal year ended April 30, 2015 or April 30, 2014.</font></td>
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<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;">&#160;</td>
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<tr style="vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The carrying value and fair value of securities available-for-sale at April 30, 2015 were as follows:</font></td>
</tr>
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<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1488px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
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<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Cost</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unrealized&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gains&#160;</p>
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<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unrealized&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Losses&#160;</p>
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<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fair Value</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt; width: 774px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Common stocks</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">101</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">74</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 133px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">175</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">ETFs - equities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,903</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,508</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,411</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Inverse ETFs - equities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,466</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(1,420</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">4,046</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9,470</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,582</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(1,420</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9,632</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;" colspan="16" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The carrying value and fair value of securities available-for-sale at April 30, 2014 were as follows:</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Cost</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unrealized&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gains&#160;</p>
</td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Gross&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Unrealized&#160;</p>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt;">Losses&#160;</p>
</td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fair Value</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Common stocks</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">101</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">47</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(12</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">136</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">ETFs - equities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,878</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,280</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(2</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,156</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Inverse ETFs - equities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">4,868</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(934</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,934</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">8,847</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,327</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(948</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9,226</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table>
<p style="text-align: left; widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b><i>Government Debt Securities (Fixed Income Securities):</i></b></font></td>
<td style="width: 156px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 156px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 156px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 172px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: top;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;" colspan="5"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fixed income securities held from time to time consist of government debt securities issued by the United States federal government.&#160;&#160;There were no fixed income securities as of April 30, 2015 or April 30, 2014.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;" colspan="5">&#160;</td>
</tr>
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;" colspan="5"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">There were no sales or proceeds from maturities and sales of government debt securities classified as available-for-sale during the fiscal years ended April 30, 2015, 2014 and 2013.</font></td>
</tr>
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;" colspan="5">&#160;</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Income from securities transactions was comprised of the following:</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1488px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="background-color: #ffffff;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended&#160;April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 953px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Dividend income</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">157</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 134px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">147</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 133px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">124</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Interest income</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">4</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Capital gain distribution from ETFs (1)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">57</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">36</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Exchange loss</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(16</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Interest expense</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(5</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;">-<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Other</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(75</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(5</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(2</font></td>
<td style="text-align: left; vertical-align: top;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total income/(loss) from securities transactions and other, net</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">126</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">178</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">126</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><br class="apple-interchange-newline"  />&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;" colspan="5"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(1) Capital gain distributions of $57,000 and $36,000 which were reclassified from Accumulated Other Comprehensive Income in the Consolidated&#160;&#160;Balance Sheets to the Consolidated&#160;&#160;Statements of Income in fiscal 2015 and 2014, respectively.</font></td>
</tr>
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: left;" colspan="5"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;" colspan="5"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The changes in the value of equity and fixed income securities investments are recorded in Other Comprehensive Income in the Consolidated Financial Statements.&#160;&#160;Realized gains and losses are recorded on the trade date in the Consolidated Statements of Income when securities are sold, mature or are redeemed.&#160;&#160;As of April 30, 2015 and April 30, 2014, gross unrealized gains of $162,000 and $380,000, net of deferred taxes of $57,000 and $134,000, respectively, are recorded in Accumulated Other Comprehensive Income in the Consolidated Balance Sheets.</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b><i>Investment in Unconsolidated Entities:</i></b></font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b><i>&#160;</i></b></font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b><i>Equity Method Investment:</i></b></font></td>
</tr>
<tr style="vertical-align: top;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">As of April 30, 2015 and April 30, 2014, the Company&#8217;s investment in EAM Trust, on the Consolidated Balance Sheets was $58,048,000 and $57,850,000, respectively.</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left;">
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">The value of VLI&#8217;s investment in EAM at April 30, 2015 and April 30, 2014 reflects the fair value of contributed capital of $55,805,000 at inception, which included $5,820,000 of cash and liquid securities in excess of working capital requirements contributed to EAM&#8217;s capital account by VLI, plus VLI&#8217;s share of non-voting revenues and non-voting profits from EAM less distributions, made quarterly to VLI by EAM, during the period subsequent to its initial investment through the dates of the Consolidated Balance Sheets.&#160;</p>
<p style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
</td>
</tr>
<tr style="background-color: #ffffff; vertical-align: top;">
<td style="text-align: left;">
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">It is anticipated that EAM will have sufficient liquidity and earn enough profit to conduct its current and future operations so the management of EAM will not need additional funding.&#160;</p>
<p style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: left;">
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">The Company monitors its Investment in EAM Trust for impairment to determine whether an event or change in circumstances has occurred that may have a significant adverse effect on the fair value of the investment.&#160;&#160;Impairment indicators include, but are not limited to the following: (a) a significant deterioration in the earnings performance, asset quality, or business prospects of the investee, (b) a significant adverse change in the regulatory, economic, or technological environment of the investee, (c) a significant adverse change in the general market condition of the industry in which the investee operates, or (d) factors that raise significant concerns about the investee&#8217;s ability to continue as a going concern such as negative cash flows, working capital deficiencies, or noncompliance with statutory capital and regulatory requirements.&#160;&#160;EAM did not record any impairment losses for its assets during the fiscal years 2015 or 2014.&#160;</p>
<p style="margin-top: 0pt; margin-bottom: 0pt;">&#160;</p>
</td>
</tr>
<tr style="vertical-align: top;">
