VALUE LINE TAX EXEMPT FUND INC
NSAR-A, 1997-10-14
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<PAGE>      PAGE  1
000 A000000 08/31/97
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     42426
022 D000001     38850
022 A000002 FLEET SECURITIES, INC.
022 B000002 13-3217611
022 C000002     30531
022 D000002     19236
022 A000003 LEHMAN BROTHERS INC.
022 B000003 13-2518466
022 C000003     20591
022 D000003     11700
022 A000004 GOLDMAN, SACHS & CO.
022 B000004 13-5108880
022 C000004     20752
022 D000004      6555
022 A000005 BAUM (GEORGE K.) & COMPANY
022 B000005 43-1661917
022 C000005      8674
<PAGE>      PAGE  3
022 D000005      7242
022 A000006 PRUDENTIAL SECURITIES INC.
022 B000006 22-2347336
022 C000006      2592
022 D000006     10803
022 A000007 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
022 B000007 13-5674085
022 C000007      6221
022 D000007      6775
022 A000008 HARRIS TRUST & SAVINGS BANK
022 B000008 36-1194448
022 C000008      3891
022 D000008      6955
022 A000009 BANK OF NEW YORK
022 B000009 13-4941102
022 C000009         0
022 D000009      8100
022 A000010 GRENWICH PARTNERS, LLC
022 B000010 06-1465825
022 C000010      2014
022 D000010      5826
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<PAGE>      PAGE  4
035  00AA00      0
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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
058 A00AA00 N
058 B00AA00 N
058 C00AA00 N
058 D00AA00 N
058 E00AA00 N
059  00AA00 Y
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060 B00AA00 Y
061  00AA00     1000
066 A00AA00 N
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070 B02AA00 N
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070 C02AA00 N
070 D01AA00 N
070 D02AA00 N
070 E01AA00 N
070 E02AA00 N
070 F01AA00 N
070 F02AA00 N
070 G01AA00 N
070 G02AA00 N
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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070 L02AA00 N
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080 A00AA00 VIGILANT INSURANCE COMPANY
080 C00AA00    10000
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083 A00AA00 N
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<PAGE>      PAGE  7
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028 A010100      1132
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062 A000100 Y
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<PAGE>      PAGE  8
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062 O000100  94.4
062 P000100   0.0
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063 B000100 18.8
064 A000100 N
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<PAGE>      PAGE  9
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028 A010200       862
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<PAGE>      PAGE  10
028 C010200       282
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062 A000200 Y
062 B000200   0.0
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062 E000200 101.8
062 F000200   0.0
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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      
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000733257
<NAME> VALUE LINE TAX EXEMPT FUND HIGH YIELD PORTFOLIO
<SERIES>
   <NUMBER> 1
   <NAME> VLTAX1
<MULTIPLIER> 1000
<CURRENCY> US
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          FEB-28-1998
<PERIOD-START>                             MAR-01-1997
<PERIOD-END>                               AUG-31-1997
<EXCHANGE-RATE>                                      1
<INVESTMENTS-AT-COST>                           180633
<INVESTMENTS-AT-VALUE>                          186480
<RECEIVABLES>                                     8010
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                18
<TOTAL-ASSETS>                                  194508
<PAYABLE-FOR-SECURITIES>                          3974
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                          458
<TOTAL-LIABILITIES>                               4432
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                        182819
<SHARES-COMMON-STOCK>                            17415
<SHARES-COMMON-PRIOR>                            17963
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<AVERAGE-NET-ASSETS>                            191194
<PER-SHARE-NAV-BEGIN>                            10.78
<PER-SHARE-NII>                                   .270
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</TABLE>


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