================================================================================
SEMI-ANNUAL REPORT
------------------
June 30, 2000
------------------
The Value Line
Cash Fund, Inc.
[LOGO]
--------------
VALUE LINE
No-Load
Mutual
Funds
<PAGE>
The Value Line Cash Fund, Inc.
To Our Value Line
--------------------------------------------------------------------------------
To Our Shareholders:
We are pleased to send you this Value Line Cash Fund semi-annual report for the
six months ended June 30, 2000. The total net assets of your fund at the end of
June were $386 million; the average maturity of the Fund's holdings was 41 days.
The Cash Fund's annualized yield for the six months ended June 30, 1999 at 5.54%
compares favorably to the Fund's peer group return of 5.37%. For both the 7-day
and the 30-day periods ended June 30th, the Fund's yield was 5.83% and 5.81%,
respectively. Given our focus on credit quality, the Fund's performance
continues to successfully fulfill its investment objective of securing as high a
level of current income as is consistent with liquidity and preservation of
capital.
We continue to maintain the majority (69%) of the Fund's holdings in U.S.
Government and Agency securities and first-tier corporate securities.
(First-tier securities refer to those assigned the highest short term rating by
at least two nationally recognized ratings organizations -- for example, P-1 by
Moody's Investor Service and A-1 by Standard & Poor's Corporation.) At present,
we are not considering any new holdings rated below the first-tier level. In
addition to our focus on first-tier securities, in evaluating corporate
securities we also look for a minimum Safety Rank of 3 and a Financial Strength
Rating of B or higher, according to The Value Line Investment Survey.
The domestic economy remained strong in the first half of this year. As a
result, the Federal Reserve Board increased the Fed funds rate (the rate at
which banks borrow and lend excess reserves to each other) 1.00% to 6.50%
through June. The Fed was motivated to increase short-term rates to prevent the
economy from growing too quickly thereby causing inflation to accelerate. Please
see our accompanying "Economic Observations" insert for our current thinking on
the economy and interest rates.
Thank you for investing with us.
Sincerely,
/s/ Jean Bernhard Buttner
Jean Bernhard Buttner
Chairman and President
August 4, 2000
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2
<PAGE>
The Value Line Cash Fund, Inc.
Cash Fund Shareholders
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Economic Observations
The American economy appears to be on a somewhat slower growth track as we move
through the early stages of the second half of calendar 2000. Evidence of this
deceleration in business activity can be found in recent surveys on
manufacturing, housing, auto sales, and employment. Overall, we now estimate
that GDP growth will average 3.0%-3.5% during the third and fourth quarters.
Thereafter, we would expect the pace of economic activity to hold at these
comparatively restrained levels through at least the first half of 2001, as the
succession of interest-rate hikes voted for by the Federal Reserve Board over
the past year, or so, continues to have the hoped-for effect of stabilizing the
economy at comfortable growth levels.
Inflationary pressures, meanwhile, continue to be held in check for the most
part, with sustained increases in productivity and ongoing technological
innovations being at least partially responsible for this comparative pricing
stability. Nevertheless, a moderate increase in cost pressures could still
evolve over the next few quarters, particularly if energy prices increase
further and the aforementioned moderation in second-half GDP growth fails to
evolve as we expect it will. The Federal Reserve, taking note of this potential
for higher prices, meanwhile, is likely to keep a vigilant eye on the monetary
situation, standing ready to raise interest rates further should it deem
inflation to be a problem. Absent an unexpected price flareup, we believe the
recent credit tightening cycle will shortly run its course.
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3
<PAGE>
The Value Line Cash Fund, Inc.