<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The components of EAM&#8217;s investment management operations, provided to the Company by EAM, were as follows:</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="background-color: #ffffff; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="background-color: #ffffff;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended&#160;April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -9pt; padding-left: 9pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Investment management fees earned from the Value Line Funds, net of waivers shown below</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 112px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">15,014</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 112px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">14,452</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 112px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">12,773</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">12b-1 fees and other fees, net of waivers shown below</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,459</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,061</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,905</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Other income</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">34</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">16</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">14</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Investment management fee waivers and reimbursements (1)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">192</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">89</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">379</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">12b-1 fee waivers (1)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,518</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,683</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,156</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Value Line&#8217;s non-voting revenues interest</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">7,346</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">6,767</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,781</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">EAM&#8217;s net income (2)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,248</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,464</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">945</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table>
<p style="widows: 1; text-transform: none; margin-top: 0pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">(1) During fiscal 2015 and 2014 investment management fee waivers and reimbursements primarily related to the Value Line Core Bond Fund and the 12b-1 fee waivers related to six and seven of the Value Line Mutual Funds, respectively.&#160;&#160;During fiscal 2013 investment management fee waivers and reimbursements related to the Value Line Core Bond Fund and the U.S. Government Money Market Fund (&#8220;USGMMF&#8221;) which was merged into a third party fund, the Daily Income Fund, managed by Reich &amp; Tang, effective October 19, 2012.&#160;&#160;In fiscal 2013 the 12b-1 fee waivers related to nine of the Value Line Mutual Funds.&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Subsequent to April 30, 2015, EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds&#8217; shareholders to exchange into and is now available in place of the Daily Income Fund.</p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">(2) Represents EAM&#8217;s net income, after giving effect to Value Line&#8217;s non-voting revenues interest, but before distributions to voting profits interest holders and to the Company in respect of its 50% non-voting profits interest.&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1331px; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; background-color: #ffffff;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended&#160;April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; background-color: #ffffff; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 1039px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;EAM&#8217;s total assets</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 106px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">60,159</font></td>
<td style="text-align: left; width: 13px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 13px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 13px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 106px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">59,965</font></td>
<td style="text-align: left; width: 13px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;EAM&#8217;s total liabilities (1)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(3,104</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(3,158</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;EAM&#8217;s total equity</font></td>
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<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">56,807</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790215278512">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related Party Transactions<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td style="text-align: left; text-indent: 0pt; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Note 3-Related Party Transactions:</b></font></td>
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<td style="font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b><i>Investment Management (overview):</i></b></font></td>
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<td style="font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">On December 23, 2010, the Company deconsolidated its asset management and mutual fund distribution businesses and its interest in these businesses was restructured as a non-voting revenues and non-voting profits interests in EAM.&#160;&#160;Accordingly, the Company no longer reports this operation as a separate business segment, although it still maintains a significant interest in the cash flows generated by this business and will receive non-voting revenues and non-voting profits interests going forward, as discussed below.</font></td>
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<tr style="vertical-align: top;">
<td style="text-align: left; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total assets in the Value Line Funds managed and/or distributed by EAM at April 30, 2015, were $2.40 billion, which is $46 million, or 2.0%, above total assets of $2.35 billion in the Value Line Funds managed by EAM at April 30, 2014.</font></td>
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<tr style="vertical-align: top;">
<td style="text-align: left; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left;">
<p style="text-align: justify; margin-top: 0pt; margin-bottom: 0pt;">In January 2015, the Value Line VIP Equity Advantage Fund was launched.&#160;&#160;The fund is an open end fund that invests primarily in a basket of closed-end funds.&#160;&#160;The fund is exclusively available in the Guardian Pro Series Variable Annuities.&#160;&#160;EAM partnered with Worthington Capital Management, a $2 billion Memphis based investment adviser, to create and launch the Worthington Value Line Equity Advantage Fund which started in February 2015.&#160;&#160;The fund, similar to VIP, uses a proprietary model created by Worthington, EAM, and Value Line Publishing LLC, to identify which closed end funds to hold in the portfolio and is available in the retail and RIA (registered investment advisers) channels.&#160;&#160;&#160;In March 2015, Value Line Larger Companies Fund was renamed Value Line Larger Companies Focused Fund and Value Line Fund was renamed Value Line Mid Cap Focused Fund.&#160;&#160;The names were changed to emphasize both portfolios focus on high conviction ideas in the large cap and mid cap securities, respectively.&#160;&#160;In March 2015, Reich &amp; Tang announced it will be liquidating the Daily Income Fund in July 2015.&#160;&#160;EAM changed its money market option to the Federated Government Obligations Fund which was added as an option for the direct Value Line Funds&#8217; shareholders to exchange into and is now available in place of the Daily Income Fund.</p>
<p style="margin-top: 0pt; margin-bottom: 0pt;">&#160;&#160;</p>
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<td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company&#8217;s non-voting revenues and non-voting profits interests in EAM entitle it to receive quarterly distributions in a range of 41% to 55% of EAM&#8217;s revenues (excluding distribution revenues) from EAM&#8217;s mutual fund and separate account business and at least 90% of the Company&#8217;s 50% interest in the residual profits of EAM which are payable each fiscal quarter under the provisions of the EAM Trust Agreement. Value Line&#8217;s percent share of EAM&#8217;s revenues calculated each fiscal quarter was 49.18%, 49.63%, 49.80% and 49.87% during the first, second, third and fourth quarters of fiscal 2015, respectively, and 46.66%, 47.27%, 47.91% and 48.66% during the first, second, third and fourth quarters of fiscal 2014, respectively.</font></td>
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<td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The non-voting revenues and 90% of the Company&#8217;s non-voting profits interests due from EAM to the Company are payable each fiscal quarter under the provisions of the EAM Trust Agreement.&#160;&#160;The distributable amounts earned through the balance sheet date, which is included in the Investment in EAM Trust on the Consolidated Balance Sheets, and not yet paid, were $1,951,000 and $1,887,000 at April 30, 2015 and April 30, 2014, respectively.</font></td>
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<td style="text-align: left; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt; font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b><i>EAM Trust - VLI&#8217;s non-voting revenues and non-voting profits interests:</i></b></font></td>
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<td style="font-size: 10pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: justify; text-indent: 0pt; font-size: 10pt;"><font style="font: 10pt 'times;">The Company holds non-voting revenues and non-voting profits interests in EAM which entitle the Company to receive from EAM an amount ranging from 41% to 55% of EAM&#8217;s investment management fee revenues from its mutual fund and separate accounts business.&#160;&#160;EAM currently has no separately managed account clients.&#160;&#160;The Company recorded income from its non-voting revenues interest and its non-voting profits interests in EAM as follows:</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended&#160;April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt; width: 861px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Non-voting revenues interest in EAM</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">7,346</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">6,767</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,781</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Non-voting profits interest in EAM</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">624</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">732</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman',;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">479</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
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<tr style="vertical-align: top;">
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<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">During the fiscal years ended April 30, 2015 and April 30, 2014, the Company was reimbursed $171,000 and $220,000, respectively for payments it made on behalf of and services it provided to AB&amp;Co.&#160;&#160;&#160;There were no receivables due from the Parent at April 30, 2015 or April 30, 2014.</font></td>
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<td style="text-align: justify; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company is a party to a tax-sharing arrangement with the Parent which allocates the tax liabilities of the two Companies between them.&#160;&#160;For the years ended April 30, 2015, 2014, and 2013, the Company made&#160;&#160;payments to the Parent for federal income tax amounting to $3,366,000, $2,254,000, and $1,877,000, respectively.</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph b<br><br><br><br> -Article 3A<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790414395712">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Expenses for Settlement<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RestructuringAndRelatedActivitiesAbstract', window );"><strong>Restructuring and Related Activities [Abstract]</strong></a></td>
