t74623_ncsr.htm



INVESTMENT ADVISER	EULAV Asset Management 7 Times Square 21st Floor New York, NY 10036-6524	A N N U A L R E P O R T
		A u g u s t 3 1 , 2 0 1 2

DISTRIBUTOR	EULAV Securities LLC
	7 Times Square 21st Floor
	New York, NY 10036-6524

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 BFDS
	P.O. Box 219729
	Kansas City, MO 64121-9729
		Value Line U.S. Government Securities Fund, Inc.
INDEPENDENT	PricewaterhouseCoopers LLP
REGISTERED PUBLIC	300 Madison Avenue
ACCOUNTING FIRM	New York, NY 10017

LEGAL COUNSEL	Peter D. Lowenstein, Esq.
	496 Valley Road
	Cos Cob, CT 06807-0272

DIRECTORS	Mitchell E. Appel
	Joyce E. Heinzerling
	Francis C. Oakley
	David H. Porter
	Paul Craig Roberts
	Nancy-Beth Sheerr
	Daniel S. Vandivort

OFFICERS	Mitchell E. Appel
	President
	Michael J. Wagner
	Chief Compliance Officer
	Emily D. Washington
	Treasurer and Secretary



This audited report is issued for information to 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).
	#00088203

Value Line U.S. Government Securities Fund, Inc.

To Our Value Line U.S. Government

To Our Shareholders (unaudited):

Enclosed is your annual report for the one year period ended August 31, 2012. I encourage you to carefully review this report, which includes economic observations, your Fund’s performance data and highlights, schedule of investments, and financial statements.

Interest rates fell over the course of the year. For the twelve months ended August 31, 2012, the 5-year U.S. Treasury note declined 37 basis points from 0.96% to 0.59%. The longer-term 10-year U.S. Treasury note dropped 67 basis points from 2.22% to 1.55%.

A weak economy and moderately contained inflation accounted for the drop in interest rates from August 2011 to August 2012. Except for the fourth quarter of 2011 where the economy grew at a 4.1% rate, growth has been subpar, averaging between 1% and 2%. The modest recession among European Union countries resulting from its debt and banking crisis has pushed bond yields down further.

For the period the Fund gained 3.32%. The Fund trailed its benchmark, Barclays Capital 50% Government/ 50% MBS Index(1), which gained 4.23%. During the latter part of 2011, as interest rates declined, the Fund’s risk profile was moderately lower than its benchmark and caused the Fund to lag the benchmark. Since the beginning of 2012, the Fund has increased its risk profile to be more in line with its index benchmark.

Going forward we expect to maintain our current risk parameters as interest rates are anticipated to remain low. A sluggish U.S. economy and slow global growth should keep the U.S. Federal Reserve and other central banks accommodative, supporting low interest rates. Keeping interest rates low is one of the necessary conditions essential in working out of the current economic and financial malaise.

We will continue to maintain our strategy of investing the Fund’s assets in a well-diversified highly rated portfolio of U.S. Treasuries, U.S. government agencies and mortgage-backed securities issued by U.S. government agencies. Additionally, by limiting the average maturity to no more than ten years, we provide a counterweight against gyrating interest rates.

Thank you for your confidence in the Fund and we appreciate your continued support.


	Sincerely,

	/s/ Mitchell Appel
	Mitchell Appel, President

	/s/ Jeff Geffen
	Jeff Geffen, Senior Portfolio Manager


(1)	The Barclays Capital 50% Government/ 50% MBS Index represents the intermediate maturities (1-10 years) of the U.S. Treasury and U.S. Agency segment of the fixed-income market. The returns for the Index do not reflect charges, expenses, or taxes, and it is not possible to directly invest in this Index.

Value Line U.S. Government Securities Fund, Inc.

Securities Fund Shareholders

Economic Highlights (unaudited)

The U.S. stock market has displayed remarkable strength this year with the S&P 500 returning 13.5% through August 31, 2012. The resilience of the market was evident as it posted positive returns despite some strong headwinds, including a weakening outlook for global economic growth. Several members of the European Union continued to face a serious debt crisis including Greece, Portugal, Italy, and Spain. Tough austerity measures have been implemented but it is still unclear as to the timetable for the resolution of the debt crisis most severely affecting southern Europe.

At home, GDP grew 2.2% for the first quarter of the year, slowing to 1.5% for the second quarter. The second quarter slowdown was not surprising given that consumer spending has been lackluster, the government has been cutting spending, and hiring has been tepid. A sluggish labor market remains the primary stumbling block for the U.S. economy. Employment growth averaged 75,000 per month in the second quarter, down from a monthly average of 226,000 in the first quarter. However, there has been modest improvement in the overall unemployment rate this year, dropping from 8.5% at year-end 2011 to 8.1% on August 31, 2012.

Consumer confidence unexpectedly rose in July after declining much of the year, but retreated in August. The latest reading indicated the most pessimism thus far year, driven by growing concerns over the job market and the near-term outlook for business conditions. Despite this pessimism, retail sales came in stronger than expected in August, boosted by demand for automobiles. It is critical for the growth of the domestic economy that consumers continue to spend as they account for 70% of economic activity.

The housing market has been a bit of a bright spot for the economy. Home prices nationwide on a year-over-year basis in August 2012 soared 4.6%. This was the biggest year-over-year increase since July 2006. Particularly encouraging was the breadth of the rebound, with all but six states experiencing the gains.

U.S. Treasury bond prices defied those investors expecting a weakened performance after the U.S. government’s loss of it AAA rating last year from the Standard and Poor’s rating agency. The other major rating agencies, Moody’s and Fitch, maintained their AAA ratings for U.S. government debt. Many investors were drawn to the relative safety of U.S. Treasury bonds amidst the uncertainty of world economic events. While the 10-year U.S. Treasury bond hovered around a 2% yield in the first quarter, it had touched a 1.5% yield by the end of August.

