PAGE  1
000 B000000 12/31/2003
000 C000000 0000102756
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 6.1
000 J000000 A
001 A000000 THE VALUE LINE FUND, INC.
001 B000000 811-568
001 C000000 2129071500
002 A000000 220 EAST 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 N
007 B000000  0
007 C010100  1
007 C010200  2
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 A000001 VALUE LINE, INC.
008 B000001 A
008 C000001 801-625
008 D010001 NYC
008 D020001 NY
008 D030001 10017
008 D040001 5891
011 A000001 VALUE LINE SECURITIES, INC.
011 B000001 8-848
011 C010001 NYC
011 C020001 NY
011 C030001 10017
011 C040001 5891
012 A000001 STATE STREET BANK AND TRUST COMPANY C/O BFDS
012 B000001 84-1
012 C010001 KANSAS CITY
012 C020001 MO
012 C030001 64141
      PAGE  2
012 C040001 6729
013 A000001 PRICEWATERHOUSECOOPERS LLP
013 B010001 NYC
013 B020001 NY
013 B030001 10036
014 A000001 VALUE LINE SECURITIES, INC.
014 B000001 8-848
015 A000001 STATE STREET BANK AND TRUST COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02110
015 E010001 X
018  000000 Y
019 A000000 Y
019 B000000   15
019 C000000 VALULINEFD
020 A000001 VALUE LINE SECURITIES, INC.
020 B000001 13-1974107
020 C000001    297
020 A000002 LEHMAN BROTHERS, INC.
020 B000002 13-2518466
020 C000002     67
020 A000003 BEAR, STEARNS & CO., INC.
020 B000003 13-3299429
020 C000003     41
020 A000004 UBS WARBURG LLC
020 B000004 13-3873456
020 C000004     36
020 A000005 STANDARD & POOR'S SECURITIES, INC.
020 B000005 13-2671951
020 C000005     35
020 A000006 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000006 13-5659485
020 C000006     35
020 A000007 BANC OF AMERICA SECURITIES LLC
020 B000007 56-2058405
020 C000007     20
020 A000008 UBS FINANCIAL SERVICES, INC.
020 B000008 13-2638166
020 C000008     17
020 A000009 FAGENSON & CO., INC.
020 B000009 13-1939961
020 C000009     16
020 A000010 SUNGARD INSTITUTIONAL BROKERAGE INC.
020 B000010 06-1256721
020 C000010     13
021  000000      639
022 A000001 UBS WARBURG LLC
022 B000001 13-3873456
022 C000001   2069900
      PAGE  3
022 D000001         0
022 A000002 MORGAN STANLEY
022 B000002 13-2655998
022 C000002   1797300
022 D000002         0
022 A000003 STATE STREET BANK & TRUST COMPANY
022 B000003 04-1867445
022 C000003    825100
022 D000003         0
022 A000004 JEFFERIES & COMPANY, INC.
022 B000004 95-2622900
022 C000004      2474
022 D000004       734
022 A000005 VANDHAM SECURITIES CORP.
022 B000005 22-3039058
022 C000005      1301
022 D000005         0
022 C000006         0
022 D000006         0
022 C000007         0
022 D000007         0
022 C000008         0
022 D000008         0
022 C000009         0
022 D000009         0
022 C000010         0
022 D000010         0
023 C000000    4696075
023 D000000        734
024  000000 Y
025 A000001 STATE STREET CORP.
025 B000001 04-1867445
025 C000001 E
025 D000001    2214
025 A000002 CITIGROUP
025 B000002 11-2418191
025 C000002 E
025 D000002    6844
025 A000003 LEHMAN BROTHERS INC.
025 B000003 13-2518466
025 C000003 E
025 D000003    5792
025 A000004 MERRILL LYNCH & CO.
025 B000004 13-5674085
025 C000004 E
025 D000004    1701
025 D000005       0
025 D000006       0
025 D000007       0
025 D000008       0
026 A000000 N
      PAGE  4
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 Y
026 G010000 N
026 G020000 N
026 H000000 N
027  000000 Y
028 A010000     14788
028 A020000         0
028 A030000         0
028 A040000     13946
028 B010000      2246
028 B020000         0
028 B030000         0
028 B040000      8632
028 C010000      7288
028 C020000         0
028 C030000         0
028 C040000      2573
028 D010000       943
028 D020000         0
028 D030000         0
028 D040000      5129
028 E010000       540
028 E020000         0
028 E030000         0
028 E040000      5902
028 F010000      3306
028 F020000     21413
028 F030000         0
028 F040000      6901
028 G010000     29111
028 G020000     21413
028 G030000         0
028 G040000     43083
028 H000000         0
029  000000 N
030 A000000      0
030 B000000  0.00
030 C000000  0.00
031 A000000      0
031 B000000      0
032  000000      0
033  000000      0
034  000000 N
035  000000      0
036 B000000      0
037  000000 N
038  000000      0
      PAGE  5
039  000000 N
040  000000 Y
041  000000 Y
042 A000000   0
042 B000000   0