Schedule of Investments
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<TABLE>
<CAPTION>
Principal Value
Amount Maturity (in
(in thousands) Yield+ Date thousands)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. GOVERNMENT AGENCY OBLIGATIONS (35.4%)
$ 10,000 Federal Home Loan Banks.................................... 5.50% 7/21/00 $ 10,000
5,000 Federal Home Loan Banks.................................... 6.04 9/1/00 5,000
10,000 Federal Home Loan Banks.................................... 6.14 10/12/00 10,000
10,000 Federal Home Loan Banks.................................... 6.60 1/26/01 10,000
12,900 Federal Home Loan Banks.................................... 6.56(2) 5/10/01 12,900
10,000 Federal Home Loan Banks.................................... 6.83(2) 6/1/01 10,000
10,000 Federal National Mortgage Association...................... 5.80 8/17/00 9,999
4,000 Federal National Mortgage Association...................... 5.13 11/30/00 3,978
15,000 Student Loan Marketing Association......................... 6.21(1) 7/20/00 15,000
5,000 Student Loan Marketing Association......................... 6.54(1) 8/10/00 5,000
15,000 Student Loan Marketing Association......................... 6.04(1) 8/17/00 15,000
10,000 Student Loan Marketing Association......................... 5.99(1) 9/21/00 10,000
10,000 Student Loan Marketing Association......................... 6.09(1) 10/19/00 10,000
10,000 Student Loan Marketing Association......................... 6.37(1) 12/21/00 10,000
--------- ---------
136,900 TOTAL U. S. GOVERNMENT AGENCY OBLIGATIONS ................. 136,877
--------- ---------
COMMERCIAL PAPER (40.2%)
BANK (2.1%)
8,000 UBS Finance LLC............................................ 6.65 7/5/00 7,994
--------- ---------
BEVERAGE--SOFT DRINK (2.1%)
8,000 Coca-Cola Co.. ............................................ 6.52 7/3/00 7,997
--------- ---------
DIVERSIFIED COMPANIES (2.6%)
10,000 United Technologies Corp................................... 6.58 7/27/00 9,953
--------- ---------
DRUG (2.0%)
8,000 Abbott Labs................................................ 6.60 7/11/00 7,985
--------- ---------
DRUGSTORE (2.6%)
10,000 Merck & Company Inc........................................ 6.70 7/7/00 9,989
--------- ---------
ELECTRIC UTILITY--CENTRAL (2.6%)
10,000 Wisconsin Eletric Power Co................................. 6.52 7/21/00 9,964
--------- ---------
ELECTRICAL EQUIPMENT (1.7%)
6,500 General Electric Capital Corp.............................. 6.65 7/18/00 6,480
--------- ---------
</TABLE>
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4
<PAGE>
The Value Line Cash Fund, Inc.
June 30, 2000 (unaudited)
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<TABLE>
<CAPTION>
Principal Value
Amount Maturity (in
(in thousands) Yield+ Date thousands)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
NEWSPAPER (5.1%)
$ 10,000 Gannett Inc................................................ 6.50% 7/18/00 $ 9,969
10,000 Knight Ridder Inc.......................................... 6.51 7/11/00 9,982
--------- ---------
20,000 19,951
--------- ---------
PUBLISHING (2.6%)
10,000 Reed Elsevier Inc.......................................... 6.52 7/14/00 9,976
--------- ---------
SECURITIES BROKERAGE (5.2%)
10,000 Goldman, Sachs & Co........................................ 6.54 7/10/00 9,984
10,000 Morgan Stanley Dean Witter................................. 6.52 7/6/00 9,991
--------- ---------
20,000 19,975
--------- ---------
TELECOMMUNICATIONS SERVICES (9.0%)
8,000 Bell Atlantic Network Funding.............................. 6.53 7/17/00 7,977
10,000 Edison Asset Security...................................... 6.54 7/19/00 9,967
7,000 SBC Communications Inc..................................... 6.09 7/11/00 6,988
10,000 US West Communications Inc................................. 6.63 7/12/00 9,980
--------- ---------
35,000 34,912
--------- ---------
TOBACCO (2.6%)
10,000 Philip Morris Capital Corp................................. 6.53 7/24/00 9,958
--------- ---------
155,500 TOTAL COMMERCIAL PAPER .................................... 155,134
--------- ---------
CORPORATE BONDS & NOTES (18.1%)
AEROSPACE/DEFENSE (1.7%)
6,500 Rockwell International Corp................................ 8.38 2/15/01 6,567
--------- ---------
AUTO & TRUCK (1.3%)
5,000 Paccar Financial Corp...................................... 5.86 10/16/00 4,999
--------- ---------
BANK (4.0%)
3,400 BankAmerica Corp........................................... 9.70 8/1/00 3,409
5,000 Chase Manhattan Corp....................................... 6.43 3/29/01 4,991
3,000 NationsBank -Dallas........................................ 6.75 8/15/00 3,003
4,000 NationsBank Corp........................................... 5.75 1/17/01 3,982
--------- ---------
15,400 15,385
--------- ---------
</TABLE>
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5
<PAGE>
The Value Line Cash Fund, Inc.