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<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 420<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 5.P.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27011515&amp;loc=d3e140904-122747<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 420<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 5.P.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27011515&amp;loc=d3e140864-122747<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 420<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394359&amp;loc=d3e17939-110869<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 5<br><br><br><br> -Section P<br><br><br><br> -Subsection 3, 4<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790222339120">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Comprehensive Income<br></strong></div></th>
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<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
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<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Beginning fiscal 2013, the Company adopted the provisions of Accounting Standards Update 2011-05 to reflect comprehensive income in two statements which include the components of net income and total net income in the first statement, immediately followed by a financial statement that presents the components of other comprehensive income, a total for other comprehensive income and a total for comprehensive income.</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">As of April 30, 2015, and April 30, 2014, the Company held equity securities consisting primarily of ETFs with high relative dividend yields that are classified as securities available-for-sale on the Consolidated Balance Sheets.&#160;&#160;Additionally, as of April 30, 2015, and April 30, 2014, the Company held non-leveraged ETFs, classified as securities available-for-sale, whose performance inversely corresponds to the market value changes of investments in other ETF securities held in the equity portfolio for dividend yield.&#160;&#160;The change in valuation of these securities, net of deferred income taxes, has been recorded in accumulated other comprehensive income in the Company&#8217;s Consolidated Balance Sheets.</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The components of comprehensive income that are included in the Consolidated&#160;&#160;Statement of Changes in Shareholders&#8217; Equity for the twelve months ending April 30, 2015 are as follows:&#160;</font>&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Year Ended April 30, 2015</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Before Tax</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Tax Expense/ (Benefit)</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="3"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Net&#160;<br  />of Tax</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 861px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Change in unrealized gains on securities</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px; border-top: black 2px solid;">(<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">274</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;" nowrap="nowrap">)<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">96</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;" nowrap="nowrap"></td>
<td style="text-align: right; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px; border-top: black 2px solid;">(<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">178</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap">)<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Less: Gains realized in net income</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">57</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(20</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">37</font></td>
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(217</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">76</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(141</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
</table>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The components of comprehensive income that are included in the Consolidated&#160;Statement of Changes in Shareholders&#8217; Equity for the twelve months ending April 30, 2014 are as follows:&#160;</font></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 861px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Year Ended April 30, 2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Before Tax</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Tax Expense/<br  />(Benefit)</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="3"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Net&#160;<br  />of Tax</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Change in unrealized gains on securities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">28</font></td>
<td style="text-align: left; border-top: black 2px solid;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(10</font></td>
<td style="text-align: left; border-top: black 2px solid;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">18</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Less: Gains realized in net income</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(36</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">13</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(23</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(8</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(5</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
</table>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The components of comprehensive income that are included in the Consolidated&#160;Statement of Changes in Shareholders&#8217; Equity for the twelve months ending April 30, 2013 are as follows:&#160;</font></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
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<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Year Ended April 30, 2013</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; background-color: #ffffff;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Before Tax</font></td>
<td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; background-color: #ffffff;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Tax Expense</font></td>
<td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; background-color: #ffffff; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Net of Tax</font></td>
<td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
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<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Change in unrealized gains on securities</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">256</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(90</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">166</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">256</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(90</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">166</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e689-108580<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669619-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e640-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 17<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e716-108580<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e709-108580<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e637-108580<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e681-108580<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Reclassification Adjustments<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6522872<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148616000">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Federal, State and Local Income Taxes<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Federal, State and Local Income Taxes</a></td>
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<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">In accordance with the requirements of the Income Tax Topic of the FASB&#8217;s ASC, the Company&#8217;s provision for income taxes includes the following:</font></p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1096px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
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<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 603px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Federal</font></td>
<td style="width: 11px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 11px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 132px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,197</font></td>
<td style="text-align: left; width: 11px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 11px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 11px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 132px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,707</font></td>
<td style="text-align: left; width: 11px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 11px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 11px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 131px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,679</font></td>
<td style="text-align: left; width: 10px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;State and local</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">243</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">239</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">130</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,440</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,946</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,809</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Deferred tax expense (benefit):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Federal</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(83</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">572</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">728</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;State and local</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(154</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(108</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">350</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(237</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">464</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,078</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Income tax provision:</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,203</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,410</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,887</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Deferred income taxes are provided for temporary differences between the financial reporting basis and the tax basis of the Company&#8217;s assets and liabilities.&#160;&#160;The tax effect of temporary differences giving rise to the Company&#8217;s deferred tax asset and deferred tax liability are as follows:&#160;</font></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1096px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: left;" colspan="9"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="6"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended April 30,</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Federal tax benefit (liability):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 778px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Unrealized gains on securities available-for-sale</font></td>
<td style="width: 10px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 10px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 131px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(57</font></td>
<td style="text-align: left; width: 10px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="width: 10px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 10px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 131px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(134</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Operating lease exit obligation</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">70</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">70</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Deferred professional fees</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">34</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">36</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Deferred charges</font></td>