042 C000000 100
042 D000000   0
042 E000000   0
042 F000000   0
042 G000000   0
042 H000000   0
043  000000    530
044  000000      0
045  000000 Y
046  000000 N
047  000000 Y
048  000000  0.000
048 A010000   100000
048 A020000 0.700
048 B010000        0
048 B020000 0.000
048 C010000        0
048 C020000 0.000
048 D010000        0
048 D020000 0.000
048 E010000        0
048 E020000 0.000
048 F010000        0
048 F020000 0.000
048 G010000        0
048 G020000 0.000
048 H010000        0
048 H020000 0.000
048 I010000        0
048 I020000 0.000
048 J010000        0
048 J020000 0.000
048 K010000        0
048 K020000 0.650
049  000000 N
050  000000 N
051  000000 N
052  000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 Y
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
      PAGE  6
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 Y
054 M000000 Y
054 N000000 N
054 O000000 N
055 A000000 N
055 B000000 N
056  000000 Y
057  000000 N
058 A000000 N
058 B000000 N
058 C000000 N
058 D000000 N
058 E000000 N
059  000000 Y
060 A000000 Y
060 B000000 Y
061  000000     1000
062 A000000 N
062 B000000   0.0
062 C000000   0.0
062 D000000   0.0
062 E000000   0.0
062 F000000   0.0
062 G000000   0.0
062 H000000   0.0
062 I000000   0.0
062 J000000   0.0
062 K000000   0.0
062 L000000   0.0
062 M000000   0.0
062 N000000   0.0
062 O000000   0.0
062 P000000   0.0
062 Q000000   0.0
062 R000000   0.0
063 A000000   0
063 B000000  0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 N
066 E000000 Y
066 F000000 N
066 G000000 N
067  000000 N
068 A000000 N
068 B000000 N
      PAGE  7
069  000000 N
070 A010000 Y
070 A020000 Y
070 B010000 Y
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 N
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 N
070 G020000 N
070 H010000 N
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 N
070 K020000 N
070 L010000 N
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 N
070 N020000 N
070 O010000 N
070 O020000 N
070 P010000 N
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000    256730
071 B000000    246862
071 C000000    191951
071 D000000  129
072 A000000 12
072 B000000      215
072 C000000     1776
072 D000000        0
072 E000000        0
072 F000000     1428
072 G000000        0
072 H000000        0
072 I000000      151
072 J000000       39
      PAGE  8
072 K000000       37
072 L000000       51
072 M000000       20
072 N000000       24
072 O000000        0
072 P000000        0
072 Q000000        0
072 R000000       39
072 S000000       24
072 T000000      530
072 U000000        0
072 V000000        0
072 W000000       46
072 X000000     2389
072 Y000000        1
072 Z000000     -397
072AA000000    42700
072BB000000        0
072CC010000        0
072CC020000    10197
072DD010000        0
072DD020000        0
072EE000000    22708
073 A010000   0.0000
073 A020000   0.0000
073 B000000   1.6269
073 C000000   0.0000
074 A000000       97
074 B000000     9000
074 C000000        0
074 D000000        0
074 E000000        0
074 F000000   208546
074 G000000        0
074 H000000        0
074 I000000        0
074 J000000     4935
074 K000000        0
074 L000000      111
074 M000000        5
074 N000000   222694
074 O000000     3618
074 P000000      169
074 Q000000        0
074 R010000        0
074 R020000        0
074 R030000        0
074 R040000     2860
074 S000000        0
074 T000000   216047
074 U010000    15162
      PAGE  9
074 U020000        0
074 V010000    14.25
074 V020000     0.00
074 W000000   0.0000
074 X000000     9758
074 Y000000        0
075 A000000        0
075 B000000   211641
076  000000     0.00
077 A000000 Y
077 B000000 Y
077 C000000 N
077 D000000 N
077 E000000 N
077 F000000 N
077 G000000 N
077 H000000 N
077 I000000 N
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
078  000000 N
080 A000000 VIGILANT INSURANCE COMPANY
080 C000000    10000
081 A000000 Y
081 B000000  31
082 A000000 Y
082 B000000      100
083 A000000 N
083 B000000        0
084 A000000 N
084 B000000        0
085 A000000 Y
085 B000000 N
086 A010000      0
086 A020000      0
086 B010000      0
086 B020000      0
086 C010000      0
086 C020000      0
086 D010000      0
086 D020000      0
086 E010000      0
086 E020000      0
086 F010000      0
086 F020000      0
      PAGE  10
SIGNATURE   STEPHEN LAROSA
TITLE       ASST-TREASURER