Value Line U.S. Government Securities Fund, Inc.

(unaudited)

The following graph compares the performance of the Value Line U.S. Government Securities Fund, Inc. to that of the Barclays Capital 50% U.S. Government Bond Index/50% Mortgage Backed Securities Index (the “Index”). The Value Line U.S. Government Securities Fund, Inc. is a professionally managed mutual fund, while the Index is not available for investment and is unmanaged. The returns for the Index do not reflect charges, expenses or taxes, but do include the reinvestment of dividends. The comparison is shown for illustrative purposes only.

Comparison of a Change in Value of a $10,000 Investment in the Value Line U.S. Government

Securities Fund, Inc., and the Barclays Capital 50% U.S. Government Bond

Index/50% Mortgage Backed Securities Index*

Performance Data: **

	Average Annual			Growth of an Assumed
	Total Return			Investment of $10,000

1 year ended 8/31/12		3.32	%	$	10,332
5 years ended 8/31/12		5.45	%	$	13,041
10 years ended 8/31/12		4.24	%	$	15,142

*	The Barclays Capital 50% U.S. Government Bond Index/50% Mortgage Backed Securities Index is representative of 50% of the performance of the total universe of investment-grade fixed income securities issued by the United States government or its agencies and 50% of the performance of investment-grade fixed-rate mortgage-backed pass-through securities of Government National Mortgage Associations (GNMA), Federal National Mortgage Association (FNMA) and Federal Home Loan Mortgage Corporation (FHLMC). The returns for the Index do not reflect charges, expenses or taxes, which are deducted from the Fund’s returns and it is not possible to directly invest in this unmanaged Index.

**	The performance data quoted represent past performance and are no guarantee of future performance. The average annual total returns and growth of an assumed investment of $10,000 include dividends reinvested and capital gains distributions accepted in shares. The investment return and principal value of an investment will fluctuate so that an investment, when redeemed, may be worth more or less than its original cost. The performance data and graph do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

Value Line U.S. Government Securities Fund, Inc.

FUND EXPENSES (unaudited):

Example

As a shareholder of the Fund, you incur ongoing costs, including management fees, distribution and service (12b-1) fees, and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (March 1, 2012 through August 31, 2012).

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if transactional costs were included, your costs would have been higher.

					Expenses
	Beginning		Ending		paid during
	account value		account value		period 3/1/12
	3/1/12		8/31/12		thru 8/31/12*

Actual	$	1,000.00	$	1,019.59	$	4.53
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.65	$	4.53

*	Expenses are equal to the Fund’s annualized expense ratio of 0.89% multiplied by the average account value over the period, multiplied by 184/366 to reflect the one-half year period. This expense ratio may differ from the expense ratio shown in the Financial Highlights.

Value Line U.S. Government Securities Fund, Inc.

Portfolio Highlights at August 31, 2012 (unaudited)

Ten Largest Holdings

	Principal				Percentage of
Issue	Amount		Value		Net Assets
U.S. Treasury Notes, 1.50%, 7/31/16	$	3,200,000	$	3,333,251		4.1	%
U.S. Treasury Bonds, 7.88%, 2/15/21		1,600,000		2,455,000		3.1	%
Federal Home Loan Bank, 5.00%, 12/21/15		2,000,000		2,296,434		2.9	%
U.S. Treasury Notes, 3.13%, 5/15/19		1,800,000		2,057,625		2.6	%
U.S. Treasury Notes, 3.13%, 5/15/21		1,750,000		2,010,176		2.5	%
Federal National Mortgage Association Pool #MA1107, 3.50%, 7/1/32		1,687,661		1,802,071		2.2	%
Federal National Mortgage Association, 7.25%, 5/15/30		1,000,000		1,630,209		2.0	%
U.S. Treasury Notes, 2.25%, 7/31/18		1,500,000		1,626,562		2.0	%
Federal National Mortgage Association, 2.38%, 7/28/15		1,500,000		1,586,029		2.0	%
U.S. Treasury Bonds, 6.25%, 5/15/30		900,000		1,434,656		1.8	%

Asset Allocation — Percentage of Fund’s Net Assets

Coupon Distribution

	Percentage of
	Fund’s
	Investments
Less than 4%		44.6	%
4-4.99%		26.5	%
5-5.99%		17.3	%
6-6.99%		5.7	%
7-7.99%		5.9	%

	Value Line U.S. Government Securities Fund, Inc.

Schedule of Investments	August 31, 2012

Principal Amount			Rate		Maturity Date	Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (68.7%)
		FEDERAL FARM CREDIT BANK (1.2%)
$	1,000,000	Federal Farm Credit Bank	1.90	%	11/15/17	$	1,002,396
	1,000,000	TOTAL FEDERAL FARM CREDIT BANK (Cost $1,000,000)					1,002,396

		FEDERAL HOME LOAN BANK (4.4%)
	2,000,000	Federal Home Loan Bank	5.00		12/21/15		2,296,434
	1,000,000	Federal Home Loan Bank	5.00		11/17/17		1,214,557
	3,000,000	TOTAL FEDERAL HOME LOAN BANK (Cost $3,175,980)					3,510,991

