VALUE LINE TAX EXEMPT FUND INC
NSAR-B, 1996-05-01
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<PAGE>      PAGE  1
000 B000000 02/29/96
000 C000000 0000733257
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 THE VALUE LINE TAX EXEMPT FUND, INC.
001 B000000 811-3904
001 C000000 2129071500
002 A000000 220 E. 42ND STREET
002 B000000 NEW YORK
002 C000000 NY
002 D010000 10017
002 D020000 5891
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  2
007 C010100  1
007 C020100 HIGH-YIELD PORTFOLIO
007 C030100 N
007 C010200  2
007 C020200 MONEY MARKET PORTFOLIO
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C010600  6
007 C010700  7
007 C010800  8
007 C010900  9
007 C011000 10
008 A00AA01 VALUE LINE, INC.
008 B00AA01 A
008 C00AA01 801-625
008 D01AA01 NYC
008 D02AA01 NY
008 D03AA01 10017
008 D04AA01 5891
011 A00AA01 VALUE LINE SECURITIES, INC.
011 B00AA01 8-848
011 C01AA01 NYC
011 C02AA01 NY
011 C03AA01 10017
011 C04AA01 5891
012 A00AA01 STATE STREET BANK AND TRUST COMPANY C/O NFDS
<PAGE>      PAGE  2
012 B00AA01 84-1
012 C01AA01 KANSAS CITY
012 C02AA01 MO
012 C03AA01 64141
012 C04AA01 6729
013 A00AA01 PRICE WATERHOUSE LLP
013 B01AA01 NYC
013 B02AA01 NY
013 B03AA01 10036
014 A00AA01 VALUE LINE SECURITIES, INC.
014 B00AA01 8-848
015 A00AA01 STATE STREET BANK AND TRUST COMPANY
015 B00AA01 C
015 C01AA01 BOSTON
015 C02AA01 MA
015 C03AA01 02110
015 E01AA01 X
018  00AA00 Y
019 A00AA00 Y
019 B00AA00   17
019 C00AA00 VALULINEFD
020 C000001      0
020 C000002      0
020 C000003      0
020 C000004      0
020 C000005      0
020 C000006      0
020 C000007      0
020 C000008      0
020 C000009      0
020 C000010      0
021  000000        0
022 A000001 SMITH BARNEY SHEARSON INC.
022 B000001 13-1912900
022 C000001    133515
022 D000001    143215
022 A000002 GOLDMAN, SACHS & CO.
022 B000002 13-5108880
022 C000002     88224
022 D000002     62450
022 A000003 CHEMICAL SECURITIES INC.
022 B000003 13-3379014
022 C000003     38817
022 D000003     44178
022 A000004 LEHMAN BROTHERS INC.
022 B000004 13-2518466
022 C000004     41377
022 D000004     32533
022 A000005 TUCKER ANTHONY INC.
022 B000005 04-2566229
022 C000005     19150
<PAGE>      PAGE  3
022 D000005     29810
022 A000006 MORGAN STANLEY & CO., INC.
022 B000006 13-2655998
022 C000006      8476
022 D000006     11506
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
022 B000007 13-5674085
022 C000007      2835
022 D000007     17564
022 A000008 DONALDSON, LUFKIN & JENRETTE SECURITIES CORP.
022 B000008 13-2741729
022 C000008      8135
022 D000008      6490
022 A000009 ABN AMRO SECURITIES (USA) INC.
022 B000009 13-3227945
022 C000009      2931
022 D000009      8975
022 A000010 RAMIREZ (SAMUEL A.) & CO., INC.
022 B000010 13-2695511
022 C000010      9116
022 D000010       993
023 C000000     415371
023 D000000     448731
024  00AA00 N
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<PAGE>      PAGE  4
035  00AA00      0
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040  00AA00 N
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051  00AA00 N
052  00AA00 N
053 A00AA00 N
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054 B00AA00 Y
054 C00AA00 Y
<PAGE>      PAGE  5
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 Y
054 I00AA00 N
054 J00AA00 Y
054 K00AA00 N
054 L00AA00 N
054 M00AA00 Y
054 N00AA00 N
054 O00AA00 N
055 A00AA00 N
055 B00AA00 N
056  00AA00 Y
057  00AA00 N
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058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
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060 A00AA00 Y
060 B00AA00 Y
061  00AA00     1000
066 A00AA00 N
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070 E02AA00 N
070 F01AA00 N
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070 G01AA00 N
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070 H01AA00 N
070 H02AA00 N
070 I01AA00 N
070 I02AA00 N
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070 K01AA00 N
<PAGE>      PAGE  6
070 K02AA00 N
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077 A000000 Y
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078  000000 N
080 A00AA00 VIGILANT INSURANCE COMPANY
080 C00AA00    10000
081 A00AA00 Y
081 B00AA00  29
082 A00AA00 Y
082 B00AA00      100
083 A00AA00 N
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<PAGE>      PAGE  7
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<PAGE>      PAGE  8
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063 B000100 14.4
064 A000100 N
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<PAGE>      PAGE  9
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<PAGE>      PAGE  10
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<PAGE>      PAGE  11
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<PAGE>      PAGE  12
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076  000200     0.00
SIGNATURE   JACK M. HOUSTON                              
TITLE       ASST-TREASURER      
 



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