Schedule of Investments
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal Value
Amount Maturity (in
(in thousands) Yield+ Date thousands)
-------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
ELECTRIC UTILITY--EAST (1.8%)
$ 7,000 Duke Energy Co............................................. 7.00% 7/1/00 $ 7,000
--------- ---------
ELECTRICAL EQUIPMENT (1.0%)
4,000 General Electric Capital Corp.............................. 5.92 4/3/01 3,961
--------- ---------
FINANCIAL SERVICES (4.6%)
5,245 American Express Credit Corp............................... 6.50 8/1/00 5,247
5,928 Associates Corp. North America............................. 6.63 5/15/01 5,922
6,570 Citicorp................................................... 5.63 2/15/01 6,531
--------- ---------
17,743 17,700
--------- ---------
PETROLEUM--INTEGRATED (1.2%)
4,650 BP America Inc............................................. 9.38 11/1/00 4,694
--------- ---------
SECURITIES BROKERAGE (2.5%)
5,800 Merrill Lynch & Co., Inc................................... 6.38 7/18/00 5,800
4,000 Merrill Lynch & Co., Inc................................... 6.05 3/6/01 3,970
--------- ---------
9,800 9,770
--------- ---------
70,093 TOTAL CORPORATE BONDS & NOTES ............................. 70,076
--------- ---------
TAXABLE MUNICIPAL SECURITIES (5.1%)
6,300 Carolina Medi-Plan Inc., variable rate Demand Bonds,
--------- Series 1997, Gtd., Letter of credit by Wachovia Bank
of North Carolina, N.A. (Weekly Put) ................... 6.65(1) 7/5/00* 6,300
---------
7,000 Mississippi Business Financial Corp., Industrial Development
--------- Revenue Bonds, Series 1994, (Bryan Foods, Inc. Project)
Gtd.-Sara Lee Corp. (Weekly Put.) ..................... 6.75(1) 7/5/00* 7,000
---------
6,475 State of Texas, Veterans Housing Assistance, Refunding Bonds,
--------- Series 1994 A-2, Pledge Pledge (Weekly Put.) .......... 6.66(1) 7/5/00* 6,475
---------
19,775 TOTAL TAXABLE MUNICIPAL SECURITIES ........................ 19,775
--------- ---------
382,268 TOTAL INVESTMENTS (98.8%) ................................. 381,862
--------- (Amortized Cost $381,862) ---------
</TABLE>
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6
<PAGE>
The Value Line Cash Fund, Inc.
June 30, 2000 (unaudited)
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<TABLE>
<CAPTION>
Value in
thousands
Principal except
Amount per share
(in thousands) amount)
-------------------------------------------------------------------------------------------------------------
<S> <C>
REPURCHASE AGREEMENTS (10.4%)
(including accrued interest)
$ 20,000 Collateralized by U.S. Treasury Bond, $17,300,000
93/83/4%, due 2/15/06 value $20,414,475
(with Morgan Stanley & Co., Inc., 6.30%,
dated 6/30/00, due 7/3/00 delivery value of $20,010,500) $ 20,004
20,000 Collateralized by U.S. Treasury Note, $20,275,000
61/23/4%, due 5/31/02 value $20,383,023
(with State Street Bank % Trust Company.,
6.20%, dated 6/30/00, due 7/3/00
delivery value of $20,010,333) ......................... 20,003
--------- ---------
$ 40,000 TOTAL REPURCHASE AGREEMENTS (10.4%) ....................... 40,007
--------- (Amortized Cost $40,007) ---------
EXCESS OF LIABILITIES
OVER CASH AND RECEIVABLES (-9.2%) ...................... (35,607)
---------
NET ASSETS (100.0%) ....................................... $ 386,262
=========
NET ASSET VALUE, OFFERING AND REDEMPTION
PRICE PER OUTSTANDING SHARE ............................ $ 1.00
=========
</TABLE>
+ Rate frequency for floating rate notes at June 30, 2000: (1) Weekly (2)
Monthly. The rate shown on floating rate securities represents the yield at
the end of the reporting period.
* The maturity date shown is the date of the next interest rate change.