		FEDERAL HOME LOAN MORTGAGE CORPORATION (24.5%)
	327,691	Federal Home Loan Mortgage Corporation REMIC Trust Series 2849 Class VA	5.00		8/15/15		341,003
	1,000,000	Federal Home Loan Mortgage Corporation	5.50		7/18/16		1,189,353
	1,000,000	Federal Home Loan Mortgage Corporation	2.00		8/25/16		1,056,230
	1,100,000	Federal Home Loan Mortgage Corporation	1.25		5/12/17		1,125,962
	56,205	Federal Home Loan Mortgage Corporation REMIC Trust Series 2767 Class CA	4.00		9/15/17		56,468
	4,604	Federal Home Loan Mortgage Corporation Gold PC Pool #E92226	5.00		11/1/17		4,995
	1,000,000	Federal Home Loan Mortgage Corporation	5.13		11/17/17		1,217,204
	67,393	Federal Home Loan Mortgage Corporation Gold PC Pool #E93499	5.00		12/1/17		73,117
	5,696	Federal Home Loan Mortgage Corporation Gold PC Pool #E92829	5.00		12/1/17		6,180
	286,236	Federal Home Loan Mortgage Corporation REMIC Trust Series 2643 Class ME	3.50		3/15/18		294,066
	6,786	Federal Home Loan Mortgage Corporation Gold PC Pool #E98960	5.00		9/1/18		7,363
	27,243	Federal Home Loan Mortgage Corporation Gold PC Pool #B12822	5.00		3/1/19		29,847
	1,000,000	Federal Home Loan Mortgage Corporation	3.75		3/27/19		1,165,156
	15,848	Federal Home Loan Mortgage Corporation Gold PC Pool #B17398	4.50		12/1/19		17,120
	101,902	Federal Home Loan Mortgage Corporation Gold PC Pool #G18044	4.50		3/1/20		110,016

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

Schedule of Investments

Principal Amount			Rate		Maturity Date	Value
$	69,076	Federal Home Loan Mortgage Corporation Gold PC Pool #B18034	4.50	%	4/1/20	$	74,577
	303,853	Federal Home Loan Mortgage Corporation Gold PC Pool #J12462	4.00		6/1/20		325,913
	16,056	Federal Home Loan Mortgage Corporation Gold PC Pool #J00118	5.00		10/1/20		17,437
	252,205	Federal Home Loan Mortgage Corporation Gold PC Pool #J00139	5.00		10/1/20		273,625
	11,484	Federal Home Loan Mortgage Corporation Gold PC Pool #G11986	5.00		4/1/21		12,464
	15,802	Federal Home Loan Mortgage Corporation Gold PC Pool #G12319	5.00		6/1/21		17,161
	783,850	Federal Home Loan Mortgage Corporation Gold PC Pool #G14216	3.50		7/1/21		829,834
	83,115	Federal Home Loan Mortgage Corporation Gold PC Pool #J03233	5.00		8/1/21		90,213
	360,204	Federal Home Loan Mortgage Corporation Gold PC Pool #G12381	5.00		9/1/21		391,189
	7,862	Federal Home Loan Mortgage Corporation REMIC Trust Series 2773 Class DA	5.00		6/15/22		7,859
	187,436	Federal Home Loan Mortgage Corporation Gold PC Pool #J08096	5.00		6/1/23		202,711
	217,158	Federal Home Loan Mortgage Corporation Gold PC Pool #J09098	5.00		12/1/23		236,144
	12,577	Federal Home Loan Mortgage Corporation REMIC Trust Series 3132 Class MA	5.50		12/15/23		12,592
	562,001	Federal Home Loan Mortgage Corporation Gold PC Pool #J09739	4.50		5/1/24		604,471
	3,942	Federal Home Loan Mortgage Corporation REMIC Trust Series 3147 Class YE	5.50		7/15/24		3,941
	368,908	Federal Home Loan Mortgage Corporation Gold PC Pool #J11210	4.00		11/1/24		393,154
	643,199	Federal Home Loan Mortgage Corporation Gold PC Pool #J11587	4.00		1/1/25		703,764
	151,812	Federal Home Loan Mortgage Corporation Gold PC Pool #E02704	4.50		7/1/25		163,189
	455,707	Federal Home Loan Mortgage Corporation REMIC Trust Series 3567 Class BJ	4.50		6/15/27		478,308
	279,532	Federal Home Loan Mortgage Corporation Gold PC Pool #C91239	4.50		3/1/29		302,224

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

August 31, 2012

Principal Amount			Rate		Maturity Date	Value
$	45,505	Federal Home Loan Mortgage Corporation REMIC Trust Series 2645 Class NA	3.50	%	9/15/31	$	46,256
	424,247	Federal Home Loan Mortgage Corporation Gold PC Pool #C77717	6.00		3/1/33		475,308
	282,781	Federal Home Loan Mortgage Corporation Gold PC Pool #A29526	5.00		1/1/35		307,948
	96,735	Federal Home Loan Mortgage Corporation Gold PC Pool #A29633	5.00		1/1/35		105,344
	213,835	Federal Home Loan Mortgage Corporation Pool #783022 (1)	2.37		2/1/35		229,529
	115,249	Federal Home Loan Mortgage Corporation Gold PC Pool #A56491	5.00		1/1/37		125,272
	106,892	Federal Home Loan Mortgage Corporation Gold PC Pool #G08184	5.00		1/1/37		116,188
	194,418	Federal Home Loan Mortgage Corporation Gold PC Pool #A56467	5.50		1/1/37		213,559
	294,448	Federal Home Loan Mortgage Corporation Gold PC Pool #A80938	5.50		8/1/38		321,697
	1,095,086	Federal Home Loan Mortgage Corporation REMIC Trust Series 3632 Class AP	3.00		2/15/40		1,158,317
	777,004	Federal Home Loan Mortgage Corporation Gold PC Pool #C03516	4.00		9/1/40		831,907
	929,876	Federal Home Loan Mortgage Corporation Gold PC Pool #A95803	4.00		12/1/40		1,023,111
	413,264	Federal Home Loan Mortgage Corporation Gold PC Pool #A96409	3.50		1/1/41		437,512
	399,942	Federal Home Loan Mortgage Corporation Gold PC Pool #G06224	3.50		1/1/41		423,408
	660,849	Federal Home Loan Mortgage Corporation Gold PC Pool #A97135	4.50		2/1/41		715,529
	78,099	Federal Home Loan Mortgage Corporation Gold PC Pool #Q01181	4.50		6/1/41		84,561
	186,694	Federal Home Loan Mortgage Corporation Gold PC Pool #Q06307	3.50		2/1/42		197,648
	1,000,000	Federal Home Loan Mortgage Corporation Gold PC TBA	3.50		12/1/99		1,057,969
	18,100,307	TOTAL FEDERAL HOME LOAN MORTGAGE CORPORATION (Cost $18,600,078)					19,705,913