<td style="padding-bottom: 1pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">263</font></td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">327</font></td>
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total federal tax benefit</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">310</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">299</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">State and local tax benefits:</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;&#160;Other - deferred charges</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">46</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">65</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total state and local tax benefits</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">46</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">65</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Deferred tax asset, short term</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">356</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">364</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended April 30,</font></td>
<td style="text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: center;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font size="+0"><b>&#160;</b></font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Federal tax liability (benefit):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred gain on deconsolidation of EAM</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">17,679</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">17,679</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred non-cash post-employment compensation</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(619</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(619</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Depreciation and amortization</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,435</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,416</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Other</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">401</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">646</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total federal tax liability</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font size="+0">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">19,896</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">20,122</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">State and local tax liabilities (benefits):</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred gain on deconsolidation of EAM</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,970</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,181</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred non-cash post-employment compensation</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(69</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(76</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Depreciation and amortization</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">271</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">298</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;&#160;Deferred professional fees</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(4</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(5</font></td>
<td style="text-align: left; vertical-align: top;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total state and local tax liabilities</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,168</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,398</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Deferred tax liability, long term</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">22,064</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">22,520</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
</table>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The tax effect of temporary differences giving rise to the Company&#8217;s long term deferred tax liability is primarily a result of the federal, state, and local taxes related to the $50,510,000 gain from deconsolidation of the Company&#8217;s asset management and mutual fund distribution subsidiaries, partially offset by the long term tax benefit related to the non-cash post-employment compensation of $1,770,000 granted to VLI&#8217;s former employee.</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company uses the effective income tax rate determined to provide for income taxes on a year-to-date basis and reflects the tax effect of any tax law changes and certain other discrete events in the period in which they occur.</font></p>
<div style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></div>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The overall effective income tax rates, as a percentage of pre-tax ordinary income for the twelve months ended April 30, 2015, 2014 and 2013 were 30.52%, 33.50% and 37.00%, respectively. The Company&#8217;s annual effective tax rate will change due to a number of factors including but not limited to an increase or decrease in the ratio of items that do not have tax consequences to pre-tax income, the Company&#8217;s geographic profit mix between tax jurisdictions, new tax laws, new interpretations of existing tax laws and rulings and settlements with tax authorities. The fluctuation in the effective income tax rate during fiscal 2015 is primarily attributable to the writeoff of the tax bases of goodwill, effect of the reduction in the allocation factors on the state and local deferred tax liability (primarily the gain on deconsolidation of EAM), reversal of excess income tax accruals established in past years that were resolved upon completion of the prior NYC and IRS audits and an increase in the domestic production tax credits.&#160;&#160;The decrease in the effective income tax rate during fiscal 2014 is attributable to the lower percentage of income subject to state and local income taxes and a favorable settlement of a local income tax audit.&#160;&#160;The fluctuation in the effective income tax rate during fiscal 2013 is attributable to a higher percentage of income subject to state and local taxes offset by the recognition of the domestic production tax credits and an increase in the dividends received deduction during the current fiscal year.</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory income tax rate to pretax income as a result of the following:</font></p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1567px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Years Ended April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 1050px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">U.S. statutory federal rate</font></td>
<td style="text-align: right; width: 16px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">35.00</font></td>
<td style="text-align: left; width: 16px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right; width: 16px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 126px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">35.00</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 125px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">35.00</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Increase (decrease) in tax rate from:</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;State and local income taxes, net of federal income tax benefit</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-0.15</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">0.84</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2.96</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;Effect of dividends received deductions</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-0.40</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-0.33</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-0.27</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;Write off goodwill</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-1.62</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font size="+0">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;Domestic production tax credit</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-0.44</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-0.58</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-0.52</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;&#160;Other, net</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-1.87</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-1.43</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-0.17</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Effective income tax rate</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">30.52</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">33.50</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">37.00</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">%</font></td>
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<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company believes that, as of April 30, 2015, there were no material uncertain tax positions that would require disclosure under GAAP.</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company is included in the consolidated federal income tax return of the Parent.&#160;&#160;The Company has a tax sharing agreement which requires it to make tax payments to the Parent equal to the Company&#8217;s liability/(benefit) as if it filed a separate return.</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company&#8217;s federal income tax returns (included in the Parent&#8217;s consolidated returns) and state and city tax returns for fiscal years 2013, 2012, and 2011 are subject to examination by the tax authorities, generally for three years after they were filed with the tax authorities.&#160;&#160;During May 2014, New York City concluded its examination of the Company&#8217;s income tax returns for the three years through fiscal year 2011, which resulted in no changes that had any adverse effect on the Company&#8217;s financial statements.&#160;&#160;The Company&#8217;s tax returns for the fiscal years ended April 30, 2013 and 2012 are being examined by the Internal Revenue Service (IRS) and by New York City (NYC). The Company does not expect the audit examinations to have a material effect on its financial statements.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790216053984">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Treasury Stock and Repurchase Program (Detail Textuals) - USD ($)<br></strong></div></th>
<th class="th" colspan="2">1 Months Ended</th>
<th class="th" colspan="3">12 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jan. 31, 2012</div></th>
<th class="th"><div>Jan. 31, 2011</div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
<th class="th"><div>Sep. 19, 2012</div></th>
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<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityClassOfTreasuryStockLineItems', window );"><strong>Equity, Class of Treasury Stock [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Number of treasury shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">8,433<span></span>
</td>
<td class="nump">58,499<span></span>
</td>
<td class="nump">19,953<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockValueAcquiredCostMethod', window );">Total average cost</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 122,000<span></span>
</td>
<td class="nump">$ 550,000<span></span>
</td>
<td class="nump">$ 182,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareRepurchaseProgramAxis=valu_September2012ShareRepurchaseProgramMember', window );">September 2012 Share Repurchase Program</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityClassOfTreasuryStockLineItems', window );"><strong>Equity, Class of Treasury Stock [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3,000,000<span></span>
</td>
</tr>
<tr class="rh">