See Notes to Financial Statements
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7
<PAGE>
The Value Line Cash Fund, Inc.
Statement of Assets and Liabilities
at June 30, 2000 (unaudited)
--------------------------------------------------------------------------------
Dollars
(in thousands
except per
share amount)
-------------
Assets:
Investments at value:
(Amortized cost - $381,862) .......................... $ 381,862
Repurchase agreement
(cost - $40,007) ..................................... 40,007
Cash ................................................... 88
Receivable for capital shares sold ..................... 1,446
Interest receivable .................................... 4,091
---------
Total Assets ....................................... 427,494
---------
Liabilities:
Payable for capital shares repurchased ................. 40,897
Accrued expenses:
Advisory fee ......................................... 134
Other ................................................ 201
---------
Total Liabilities .................................. 41,232
---------
Net Assets ............................................. $ 386,262
=========
Net Assets:
Capital Stock, at $.10 par value
(authorized 2 billion shares,
outstanding 386,313,676 shares) ...................... $ 38,631
Additional paid-in capital ............................. 347,683
Accumulated net realized loss
on investments ....................................... (52)
---------
Net Assets ............................................. $ 386,262
=========
Net Asset Value, Offering and
Redemption Price per
Outstanding Share .................................... $ 1.00
=========
Statement of Operations for the
Six Months Ended June 30, 2000 (unaudited)
--------------------------------------------------------------------------------
Dollars
(in thousands)
-------------
Investment Income:
Interest income ......................................... $ 11,250
--------
Expenses:
Advisory fee ............................................ 743
Transfer agent .......................................... 126
Telephone, insurance dues and other ..................... 52
Registration and filing fees ............................ 38
Auditing and legal ...................................... 26
Printing ................................................ 23
Custodian fees .......................................... 22
Postage ................................................. 21
Directors' fees and expenses ............................ 6
--------
Total Expenses before
Custody Credits ......................................... 1,057
--------
Less Custody Credits .................................... (1)
--------
Net Expenses ........................................ 1,056
--------
Net Investment Income ................................... 10,194
--------
Net Increase in Net Assets
from Operations ....................................... $ 10,194
========
See Notes to Financial Statements.
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8
<PAGE>
<TABLE>
The Value Line Cash Fund, Inc.
Statement of Changes in Net Assets
for the Six Months Ended June 30, 2000 (unaudited) and for the Year Ended December 31, 1999
-------------------------------------------------------------------------------------------
<CAPTION>
Six Months
Ended Year Ended
June 30, 2000 December 31,
(unaudited) 1999
-------------------------------
(Dollars in thousands)
<S> <C> <C>
Operations:
Net investment income ........................ $ 10,194 $ 16,415
Net realized gain on investments ............. -- 2
-------------------------------
Net increase in net assets from operations ... 10,194 16,417
-------------------------------
Distributions to Shareholders:
Net investment income ........................ (10,194) (16,415)
-------------------------------
Capital Share Transactions:
Net proceeds from sale of shares ............. 1,410,389 1,850,643
Net proceeds from reinvestment of dividends .. 10,194 16,415
-------------------------------
1,420,583 1,867,058
Cost of shares repurchased ................... (1,399,220) (1,819,472)
-------------------------------
Net increase from capital share transactions 21,363 47,586
-------------------------------
Total Increase in Net Assets ................... 21,363 47,588
Net Assets:
Beginning of period .......................... 364,899 317,311
-------------------------------
End of period ................................ $ 386,262 $ 364,899
===============================
</TABLE>
See Notes to Financial Statements.
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9
<PAGE>
The Value Line Cash Fund, Inc.
Notes to Financial Statements (unaudited)
--------------------------------------------------------------------------------
1. Significant Accounting Policies
The Value Line Cash Fund, Inc. (the "Fund") is registered under the Investment
Company Act of 1940, as amended, as an open-end, diversified management
investment company. The Fund's investment objective is to secure as high a level
of current income as is consistent with preservation of capital and liquidity.
The following summary of significant accounting policies is in conformity with
generally accepted accounting principles for investment companies. Such policies
are consistently followed by the Fund in the preparation of its financial
statements. Generally accepted accounting principles may require management to
make estimates and assumptions that affect the reported amounts and disclosures
in the financial statements. Actual results may differ from those estimates.