		FEDERAL NATIONAL MORTGAGE ASSOCIATION (33.6%)
	1,500,000	Federal National Mortgage Association (2)	2.38		7/28/15		1,586,029
	10,642	Federal National Mortgage Association Pool #511823	5.50		5/1/16		11,565

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

Schedule of Investments

Principal Amount			Rate		Maturity Date	Value
$	585,732	Federal National Mortgage Association REMIC Trust Series 2005-40 Class VG	4.50	%	6/25/16	$	610,110
	8,123	Federal National Mortgage Association Pool #615289	5.50		12/1/16		8,827
	46,979	Federal National Mortgage Association Pool #622373	5.50		12/1/16		51,051
	34,087	Federal National Mortgage Association Pool #631328	5.50		2/1/17		37,148
	55,478	Federal National Mortgage Association Pool #623503	6.00		2/1/17		59,908
	2,735	Federal National Mortgage Association Pool #643277	5.50		4/1/17		2,980
	3,179	Federal National Mortgage Association Pool #638247	5.50		5/1/17		3,465
	500,000	Federal National Mortgage Association	1.10		7/11/17		504,665
	23,258	Federal National Mortgage Association REMIC Trust Series 2003-52 Class KR	3.50		7/25/17		23,290
	89,594	Federal National Mortgage Association Pool #254684	5.00		3/1/18		97,596
	27,325	Federal National Mortgage Association Pool #685183	5.00		3/1/18		29,766
	39,117	Federal National Mortgage Association Pool #703936	5.00		5/1/18		42,611
	263,749	Federal National Mortgage Association Pool #257566	4.50		1/1/19		284,837
	463,224	Federal National Mortgage Association Pool #780956	4.50		5/1/19		510,251
	142,831	Federal National Mortgage Association Pool #790984	5.00		7/1/19		155,589
	169,079	Federal National Mortgage Association Pool #786915	5.00		8/1/19		184,920
	369,431	Federal National Mortgage Association Pool #735063	4.50		12/1/19		400,355
	10,824	Federal National Mortgage Association REMIC Trust Series 2003-28 Class KA	4.25		3/25/22		10,854
	127,575	Federal National Mortgage Association REMIC Trust Series 2003-17 Class ED	4.25		9/25/22		130,131
	795,693	Federal National Mortgage Association Pool #890121	5.00		3/1/23		866,265
	80,204	Federal National Mortgage Association REMIC Trust Series 2003-38 Class TC	5.00		3/25/23		85,240
	609,590	Federal National Mortgage Association Pool #AH8061	4.00		6/1/26		653,093
	880,174	Federal National Mortgage Association Pool #AI3053	4.00		7/1/26		942,987
	50,530	Federal National Mortgage Association Pool #412682	6.00		3/1/28		56,941
	515,180	Federal National Mortgage Association Pool #MA0361	4.00		3/1/30		556,844
	1,000,000	Federal National Mortgage Association	7.25		5/15/30		1,630,209
	389,798	Federal National Mortgage Association Pool #MA0616	4.00		1/1/31		421,321
	204	Federal National Mortgage Association Pool #568625	7.50		1/1/31		212
	31,821	Federal National Mortgage Association Pool #571090	7.50		1/1/31		32,594
	815,637	Federal National Mortgage Association Pool #MA0641	4.00		2/1/31		881,600
	1,747	Federal National Mortgage Association Pool #573935	7.50		3/1/31		1,882
	780,496	Federal National Mortgage Association Pool #MA0804	4.00		7/1/31		843,616