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityClassOfTreasuryStockLineItems', window );"><strong>Equity, Class of Treasury Stock [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityClassOfTreasuryStockLineItems', window );"><strong>Equity, Class of Treasury Stock [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockSharesAcquired', window );">Number of treasury shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">85,219<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="th" style="border-bottom: 0px;"><sup></sup></td>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<tr><td colspan="8"></td></tr>
<tr><td colspan="8"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Were acquired during the $3 million repurchase program authorized in September 2012.</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares that have been repurchased during the period and are being held in treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30<br><br><br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the cost of common and preferred stock that were repurchased during the period. Recorded using the cost method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6405813&amp;loc=d3e23239-112655<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148628208">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Variable Interest Entity<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">60,159</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">58,048</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">58,048</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">As of April 30, 2014</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">59,965</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">57,850</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch:
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<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;" nowrap="nowrap">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;" nowrap="nowrap">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;" nowrap="nowrap">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;" nowrap="nowrap">&#160;</td>
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<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(1)&#160;&#160;Reported within Long Term Assets on Consolidated Balance Sheets.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for Categorization of Variable Interest Entities (VIE) for consolidation and (or) disclosure purposes, whether individually or in aggregate, by: (1) VIEs consolidated because the entity is the primary beneficiary, (2) VIEs not consolidated because the entity is not the primary beneficiary, and (3) VIEs or potential VIEs that are not consolidated because necessary information is not available. In general, a VIE is a corporation, partnership, trust, or any other legal structure used for business purposes that either (a) does not have equity investors with voting rights or (b) has equity investors that do not provide sufficient financial resources for the entity to support its activities. A VIE often holds financial assets, including loans or receivables, real estate or other property. A VIE may be essentially passive or it may engage in research and development or other activities on behalf of another company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790413306592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Property and Equipment<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
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<td class="text"><p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Note 6-Property and Equipment:</b></font></p>
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<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="6"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">As of April 30,</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">($ in thousands)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2015</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
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<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt; width: 1223px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Land</font></td>
<td style="text-align: right; width: 16px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 16px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 126px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">726</font></td>
<td style="text-align: left; width: 16px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 125px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">726</font></td>
<td style="text-align: left; width: 15px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,037</font></td>
<td style="text-align: left;" nowrap="nowrap"><font>&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,024</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">4,084</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">5,312</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: white; vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9,847</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">11,062</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Accumulated depreciation and amortization</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(6,157</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(7,199</font></td>
<td style="text-align: left; vertical-align: top;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
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<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total property and equipment, net</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,690</font></td>
<td style="border-bottom: black 4px double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 4px double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 4px double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3,863</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13-14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51717284&amp;loc=d3e1361-107760<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51719941&amp;loc=d3e2921-110230<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790212915904">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Employees' Profit Sharing and Savings Plan<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<td class="text">&#160;<span></span>
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<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Substantially all employees of the Company and its subsidiaries are members of the Value Line, Inc. Profit Sharing and Savings Plan (the &#8220;Plan&#8221;).&#160;&#160;In general, this is a qualified, contributory plan which provides for a discretionary annual Company contribution which is determined by a formula based on the salaries of eligible employees and the amount of consolidated net operating income as defined in the Plan. For the fiscal years ended April 30, 2015, 2014, and 2013, the estimated profit sharing plan contribution, which is included as an expense in salaries and employee benefits in the Consolidated Statements of Income, was $422,000, $373,000 and $240,000, respectively.</font></p><span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation costs, including compensated absences accruals, compensated absences liability, deferred compensation arrangements and income statement compensation items.  Deferred compensation arrangements may include a description of an arrangement with an individual employee, which is generally an employment contract between the entity and a selected officer or key employee containing a promise by the employer to pay certain amounts at designated future dates, usually including a period after retirement, upon compliance with stipulated requirements. This type of arrangement is distinguished from broader based employee benefit plans as it is usually tailored to the employee. Disclosure also typically includes the amount of related compensation expense recognized during the reporting period, the number of shares (units) issued during the period under such arrangements, and the carrying amount as of the balance sheet date of the related liability.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 715<br><br><br><br> -SubTopic 70<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49170846&amp;loc=d3e28014-114942<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 715<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=58740216&amp;loc=d3e1928-114920<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SAB TOPIC 14.F)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27013229&amp;loc=d3e301413-122809<br><br><br><br></p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790414395712">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Business Segments (Detail Textuals)<br></strong></div></th>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790413306592">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Comprehensive Income (Tables)<br></strong></div></th>
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<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: left; text-indent: 0pt; width: 861px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Change in unrealized gains on securities</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px; border-top: black 2px solid;">(<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">274</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;" nowrap="nowrap">)<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">96</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;" nowrap="nowrap"></td>
<td style="text-align: right; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 141px; border-top: black 2px solid;">(<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">178</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap">)<font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Less: Gains realized in net income</font></td>
<td style="text-align: right; padding-bottom: 1pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">57</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(20</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">37</font></td>
<td style="text-align: left; padding-bottom: 1pt;" nowrap="nowrap"></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(217</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">76</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(141</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
</table>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 861px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Year Ended April 30, 2014</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Before Tax</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Tax Expense/<br  />(Benefit)</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; text-indent: 0pt;" colspan="3"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Net&#160;<br  />of Tax</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Change in unrealized gains on securities</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">28</font></td>
<td style="text-align: left; border-top: black 2px solid;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(10</font></td>
<td style="text-align: left; border-top: black 2px solid;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">18</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Less: Gains realized in net income</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(36</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">13</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(23</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(8</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">3</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(5</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
</tr>
</table>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 861px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 141px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="10"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Fiscal Year Ended April 30, 2013</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;($ in thousands)</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; background-color: #ffffff;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Before Tax</font></td>
<td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; background-color: #ffffff;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Tax Expense</font></td>
