<PAGE>
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
ANNUAL NOTICE OF SECURITIES SOLD
PURSUANT TO RULE 24f-2
- --------------------------------------------------------------------------------
1. Name and address of issuer:
VALUE LINE U.S. GOVERNMENT SECURITIES FUND, INC.
220 East 42nd Street
New York, NY 10017-5891
- --------------------------------------------------------------------------------
2. Name of each series or class of funds for which
this notice is filed:
Common Stock. $1.00 par value
- --------------------------------------------------------------------------------
3. Investment Company Act File Number: 2-71928
Securities Act File Number: 811-03171
- --------------------------------------------------------------------------------
4. Last day of fiscal year for which this notice is filed:
August 31, 1997
- --------------------------------------------------------------------------------
5. Check box if this notice is being filed more than 180 days after
the close of the issuer's fiscal year for purposes of reporting
securities sold after the close of the Fiscal year but before
termination of the issuer's 24f-2 declaration:
/ /
- --------------------------------------------------------------------------------
<PAGE>
6. Date of termination of issuer's declaration under rule 24f-2(a)(1), if
applicable (see Instruction A.6):
/ /
- --------------------------------------------------------------------------------
7. Number and amount of securities of the same class or series which had
been registered under the Securities Act of 1933 other than pursuant
to rule 24f-2 in a prior fiscal year, but which remained unsold at the
beginning of the fiscal year:
- 0 -
- --------------------------------------------------------------------------------
8. Number and amount of securities registered during the fiscal year
other than pursuant to rule 24f-2:
- 0 -
- --------------------------------------------------------------------------------
9. Number and aggregate sale price of securities sold during the fiscal
year.
1,407,967 shares $15,492,038
- --------------------------------------------------------------------------------
10. Number and aggregate sale price of securities sold during the fiscal
year in reliance upon registration pursuant to rule 24f-2:
1,407,967 shares $15,492,038
- --------------------------------------------------------------------------------
11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable
(see Instruction B.7):
1,009,943 shares $10,979,149
- --------------------------------------------------------------------------------
<PAGE>
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal year
in reliance on rule 24f-2 (from Item 10):
$15,492,038
--------------------
(ii) Aggregate price of shares issued in connection with dividend
reinvestment plans (from Item 11, if applicable):
+
--------------------
(iii) Aggregate price of shares redeemed or repurchased during the fiscal
year (if applicable):
-60,049,643
--------------------
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant to
rule 24e-2 (if applicable):
+ - 0 -
--------------------
(v) Net aggregate price of securities sold and issued during the
fiscal year in reliance on rule 24f-2 < line (i), plus
line(ii), less line (iii), plus line (iv) > (if applicable):
- 0 -
--------------------
(vi) Multiplier prescribed by Section 6(b) of the Securities Act of
1933 or other applicable law or regulation (see Instruction
C.6):
x - 0 -
--------------------
(viii) Fee due < line (i) or line (v) multiplied by line (vi) >:
- 0 -
--------------------
--------------------
INSTRUCTION:
Issuers should complete lines (ii), (iii), (iv) and (v) only if the
form is being filed within 60 days after the close of the issuer's fiscal
year. See Instruction C.3.
<PAGE>
13. Check box if fees are being remitted to the Commission's lockbox as
described in section 3a of the Commission's Rules of Informal and
Other Procedures (17CFR 202.3a).
/ /
Date of mailing or wire transfer of filing fees to the Commission's
lockbox depository:
SIGNATURES
This report has been signed below by the following persons on behalf of the
issuer and in the capacities and on the dates indicated.
By (Signature and Title) /s/ Stephen LaRosa
-------------------------------------------------------
(Name) Stephen LaRosa
Assistant Treasurer
-------------------------------------------------------
(Title)
Date OCTOBER 7, 1997
------------------------
*Please print the name and title of the signing
officer below the signature.
<PAGE>
PETER D. LOWENSTEIN
ATTORNEY AT LAW
TWO GREENWICH PLAZA, SUITE 100
GREENWICH, CONNECTICUT 06830
203 622-3932
FAX 203 622-0321
October 7, 1997
Value Line U.S. Government Securities Fund, Inc.
220 East 42nd Street
New York, NY 10017
Re: Rule 24f-2 Registration of Shares
Gentlemen:
I am familiar with the proceedings taken by Value Line U.S. Government
Securities Fund, Inc., a Maryland corporation (the "Fund"), in connection with
the registration and sale of shares of its common stock, par value $1.00 per
share, under the Securities Act of 1933 and in accordance with the provisions of
Rule 24f-2 under the Investment Company Act of 1940, as amended, and as
described and set forth in its Registration Statement on Form N-1A and in the
Prospectus constituting a part of said Registration Statement.
I have examined such corporate records of the Fund and other documents and
considered such questions of law as I have deemed necessary as a basis for this
opinion. Specifically, I have examined a "Rule 24f-2 Notice", dated October 7,
1997, signed by your Assistant Treasurer, and a certificate of the Assistant
Treasurer which states that of the 1,407,967 shares issued during the year
ending August 31, 1997 (excluding 1,009,943 shares issued in reinvestment of
dividends), 1,404,760 of such shares were fully paid as of such date and 3,207
shares were recorded on the books of the Fund as issued but payment for those
shares had not been made and was not yet due in the ordinary course of your
business.
Based upon the foregoing, I am of the opinion that the shares of the Fund
described in the Notice, the registration of which is made definite by the
filing of the Notice, were legally issued, fully paid and non-assessable.
I consent to this opinion accompanying the Notice.
Very truly yours,
/s/ Peter D. Lowenstein
Peter D. Lowenstein