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

August 31, 2012

Principal Amount			Rate		Maturity Date	Value
$	449,818	Federal National Mortgage Association Pool #MA3894	4.00	%	9/1/31	$	486,195
	4,931	Federal National Mortgage Association Pool #629297	6.50		2/1/32		5,738
	307,420	Federal National Mortgage Association Pool #626440	7.50		2/1/32		377,955
	5,763	Federal National Mortgage Association Pool #634996	6.50		5/1/32		6,641
	27,838	Federal National Mortgage Association Pool #254383	7.50		6/1/32		34,312
	1,687,661	Federal National Mortgage Association Pool #MA1107	3.50		7/1/32		1,802,071
	94,262	Federal National Mortgage Association Pool #254476	5.50		9/1/32		104,301
	3,411	Federal National Mortgage Association Pool #688539	5.50		3/1/33		3,770
	193,731	Federal National Mortgage Association Pool #650386	5.00		7/1/33		213,335
	106,728	Federal National Mortgage Association Pool #726889	5.50		7/1/33		117,962
	135,464	Federal National Mortgage Association Pool #759028	5.50		1/1/34		149,722
	145,741	Federal National Mortgage Association Pool #761913	5.50		2/1/34		161,233
	116,056	Federal National Mortgage Association Pool #763393	5.50		2/1/34		128,272
	110,804	Federal National Mortgage Association Pool #769862	5.50		2/1/34		122,398
	10,007	Federal National Mortgage Association Pool #769682	5.00		3/1/34		10,997
	376,920	Federal National Mortgage Association REMIC Trust Series 2004-60 Class LB	5.00		4/25/34		410,308
	4,384	Federal National Mortgage Association Pool #778141	5.00		5/1/34		4,818
	132,151	Federal National Mortgage Association Pool #773586	5.50		6/1/34		145,979
	172,695	Federal National Mortgage Association Pool #255311	6.00		7/1/34		193,685
	6,328	Federal National Mortgage Association Pool #258149	5.50		9/1/34		6,992
	1,359	Federal National Mortgage Association Pool #789150	5.00		10/1/34		1,494
	208,127	Federal National Mortgage Association Pool #255496	5.00		11/1/34		228,733
	25,382	Federal National Mortgage Association Pool #797154	5.50		11/1/34		28,181
	60,699	Federal National Mortgage Association Pool #801063	5.50		11/1/34		67,049
	61,649	Federal National Mortgage Association Pool #803675	5.50		12/1/34		68,099
	109,013	Federal National Mortgage Association Pool #804683	5.50		12/1/34		120,419
	261,805	Federal National Mortgage Association Pool #815813 (1)	2.50		2/1/35		279,972
	16,308	Federal National Mortgage Association Pool #255580	5.50		2/1/35		18,015
	205,051	Federal National Mortgage Association Pool #735224	5.50		2/1/35		226,634
	173,084	Federal National Mortgage Association Pool #896016	6.00		8/1/36		191,147
	158,697	Federal National Mortgage Association Pool #901561	5.50		10/1/36		174,310
	398,227	Federal National Mortgage Association Pool #919584	6.00		6/1/37		439,786
	186,457	Federal National Mortgage Association Pool #943647	5.50		7/1/37		204,568
	81,396	Federal National Mortgage Association Pool #AA2531	4.50		3/1/39		88,081
	264,957	Federal National Mortgage Association Pool #AA9181	4.50		8/1/39		286,718

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

Schedule of Investments

Principal Amount			Rate		Maturity Date	Value
$	672,366	Federal National Mortgage Association REMIC Trust Series 2009-88 Class MA	4.50	%	10/25/39	$	736,053
	64,685	Federal National Mortgage Association Pool #AD1035	4.50		2/1/40		70,199
	253,209	Federal National Mortgage Association Pool #AD5234	4.50		7/1/40		274,797
	381,396	Federal National Mortgage Association Pool #AD7136	5.00		7/1/40		418,442
	678,827	Federal National Mortgage Association Pool #890236	4.50		8/1/40		734,376
	1,031,825	Federal National Mortgage Association Pool #AD8408	4.50		8/1/40		1,119,796
	704,472	Federal National Mortgage Association Pool #AE2078	4.50		8/1/40		764,533
	296,030	Federal National Mortgage Association Pool #AD8536	5.00		8/1/40		326,187
	872,745	Federal National Mortgage Association Pool #AH5575	4.00		2/1/41		936,780
	886,830	Federal National Mortgage Association Pool #AI3051	4.50		7/1/41		964,101
	917,075	Federal National Mortgage Association Pool #AI0814	4.50		8/1/41		996,982
	304,525	Federal National Mortgage Association Pool #AJ5888	4.50		11/1/41		331,059
	648,356	Federal National Mortgage Association Pool #AJ7440	4.50		11/1/41		704,848
	24,440,701	TOTAL FEDERAL NATIONAL MORTGAGE ASSOCIATION (Cost $25,308,541)					27,006,795

		GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (5.0%)
	64,633	Government National Mortgage Association Pool #003645	4.50		12/20/19		70,992
	3,308	Government National Mortgage Association Pool #557681	6.00		8/15/31		3,770
	44,227	Government National Mortgage Association Pool #548880	6.00		12/15/31		50,400
	45,903	Government National Mortgage Association Pool #551762	6.00		4/15/32		52,210
	20,058	Government National Mortgage Association Pool #582415	6.00		11/15/32		22,813
	203,311	Government National Mortgage Association Pool #604485	6.00		7/15/33		231,815
	103,749	Government National Mortgage Association Pool #622603	6.00		11/15/33		117,743
	3,293	Government National Mortgage Association Pool #429786	6.00		12/15/33		3,800
	6,337	Government National Mortgage Association Pool #626480	6.00		2/15/34		7,246
	86,858	Government National Mortgage Association Pool #605025	6.00		2/15/34		98,981
	78,864	Government National Mortgage Association Pool #610944	5.50		4/15/34		88,724
	36,867	Government National Mortgage Association Pool #605245	5.50		6/15/34		41,372
	94,729	Government National Mortgage Association Pool #583008	5.50		6/15/34		106,305
	780,964	Government National Mortgage Association Series 2009-103 Class TK	3.00		9/20/38		809,369
	846,542	Government National Mortgage Association Series 2010-151 Class KA	3.00		9/16/39		892,382