<td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: center; background-color: #ffffff; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Amount Net of Tax</font></td>
<td style="text-align: left; background-color: #ffffff;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>&#160;</b></font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Change in unrealized gains on securities</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">256</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(90</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right; border-top: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">166</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; padding-bottom: 2.5pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">256</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">(90</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">)</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2.5pt double; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2.5pt double; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">166</font></td>
<td style="text-align: left; padding-bottom: 2.5pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of components of comprehensive income (loss). Includes, but is not limited to, foreign currency translation adjustments, foreign currency transactions  designated as economic hedges of a net investment in foreign entity, gain (loss) and prior service cost (credit) for pension plans and other postretirement benefit plans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e526-108580<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790216135200">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Federal, State and Local Income Taxes - Tax effect of temporary differences in deferred tax asset and deferred tax liability (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsAndLiabilitiesLineItems', window );"><strong>Deferred Tax Assets and Liabilities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred tax asset, short term</a></td>
<td class="nump">$ 356<span></span>
</td>
<td class="nump">$ 364<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent', window );">Deferred gain on deconsolidation of EAM</a></td>
<td class="nump">50,510<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent', window );">Deferred non-cash post-employment compensation</a></td>
<td class="nump">1,770<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liability, long term</a></td>
<td class="nump">22,064<span></span>
</td>
<td class="nump">22,520<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityAxis=us-gaap_DomesticCountryMember', window );">Federal tax benefit (liability)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsAndLiabilitiesLineItems', window );"><strong>Deferred Tax Assets and Liabilities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities', window );">Unrealized gains on securities available-for-sale</a></td>
<td class="num">(57)<span></span>
</td>
<td class="num">(134)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent', window );">Operating lease exit obligation</a></td>
<td class="nump">70<span></span>
</td>
<td class="nump">70<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent', window );">Deferred professional fees</a></td>
<td class="nump">34<span></span>
</td>
<td class="nump">36<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsDeferredChargesCurrent', window );">Deferred charges</a></td>
<td class="nump">263<span></span>
</td>
<td class="nump">327<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred tax asset, short term</a></td>
<td class="nump">310<span></span>
</td>
<td class="nump">299<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent', window );">Deferred gain on deconsolidation of EAM</a></td>
<td class="nump">17,679<span></span>
</td>
<td class="nump">17,679<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent', window );">Deferred non-cash post-employment compensation</a></td>
<td class="num">(619)<span></span>
</td>
<td class="num">(619)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent', window );">Depreciation and amortization</a></td>
<td class="nump">2,435<span></span>
</td>
<td class="nump">2,416<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesOther', window );">Other</a></td>
<td class="nump">401<span></span>
</td>
<td class="nump">646<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liability, long term</a></td>
<td class="nump">19,896<span></span>
</td>
<td class="nump">20,122<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxAuthorityAxis=us-gaap_StateAndLocalJurisdictionMember', window );">State and local tax liabilities (benefits)</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsAndLiabilitiesLineItems', window );"><strong>Deferred Tax Assets and Liabilities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsOther', window );">Other - deferred charges</a></td>
<td class="nump">46<span></span>
</td>
<td class="nump">65<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxAssetsNetCurrent', window );">Deferred tax asset, short term</a></td>
<td class="nump">46<span></span>
</td>
<td class="nump">65<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent', window );">Deferred gain on deconsolidation of EAM</a></td>
<td class="nump">1,970<span></span>
</td>
<td class="nump">2,181<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent', window );">Deferred non-cash post-employment compensation</a></td>
<td class="num">(69)<span></span>
</td>
<td class="num">(76)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent', window );">Depreciation and amortization</a></td>
<td class="nump">271<span></span>
</td>
<td class="nump">298<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent', window );">Deferred professional fees</a></td>
<td class="num">(4)<span></span>
</td>
<td class="num">(5)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DeferredTaxLiabilitiesNoncurrent', window );">Deferred tax liability, long term</a></td>
<td class="nump">$ 2,168<span></span>
</td>
<td class="nump">$ 2,398<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxAssetsNetCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31928-109318<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsNetCurrent</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxAssetsOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, netted by jurisdiction and classified as noncurrent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31931-109318<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31958-109318<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e31917-109318<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesOther">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesOther</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences from unrealized gains on trading securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32621-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32632-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51675352&amp;loc=d3e28680-109314<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DeferredTaxLiabilitiesUnrealizedGainsOnTradingSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxAssetsAndLiabilitiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxAssetsAndLiabilitiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxAssetsDeferredChargesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount deferred tax asset attributable to deductible temporary differences from deferred charges, expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxAssetsDeferredChargesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax asset attributable to deductible temporary differences from deferred non-cash postemployment compensation, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxAssetsDeferredNonCashPostemploymentCompensationNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount deferred tax asset attributable to deductible temporary differences from deferred professional fees, expected to be realized or consumed within one year or operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxAssetsDeferredProfessionalFeesCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount deferred tax asset attributable to deductible temporary differences from deferred professional fees, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxAssetsDeferredProfessionalFeesNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax (asset) liability attributable to deductible temporary differences from depreciation and amortization, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxAssetsLiabilitiesDepreciationAndAmortizationNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents current potion of deferred tax assets operating lease exit obligation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxAssetsOperatingLeaseExitObligationCurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of deferred tax liability attributable to taxable temporary differences from deferred gain on deconsolidation of subsidiary, expected to be realized or consumed after one year (or the normal operating cycle, if longer).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_DeferredTaxLiabilitiesDeferredGainOnDeconsolidationOfSubsidiaryNoncurrent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxAuthorityAxis=us-gaap_DomesticCountryMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxAuthorityAxis=us-gaap_DomesticCountryMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790221880784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Treasury Stock and Repurchase Program<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_TreasuryStockAbstract', window );"><strong>Treasury Stock [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_TreasuryStockTextBlock', window );">Treasury Stock and Repurchase Program</a></td>
<td class="text"><p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Note 13 - Treasury Stock and Repurchase Program:</b></font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">On September 19, 2012, the Company&#8217;s Board of Directors approved a share repurchase program authorizing the repurchase of shares of the Company&#8217;s common stock up to an aggregate purchase price of $3,000,000.&#160;&#160;The repurchases may be made from time to time on the open market at prevailing market prices, in negotiated transactions off the market, in block purchases or otherwise. The repurchase program may be suspended or discontinued at any time at the Company&#8217;s discretion and has no set expiration date.</font></p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Treasury stock, at cost, consists of the following:</font></p>
<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 1410px; font-family: 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">($ in thousands except for cost per share)</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Shares</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Total Average Cost Assigned</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: center; text-indent: 0pt;" colspan="2"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Average Cost per Share</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left; text-indent: 0pt;" colspan="2" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Aggregate Purchase Price<br  />Remaining Under the Program</font></td>
<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;" nowrap="nowrap"></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt; width: 494px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Balance as of April 30, 2012 (1)</font></td>
<td style="text-align: right; width: 15px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 155px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">103,619</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 155px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,390</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 155px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">13.41</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left; width: 14px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right; width: 282px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">-</font></td>