(A) Security Valuation. Securities held by the Fund are valued on the basis of
amortized cost, which approximates market value and does not take into account
unrealized gains or losses. This involves valuing an instrument at cost and
thereafter assuming a constant amortization to maturity of any discount or
premium, regardless of the impact of fluctuating interest rates on the market
value of the instrument.
The valuation of securities based upon their amortized cost is permitted by Rule
2a-7 under the Investment Company Act of 1940, as amended. The rule requires
that the Fund maintain a dollar-weighted average portfolio maturity of 90 days
or less, purchase instruments that have remaining maturities of 13 months or
less only, and invest only in securities determined by the Board of Directors to
be of good quality with minimal credit risks. The Directors have established
procedures designed to achieve these objectives.
(B) Repurchase Agreements. In connection with transactions in repurchase
agreements, the Fund's custodian takes possession of the underlying collateral
securities, the value of which exceeds the principal amount, including accrued
interest, of the repurchase transaction. To the extent that any repurchase
transaction exceeds one business day, the value of the collateral is
marked-to-market on a daily basis to ensure the adequacy of the collateral. In
the event of default of the obligation to repurchase, the Fund has the right to
liquidate the collateral and apply the proceeds in satisfaction of the
obligation. Under certain circumstances, in the event of default or bankruptcy
by the other party to the agreement, realization and/or retention of the
collateral or proceeds may be subject to legal proceedings.
(C) Security Transactions. Security transactions are accounted for on the date
the securities are purchased or sold. In computing net investment income,
premiums and discounts on portfolio securities are amortized. Realized gains and
losses on securities transactions are determined on the identified cost method.
(D) Federal Income Taxes. It is the Fund's policy to comply with the
requirements of the Internal Revenue Code applicable to regulated investment
companies, including the distribution requirements of the Tax Reform Act of
1986, and to distribute, on a daily basis, all of its taxable income to its
shareholders. Therefore, no federal income tax or excise tax provision is
required.
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10
<PAGE>
The Value Line Cash Fund, Inc.
June 30, 2000 (unaudited)
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2. Dividends, Distributions to Shareholders and Capital Share Transactions
The Fund earns interest daily on its investments and distributes daily on each
day the Fund is open for business all of its net investment income. Net realized
gains, if any, will be distributed once a year. Earnings for Saturdays, Sundays
and holidays are paid as a dividend on the next business day. All such
distributions are automatically credited to shareholder accounts in additional
shares at net asset value of the day declared.
Because the Fund has maintained a $1.00 net asset value per share from
inception, the number of shares sold, shares issued to shareholders in
reinvestment of dividends declared, and shares repurchased, are equal to the
dollar amounts shown in the Statement of Changes in Net Assets for the
corresponding capital share transactions.
3. Tax Information
At June 30, 2000 the aggregate cost of investments in securities and repurchase
agreements for federal income tax purposes is approximately $421,869,000. At
June 30, 2000, there is no unrealized appreciation or depreciation of
investments.
For federal income-tax purposes, the Fund utilized approximately $3,000 of its
capital loss carryover to offset a realized gain during the year ended December
31, 1999. The Fund had a net capital loss carryover at December 31, 1999 of
approximately $52,000 which will expire in the year 2002. To the extent future
capital gains are offset by such capital losses, the Fund does not anticipate
distributing any such gains to the shareholders.
4. Investment Advisory Contract, Management Fees, and Transactions with
Affiliates
An advisory fee of $742,931 was paid or payable to Value Line, Inc. the Fund's
investment adviser, (the "Adviser"), for the six months ended June 30, 2000.
This was computed at an annual rate of 4/10 of 1% per year of the average daily
net asset value of the Fund during the year and paid monthly. The Adviser
provides research, investment programs and supervision of the investment
portfolio and pays costs of administrative services, office space, equipment and
compensation of administrative, bookkeeping, and clerical personnel necessary
for managing the affairs of the Fund. The Adviser also provides persons,
satisfactory to the Fund's Board of Directors, to act as officers of the Fund
and pays their salaries and wages. The Fund bears all other costs and expenses.
Certain officers and directors of the Adviser and its subsidiary, Value Line
Securities, Inc. (the Fund's distributor and a registered broker/dealer), are
also officers and directors of the Fund.