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

August 31, 2012

Principal Amount			Rate		Maturity Date	Value
$	754,804	Government National Mortgage Association Series 2011-17 Class EP	3.50	%	12/16/39	$	795,036
	599,923	Government National Mortgage Association Series 2011-136 Class GB	2.50		5/20/40		622,117
	3,774,370	TOTAL GOVERNMENT NATIONAL MORTGAGE ASSOCIATION (Cost $3,904,931)					4,015,075
	50,315,378	TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (Cost $51,989,530)					55,241,170
U.S. TREASURY OBLIGATIONS (29.3%)
	450,000	U.S. Treasury Notes	1.88		8/31/17		478,055
	1,800,000	U.S. Treasury Notes	3.13		5/15/19		2,057,625
	1,200,000	U.S. Treasury Notes	3.50		5/15/20		1,410,281
	1,500,000	U.S. Treasury Notes	2.25		7/31/18		1,626,562
	700,000	U.S. Treasury Notes	2.38		7/31/17		760,211
	3,200,000	U.S. Treasury Notes	1.50		7/31/16		3,333,251
	1,750,000	U.S. Treasury Notes	3.13		5/15/21		2,010,176
	500,000	U.S. Treasury Notes	2.25		11/30/1		541,094
	1,300,000	U.S. Treasury Notes	1.88		9/30/17		1,380,844
	1,000,000	U.S. Treasury Notes	2.38		5/31/18		1,091,016
	700,000	U.S. Treasury Notes	2.13		8/15/21		743,805
	1,300,000	U.S. Treasury Notes	1.00		3/31/17		1,327,321
	700,000	U.S. Treasury Notes	1.13		5/31/19		707,657
	1,600,000	U.S. Treasury Bonds	7.88		2/15/21		2,455,000
	500,000	U.S. Treasury Bonds	6.00		2/15/26		740,312
	150,000	U.S. Treasury Bonds	7.25		8/15/22		230,344
	900,000	U.S. Treasury Bonds	6.25		5/15/30		1,434,656
	300,000	U.S. Treasury Bonds	6.13		8/15/29		468,047
	600,000	U.S. Treasury Bonds	4.50		5/15/38		825,187
	20,150,000	TOTAL U.S. TREASURY OBLIGATIONS (Cost $23,067,488)					23,621,444
SHORT-TERM INVESTMENTS (5.1%)

		REPURCHASE AGREEMENT (3.1%)
	2,500,000	With Morgan Stanley, 0.16%, dated 08/31/12, due 09/04/12, delivery value $2,500,044 (collateralized by $2,230,000 U.S. Treasury Notes 3.1250% due 05/15/21, with a value of $2,584,778)					2,500,000

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

Schedule of Investments

Principal Amount			Value
INVESTMENTS OF CASH COLLATERAL FOR SECURITIES ON LOAN (2.0%)
		REPURCHASE AGREEMENT (2.0%)
$	595,061	Joint Repurchase Agreement with Morgan Stanley, 0.18%, dated 08/31/12, due 09/04/12, delivery value $595,073 (collateralized by $606,962 U.S. Treasury STRIPS 0.000% due 02/15/16–05/15/19, with a value of $606,962)	$	595,061
	495,884	Joint Repurchase Agreement with Barclays, 0.19%, dated 08/31/12, due 09/04/12, delivery value $495,895 (collateralized by $505,805 U.S. Treasury Inflation Indexed Bonds 2.125% due 02/15/40, with a value of $505,483)		495,884
	515,720	Joint Repurchase Agreement with Credit Suisse First Boston, 0.18%, dated 08/31/12, due 09/04/12, delivery value $515,730 (collateralized by $526,101 U.S. Treasury Note 1.750% due 01/31/14, with a value of $525,343)		515,720
		TOTAL INVESTMENTS OF CASH COLLATERAL FOR SECURITIES ON LOAN (Cost $1,606,665)		1,606,665
		TOTAL SHORT-TERM INVESTMENTS (5.1%) (Cost $4,106,665)		4,106,665
		TOTAL INVESTMENT SECURITIES (103.1%) (Cost $79,163,683)		82,969,279
		EXCESS OF LIABILITIES OVER CASH AND OTHER ASSETS (-3.1%)		(2,514,706	)

		NET ASSETS (100.0%)	$	80,454,573

		NET ASSET VALUE, OFFERING AND REDEMPTION PRICE PER OUTSTANDING SHARE ($80,454,573 ÷ 6,592,250 shares outstanding)	$	12.20


(1)	Adjustable rate security. The rate shown is as of August 31, 2012.
(2)	A portion or all of the security was held on loan. As of August 31, 2012, the market value (including accrued interest) of the securities on loan was $1,587,666.
TBA	To Be Announced

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

Statement of Assets and Liabilities at August 31, 2012

Assets:
Investment securities, at value (Cost - $76,663,683) (securities on loan, at value, $1,587,666)*	$	80,469,279
Repurchase agreement (Cost - $2,500,000)		2,500,000
Cash		80,203
Interest receivable		357,506
Prepaid expenses		5,249
Receivable for securities lending income		1,455
Receivable for capital shares sold		397
Total Assets		83,414,089

Liabilities:
Payable upon return of securities on loan		1,615,968
Payable for securities purchased		1,265,941
Payable for capital shares redeemed		7,068
Accrued expenses:
Advisory fee		34,037
Other		36,502
Total Liabilities		2,959,516

Net Assets	$	80,454,573

Net assets consist of:
Capital stock, at $1.00 par value (authorized 100,000,000, outstanding 6,592,250 shares)	$	6,592,250
Additional paid-in capital		68,760,630
Undistributed net investment income		29,047
Accumulated net realized gain on investments		1,267,050
Net unrealized appreciation of investments		3,805,596

Net Assets	$	80,454,573

Net Asset Value, Offering and Redemption Price per Outstanding Share ($80,454,573 ÷ 6,592,250 shares outstanding)	$	12.20

* The market value of securities on loan includes accrued interest.

Statement of Operations for the Year Ended August 31, 2012

Investment Income:
Interest	$	2,271,591
Securities lending income		1,601
Total Income		2,273,192

Expenses:
Advisory fee		404,497
Service and distribution plan fees		202,248
Auditing and legal fees		75,992
Transfer agent fees		51,390
Printing and postage		48,248
Custodian fees		46,137
Registration and filing fees		37,466
Directors’ fees and expenses		17,542
Insurance		10,572
Other		14,496
Total Expenses Before Fees Waived and Custody Credits		908,588
Less: Service and Distribution Plan Fees Waived		(202,248	)
Less: Custody Credits		(120	)
Net Expenses		706,220

Net Investment Income		1,566,972

Net Realized and Unrealized Gain/(Loss) on Investments:
Net Realized Gain		1,984,985
Change in Net Unrealized Appreciation/(Depreciation)		(904,927	)
Net Realized Gain and Change in Net Unrealized Appreciation/(Depreciation) on Investments		1,080,058