<td style="text-align: left; width: 14px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Purchases effected in open market (2)</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">19,953</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"></font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">182</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9.13</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,818</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Balance as of April 30, 2013</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">123,572</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">1,572</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">12.72</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,818</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Purchases effected in open market (2)</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">58,499</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">550</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">9.41</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,268</font></td>
<td style="text-align: left; padding-bottom: 2px;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Balance as of April 30, 2014</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">182,071</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,122</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">11.65</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,268</font></td>
<td style="text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2px; text-indent: 0pt;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">Purchases effected in open market (2)</font></td>
<td style="text-align: right; padding-bottom: 2px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">8,433</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">122</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">14.47</font></td>
<td style="border-bottom: black 2px solid; text-align: left;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="border-bottom: black 2px solid; text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">$</font></td>
<td style="border-bottom: black 2px solid; text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,146</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<td style="text-align: right;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">2,146</font></td>
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and Summary of Significant Accounting Policies (Tables)<br></strong></div></th>
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<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
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<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
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<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">9,632</td>
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<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
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<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
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<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
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<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
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<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
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<td style="text-align: right;">&#160;</td>
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<td style="text-align: right;">&#160;</td>
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<td style="text-align: right;">&#160;</td>
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<td style="text-align: right;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
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<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
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<td style="border-bottom: black 2px solid; padding-bottom: 1pt; border-top: black 2px solid;">&#160;</td>
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<td style="text-align: right;">-</td>
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<td style="text-align: right;">5,482</td>
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<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">9,226</td>
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<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">-</td>
<td style="border-bottom: black 2px solid; text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: right;">9,226</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
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<td style="padding-bottom: 2.5pt; padding-left: 0.95pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">14,708</td>
<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">-</td>
<td style="border-bottom: black 4px double; text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 4px double; text-align: left;">$</td>
<td style="border-bottom: black 4px double; text-align: right;">14,708</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19279-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a,b,bb)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2C<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=SL7498348-110258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19190-110258<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790222386880">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Property and Equipment - Components of property and equipment, net (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentAbstract', window );"><strong>Property, Plant and Equipment [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Land', window );">Land</a></td>
<td class="nump">$ 726<span></span>
</td>
<td class="nump">$ 726<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_BuildingsAndImprovementsGross', window );">Building and leasehold improvements</a></td>
<td class="nump">5,037<span></span>
</td>
<td class="nump">5,024<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FurnitureAndFixturesGross', window );">Furniture and equipment</a></td>
<td class="nump">4,084<span></span>
</td>
<td class="nump">5,312<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentGross', window );">Property, plant and equipment, gross</a></td>
<td class="nump">9,847<span></span>
</td>
<td class="nump">11,062<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment', window );">Accumulated depreciation and amortization</a></td>
<td class="num">(6,157)<span></span>
</td>
<td class="num">(7,199)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentNet', window );">Total property and equipment, net</a></td>
<td class="nump">$ 3,690<span></span>
</td>
<td class="nump">$ 3,863<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated depreciation, depletion and amortization for physical assets used in the normal conduct of business to produce goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_BuildingsAndImprovementsGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation of building structures held for productive use including addition, improvement, or renovation to the structure, including, but not limited to, interior masonry, interior flooring, electrical, and plumbing.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td><strong> Name:</strong></td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation of equipment commonly used in offices and stores that have no permanent connection to the structure of a building or utilities. Examples include, but are not limited to, desks, chairs, tables, and bookcases.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depletion of real estate held for productive use, excluding land held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6812-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount before accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentGross</td>
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<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.13)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790148686080">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Investments - Carrying value and fair value of securities available-for-sale (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems', window );"><strong>Schedule of Available-for-sale Securities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost', window );">Cost</a></td>
<td class="nump">$ 9,470<span></span>
</td>
<td class="nump">$ 8,847<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment', window );">Gross Unrealized Gains</a></td>
<td class="nump">1,582<span></span>
</td>
<td class="nump">1,327<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment', window );">Gross Unrealized Losses</a></td>
<td class="num">(1,420)<span></span>
</td>
<td class="num">(948)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Fair Value</a></td>
<td class="nump">9,632<span></span>
</td>
<td class="nump">9,226<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=us-gaap_CommonStockMember', window );">Common stocks</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems', window );"><strong>Schedule of Available-for-sale Securities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost', window );">Cost</a></td>
<td class="nump">101<span></span>
</td>
<td class="nump">101<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment', window );">Gross Unrealized Gains</a></td>
<td class="nump">$ 74<span></span>
</td>
<td class="nump">47<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment', window );">Gross Unrealized Losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(12)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Fair Value</a></td>
<td class="nump">$ 175<span></span>
</td>
<td class="nump">136<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=us-gaap_ExchangeTradedFundsMember', window );">ETFs - equities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems', window );"><strong>Schedule of Available-for-sale Securities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost', window );">Cost</a></td>
<td class="nump">3,903<span></span>
</td>
<td class="nump">3,878<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment', window );">Gross Unrealized Gains</a></td>
<td class="nump">$ 1,508<span></span>
</td>
<td class="nump">1,280<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment', window );">Gross Unrealized Losses</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(2)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Fair Value</a></td>
<td class="nump">$ 5,411<span></span>
</td>
<td class="nump">5,156<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=valu_InverseExchangeTradedFundsMember', window );">Inverse ETFs - equities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems', window );"><strong>Schedule of Available-for-sale Securities [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost', window );">Cost</a></td>
<td class="nump">$ 5,466<span></span>
</td>
<td class="nump">$ 4,868<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment', window );">Gross Unrealized Gains</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment', window );">Gross Unrealized Losses</a></td>
<td class="num">$ (1,420)<span></span>
</td>
<td class="num">$ (934)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AvailableForSaleSecurities', window );">Fair Value</a></td>
<td class="nump">$ 4,046<span></span>
</td>