The Adviser and/or affiliated companies and the Value Line, Inc. Profit Sharing
and Savings Plan owned 96,467,054 shares of the Fund's capital stock,
representing 24.97% of the outstanding shares at June 30, 2000. In addition,
certain officers and directors of the Fund owned 17,144,863 shares of the Fund,
representing 4.44% of the outstanding shares.
5. Subsequent Event
At a special meeting of sharesholders held on June 15, 2000, the shareholders
approved the adoption of a Service and Distribution Plan (the "Plan") effective
July 1, 2000. The plan, adopted pursuant to Rule 12b-1 under the Investment Act
of 1940, provides for the payment of certain expenses incurred by the
Distributor in advertising, marketing and distributing the Fund's shares and for
servicing the Fund's shareholders at an annual rate of 0.25% of the Fund's
average daily net assets.
--------------------------------------------------------------------------------
11
<PAGE>
Financial Highlights
Selected data for a share of capital stock outstanding throughout each period:
<TABLE>
<CAPTION>
Six Months
Ended Years Ended December 31,
June 30, 2000 ------------------------------------------------------------------------
(unaudited) 1999 1998 1997 1996 1995
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ..................... $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
------------------------------------------------------------------------------------------
Net investment income ......... .028 .048 .051 .051 .050 .054
Dividends from net
investment income ........... (.028) (.048) (.051) (.051) (.050) (.054)
------------------------------------------------------------------------------------------
Change in net asset value ..... -- -- -- -- -- --
------------------------------------------------------------------------------------------
Net asset value, end of period .. $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
==========================================================================================
Total return .................... 2.76%+ 4.82% 5.06% 5.10% 5.00% 5.40%
Ratios/Supplemental Data:
Net assets, end of period
(in thousands) ................ $ 386,262 $ 364,889 $ 317,311 $ 303,094 $ 361,797 $ 359,343
Ratio of expenses to average
net assets .................... .57%(2) .55%(1) .57% .59% .55% .57%
Ratio of net investment income
to average net assets ......... 5.49%* 4.70% 4.93% 4.97% 4.86% 5.27%
</TABLE>
(1) Ratio reflects expenses grossed up for custody fees waived and
reimbursement. The ratio of expenses to average net assets net of custody
fees waived and reimbursement would have been .52%.
(2) Before offset of custody credits.
+ Not annualized, for six months period only.
* Annualized.
See Notes to Financial Statements.
--------------------------------------------------------------------------------
12
<PAGE>
INVESTMENT ADVISER Value Line, Inc.
220 East 42nd Street
New York, NY 10017-5891
DISTRIBUTOR Value Line Securities, Inc.
220 East 42nd Street
New York, NY 10017-5891
CUSTODIAN BANK State Street Bank and Trust Co.
225 Franklin Street
Boston, MA 02110
SHAREHOLDER State Street Bank and Trust Co.
SERVICING AGENT c/o NFDS
P.O. Box 219729
Kansas City, MO 64121-9729
INDEPENDENT PricewaterhouseCoopers LLP
ACCOUNTANTS 1177 Avenue of the Americas
New York, NY 10036
LEGAL COUNSEL Peter D. Lowenstein, Esq.
Two Sound View Drive, Suite 100
Greenwich, CT 06830
Directors Jean Bernhard Buttner
John W. Chandler
Frances T. Newton
Francis C. Oakley
David H. Porter
Paul Craig Roberts
Marion N. Ruth
Nancy-Beth Sheerr
OFFICERS Jean Bernhard Buttner
Chairman and President
Charles Heebner
Vice President
Bradley T. Brooks
Vice President
David T. Henigson
Vice President
Secretary/Treasurer
Jack M. Houston
Assistant Secretary/Treasurer
Stephen La Rosa
Assistant Secretary/Treasurer
An investment in The Value Line Cash Fund, Inc. is not guaranteed or insured by
the U.S. Government and there is no assurance that the Fund will maintain its
per share net asset value.
The financial statements included herein have been taken from the records of the
Fund without examination by the independent accountants and, accordingly, they
do not express an opinion thereon.
This unaudited report is issued for information of shareholders. It is not
authorized for distribution to prospective investors unless preceded or
accompanied by a currently effective prospectus of the Fund (obtainable from the
Distributor).
#513941