Net Increase in Net Assets from Operations	$	2,647,030

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

Statement of Changes in Net Assets for the Years Ended August 31, 2012 and 2011

	Year Ended			Year Ended
	August 31, 2012			August 31, 2011

Operations:
Net investment income	$	1,566,972		$	1,922,124
Net realized gain on investments		1,984,985			1,416,088
Change in net unrealized appreciation/(depreciation)		(904,927	)		(512,738	)
Net increase in net assets from operations		2,647,030			2,825,474

Distributions to Shareholders:
Net investment income		(1,861,489	)		(2,167,104	)
Net realized gain from investment transactions		(1,670,740	)		(1,269,237	)
Total Distributions		(3,532,229	)		(3,436,341	)

Capital Share Transactions:
Proceeds from sale of shares		3,407,631			3,225,747
Proceeds from reinvestment of dividends and distributions to shareholders		3,161,640			3,049,842
Cost of shares redeemed		(7,640,465	)		(10,680,017	)
Net decrease in net assets from capital share transactions		(1,071,194	)		(4,404,428	)
Total Decrease in Net Assets		(1,956,393	)		(5,015,295	)

Net Assets:
Beginning of year		82,410,966			87,426,261
End of year	$	80,454,573		$	82,410,966
Undistributed net investment income, at end of year	$	29,047		$	334,917

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

Notes to Financial Statements

1. Significant Accounting Policies

Value Line U.S. Government Securities Fund, Inc., (the “Fund”) is registered under the Investment Company Act of 1940, as amended, as a diversified, open-end management investment company whose primary investment objective is to obtain maximum income without undue risk to principal. Capital preservation and possible capital appreciation are secondary objectives.

The following significant accounting policies are 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 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, and such differences could be material.

(A) Security Valuation: The Fund’s investments are carried at fair value. With assistance from an independent pricing service (the “Service”) approved by the Board of Directors, portfolio securities are valued at the bid prices on the basis of valuations provided by dealers in such securities. Some of the general factors which may be considered by the dealers in arriving at such valuations include the fundamental analytic data relating to the security and an evaluation of the forces which influence the market in which these securities are purchased and sold. Determination of values may involve subjective judgment, as the actual market value of a particular security can be established only by negotiation between the parties in a sales transaction. If a portfolio security is not priced in this manner, the value is determined on the valuation date by reference to valuations obtained from the Service which determines valuations for normal institutional-size trading units of debt securities, without exclusive reliance upon quoted prices. The Service takes into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics and other market data in determining valuations. Short-term instruments with maturities of 60 days or less at the date of purchase are valued at amortized cost, which approximates market value. Other assets and securities for which market valuations are not readily available will be valued at fair value by the Adviser pursuant to policies and procedures adopted by the Board of Directors. At August 31, 2012, there were no securities that had been fair valued.

(B) Fair Value Measurements: The Fund follows fair valuation accounting standards (FASB ASC 820-10) which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value and a discussion of changes in valuation techniques and related inputs during the period. These inputs are summarized in the three broad levels listed below:


●	Level 1 – Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access at the measurement date;

●	Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active;

●	Level 3 – Inputs that are unobservable.

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Value Line U.S. Government Securities Fund, Inc.

August 31, 2012

The following table summarizes the inputs used to value the Fund’s investments in securities as of August 31, 2012:


Investments in Securities:	Level 1		Level 2		Level 3		Total
Assets
U.S. Government Agency Obligations	$	0	$	55,241,170	$	0	$	55,241,170
U.S. Treasury Obligations		0		23,621,444		0		23,621,444
Short-Term Investments		0		4,106,665		0		4,106,665
Total Investments in Securities	$	0	$	82,969,279	$	0	$	82,969,279

The Fund follows the updated provisions surrounding fair value measurements and disclosures on transfers in and out of all levels of the fair value hierarchy on a gross basis and the reasons for the transfers as well as to disclosures about the valuation techniques and inputs used to measure fair value for investments that fall in either Level 2 or Level 3 of the fair value hierarchy.

For the year ended August 31, 2012, there was no significant transfer activity between Level 1 and Level 2.

For the year ended August 31, 2012, there were no Level 3 investments. The Schedule of Investments includes a breakdown of the Schedule’s investments by category.

(C) 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 of the repurchase transaction, including accrued interest. To the extent that any repurchase transaction exceeds one business day, it is the Fund’s policy to mark-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.

In April 2011, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) related to the accounting for repurchase agreements and similar agreements that both entitle and obligate a transferor to repurchase or redeem financial assets before their maturity. The ASU modifies the criteria for determining effective control of transferred assets and as a result certain agreements may be accounted for as secured borrowings. The ASU is effective prospectively for new transfers and existing transactions that are modified in the first interim or annual period beginning on or after December 15, 2011. The Fund is evaluating the implications of this change.

(D) Federal Income Taxes: It is the policy of the Fund to qualify as a regulated investment company by complying with the provisions available to regulated investment companies, as defined in the applicable sections of the Internal Revenue Code, and to distribute all of its investment income and capital gains to its shareholders. Therefore, no provision for federal income tax is required.

Management has analyzed the Fund’s tax positions taken on federal and state income tax returns for all open tax years (fiscal years ended August 31, 2009 through August 31, 2012), and has concluded that no provision for federal or state tax income tax is required in the Fund’s financial statements. The Fund’s federal and state income tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

(E) Security Transactions and Related Income: Security transactions are accounted for on the date the securities are purchased or sold. Realized gains and losses on securities transactions are determined using the identified cost method. Interest income, adjusted for the amortization of discount and premium, is earned from settlement date and recognized on the accrual basis. Gains and losses realized on prepayments received on mortgage-related securities are recorded as interest income.