<td class="nump">$ 3,934<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecurities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of investment in debt and equity securities categorized neither as held-to-maturity nor trading.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51813488&amp;loc=d3e22054-111558<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (aa)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27724398&amp;loc=d3e27232-111563<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 320<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49167202&amp;loc=d3e26610-111562<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecurities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AvailableForSaleSecuritiesAmortizedCost">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This item represents the cost of debt and equity securities, which are categorized neither as held-to-maturity nor trading, net of adjustments including accretion, amortization, collection of cash, previous other-than-temporary impairments recognized in earnings (less any cumulative-effect adjustments recognized, as defined), and fair value hedge accounting adjustments, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AvailableForSaleSecuritiesAmortizedCost</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated pre-tax unrealized gains before deducting pre-tax unrealized losses on investments in available-for-sale securities impacting investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_AvailableForSaleDebtSecuritiesGrossUnrealizedGainAccumulatedInInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of accumulated pre-tax unrealized loss before deducting pre-tax unrealized gain on investments in available-for-sale securities impacting investments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">valu_AvailableForSaleDebtSecuritiesGrossUnrealizedLossAccumulatedInInvestment</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>valu_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MajorTypesOfDebtAndEquitySecuritiesAxis=us-gaap_CommonStockMember</td>
</tr>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790218849904">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Consolidated Statements of Comprehensive Income - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract', window );"><strong>Statement Of Other Comprehensive Income [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="nump">$ 7,292<span></span>
</td>
<td class="nump">$ 6,768<span></span>
</td>
<td class="nump">$ 6,619<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract', window );"><strong>Other comprehensive income/(loss), net of tax:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
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<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent', window );">Change in unrealized gains on securities, net of taxes</a></td>
<td class="num">(141)<span></span>
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<td class="num">(5)<span></span>
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<td class="nump">166<span></span>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherComprehensiveIncomeLossNetOfTax', window );">Other comprehensive income/(loss)</a></td>
<td class="num">(141)<span></span>
</td>
<td class="num">(5)<span></span>
</td>
<td class="nump">166<span></span>
</td>
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<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ComprehensiveIncomeNetOfTax', window );">Comprehensive income/(loss)</a></td>
<td class="nump">$ 7,151<span></span>
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<td class="nump">$ 6,763<span></span>
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<td class="nump">$ 6,785<span></span>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831223<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=d3e557-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments, of appreciation (loss) in value of unsold available-for-sale securities, attributable to parent entity. Excludes amounts related to other than temporary impairment (OTTI) loss.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 20<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569643-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (c)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount after tax and reclassification adjustments of other comprehensive income (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669619-108580<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1B<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36458714&amp;loc=SL7669625-108580<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 220<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51821188&amp;loc=d3e1436-108581<br><br><br><br></p></div>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790213062160">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Supplementary Cash Flow Information<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr><th class="th"><div>Apr. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowElementsAbstract', window );"><strong>Supplemental Cash Flow Elements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowSupplementalDisclosuresTextBlock', window );">Supplementary Cash Flow Information</a></td>
<td class="text"><table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="4" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Note 2-Supplementary Cash Flow Information:</b></font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
<td style="padding-left: 0.95pt; padding-right: 0.95pt; padding-top: 0.95pt;" nowrap="nowrap"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></td>
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<table style="font: 10pt/normal 'times new roman', times, serif; width: 80%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="10">Fiscal Years Ended April 30,</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 2px solid; text-align: left;">($ in thousands)</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">2015</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">2014</td>
<td style="border-bottom: black 2px solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 2px solid;">&#160;</td>
<td style="border-bottom: black 2px solid; text-align: center;" colspan="2">2013</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #f0ffff; vertical-align: bottom;">
<td style="text-align: left; width: 752px;">State and local income tax payments</td>
<td style="width: 31px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 157px;">238</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 31px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 157px;">114</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 31px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 160px;">120</td>
<td style="text-align: left; width: 16px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Federal income tax payments to the Parent</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">3,366</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">2,254</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">1,877</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"></p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<table style="font: 12pt/normal 'times new roman', times, serif; width: 1567px; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="padding-left: 0.95pt; padding-right: 0.95pt; font-size: 10pt; padding-top: 0.95pt;" colspan="8"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">See Note 3-Related Party Transactions for tax amounts associated with Arnold Bernhard and Co., Inc. (&#8220;AB&amp;Co.&#8221; or the &#8220;Parent&#8221;).</font></td>
</tr>
</table><span></span>
</td>
</tr>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for supplemental cash flow activities, including cash, noncash, and part noncash transactions, for the period. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
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<DOCUMENT>
<TYPE>XML
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790216434848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounting for the Costs of Computer Software Developed for Internal Use (Detail Textuals) - USD ($)<br></strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_InternalUseSoftwareAbstract', window );"><strong>Internal Use Software [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalizedComputerSoftwareAdditions', window );">Capitalized cost of development of software for internal use</a></td>
<td class="nump">$ 2,422,000<span></span>
</td>
<td class="nump">$ 2,481,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_CapitalizedSoftwareDevelopmentCostsForProject', window );">Development costs for the digital production software project</a></td>
<td class="nump">2,414,000<span></span>
</td>
<td class="nump">2,416,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_CapitalizedSoftwareDevelopmentCostsForNewSystems', window );">Development costs related to a new fulfillment system</a></td>
<td class="nump">8,000<span></span>
</td>
<td class="nump">65,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_InternalCostsToDevelopSoftware', window );">Internal costs to develop software</a></td>
<td class="nump">1,692,000<span></span>
</td>
<td class="nump">1,595,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_ThirdPartyProgrammersCosts', window );">Third party programmers' costs</a></td>
<td class="nump">$ 730,000<span></span>
</td>
<td class="nump">886,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FiniteLivedIntangibleAssetUsefulLife', window );">Expected useful life of the asset</a></td>
<td class="text">5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CapitalizedComputerSoftwareAmortization', window );">Amortization expense</a></td>
<td class="nump">$ 2,421,000<span></span>
</td>
<td class="nump">$ 1,812,000<span></span>
</td>
<td class="nump">$ 1,295,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_valu_AcceleratedWriteOffOfObsoleteSoftware', window );">Accelerated write off of obsolete software</a></td>
<td class="nump">$ 138,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additions made to capitalized computer software costs during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 350<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26713463&amp;loc=d3e16265-109275<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>For each income statement presented, the amount charged to expense for amortization of capitalized computer software costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 985<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128487-111756<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 985<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6501960&amp;loc=d3e128462-111756<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Useful life of finite-lived intangible assets, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Supplementary Cash Flow Information (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="3">12 Months Ended</th>
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<th class="th"><div>Apr. 30, 2015</div></th>
<th class="th"><div>Apr. 30, 2014</div></th>
<th class="th"><div>Apr. 30, 2013</div></th>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="text">&#160;<span></span>
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<td class="nump">$ 114<span></span>
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<td class="nump">$ 120<span></span>
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<td class="nump">$ 2,254<span></span>
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<td class="nump">$ 1,877<span></span>
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<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm139790221804976">
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<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Accounting for the Costs of Computer Software Developed for Internal Use<br></strong></div></th>
<th class="th" colspan="1">12 Months Ended</th>
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<p style="text-align: left; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">The Company has adopted the provisions of the Statement of Position 98-1 (SOP 98-1), "Accounting for the Costs of Computer Software Developed for Internal Use".&#160;&#160;SOP 98-1 requires companies to capitalize as long-lived assets many of the costs associated with developing or obtaining software for internal use and amortize those costs over the software&#8217;s estimated useful life in a systematic and rational manner.</font></p>
<p style="text-align: justify; widows: 1; text-transform: none; text-indent: 0pt; margin: 0pt 0px; font: 13px 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;">&#160;</font></p>
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for its computer software activities including the accounting treatment for costs incurred for (1) research and development activities, (2) development of computer software for internal use, (3) in-process research and development acquired in a purchase business combination.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
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