Value Line U.S. Government Securities Fund, Inc.

Notes to Financial Statements

The Fund may invest in Treasury Inflation-Protection Securities (TIPS). The principal value and interest payout of TIPS are periodically adjusted according to the rate of inflation based on the Consumer Price Index. The adjustments for principal and income due to inflation are reflected in interest income in the Statement of Operations.

(F) Representations and Indemnifications: In the normal course of business, the Fund enters into contracts that contain a variety of representations and warranties which provide general indemnifications. The Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred. However, based on experience, the Fund expects the risk of loss to be remote.

(G) Securities Lending: Under an agreement with State Street Bank & Trust (“State Street”), the Fund can lend its securities to brokers, dealers and other financial institutions approved by the Board of Directors. By lending its investment securities, the Fund attempts to increase its net investment income through receipt of interest on the loan. Any gain or loss in the market price of the securities loaned that might occur and any interest or dividends declared during the term of the loan would accrue to the account of the Fund. Risks of delay in recovery of the securities or even loss of rights in the collateral may occur should the borrower of the securities fail financially. Generally, in the event of a counter-party default, the Fund has the right to use the collateral to offset the losses incurred. The lending fees received and the Fund’s portion of the interest income earned on cash collateral are included in the Statement of Operations.

Upon entering into a securities lending transaction, the Fund receives cash or other securities as collateral in an amount equal to or exceeding 102% of the current market value of the loaned securities. Any cash received as collateral is invested by State Street Global Advisors, acting in its capacity as securities lending agent (the “Agent”), in The Value Line Funds collateral account, which is subsequently invested into joint repurchase agreements. A portion of the dividends received on the collateral is rebated to the borrower of the securities and the remainder is split between the Agent and the Fund.

The Fund enters into a joint repurchase agreement whereby its uninvested cash collateral from securities lending is deposited into a joint cash account with other funds managed by the investment adviser and is used to invest in one or more repurchase agreements. The value and face amount of the joint repurchase agreement are allocated to the funds based on their pro-rata interest. A repurchase agreement is accounted for as a loan by the fund to the seller, collateralized by securities which are delivered to the fund’s custodian. The market value, including accrued interest, of the initial collateralization is required to be at least 102% of the dollar amount invested by the funds, with the value of the underlying securities marked to market daily to maintain coverage of at least 100%. The joint repurchase agreement held by the Fund at fiscal year end had been entered into on August 31, 2012.

As of August 31, 2012, the Fund loaned securities which were collateralized by cash. The value of the securities on loan and the value of the related collateral were as follows:

Value of				Total Collateral
Securities		Value of		(including
Loaned		Collateral		Calculated Mark)
$	1,587,666	$	1,615,968	$	1,619,713

(H) Subsequent Events: Management has evaluated all subsequent transactions and events through the date on which these financial statements were issued, and except as already included in the notes to these financial statements, has determined that no additional items require disclosure.

Value Line U.S. Government Securities Fund, Inc.

August 31, 2012

2. Investment Risks

Securities issued by U.S. Government agencies or government-sponsored enterprises may not be guaranteed by the U.S. Treasury. The Government National Mortgage Association (“GNMA” or “Ginnie Mae”), a wholly-owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or guaranteed by the Department of Veteran Affairs. Government-related guarantors (i.e., not backed by the full faith and credit of the U.S. Government) include the Federal National Mortgage Association (“FNMA” or “Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“FHLMC” or “Freddie Mac”). Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but its participation certificates are not backed by the full faith and credit of the U.S. Government.

3. Capital Share Transactions and Dividends to Shareholders

Transactions in capital stock were as follows:

	Year Ended			Year Ended
	August 31, 2012			August 31, 2011
Shares sold		279,080			266,418
Shares issued to shareholders in reinvestment of dividends and distributions		261,601			255,299
Shares redeemed		(625,941	)		(886,402	)
Net decrease		(85,260	)		(364,685	)
Dividends per share from net investment income	$	0.2815		$	0.3158
Distributions per share from net realized gains	$	0.2556		$	0.1837

Dividends and distributions to shareholders are recorded on the ex-dividend date.

4. Purchases and Sales of Securities

Purchases and sales of investment securities, excluding short-term securities, were as follows:

	Year Ended
	August 31, 2012
Purchases:
U.S. Treasury Obligations	$	69,554,715
U.S. Government Agency Obligations		22,729,368
Total Purchases	$	92,284,083
Sales:
U.S. Treasury Obligations	$	67,028,918
U.S. Government Agency Obligations		13,577,871
Total Sales	$	80,606,789

5. Income Taxes

At August 31, 2012, information on the tax components of capital is as follows:

Cost of investments for tax purposes	$	79,172,573
Gross tax unrealized appreciation	$	3,797,192
Gross tax unrealized depreciation		(486	)
Net tax unrealized appreciation on investments	$	3,796,706
Undistributed ordinary income	$	357,968
Undistributed long-term gain	$	947,019

Permanent book-tax differences relating to the classification of income in the current year were reclassified within the composition of the net asset accounts. The Fund decreased undistributed net investment income by $11,353 and increased accumulated net realized gain on investments by $11,353. Net assets were not affected by this reclassification. These reclasses were primarily due to differing treatments of bond premiums for tax purposes.

Value Line U.S. Government Securities Fund, Inc.

Notes to Financial Statements

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (“the Act”) was signed by the President. Under the Act, net capital losses recognized by the Portfolio after December 31, 2010, may get carried forward indefinitely, and retain their character as short-term and/or long term losses. Prior to this Act, pre-enactment net capital losses incurred by the Fund were carried forward for eight years and treated as short-term losses. The Act requires under the transition that post-enactment net capital losses are used before pre-enactment net capital losses.

The tax composition of dividends paid during the years ended August 31, 2012 and August 31, 2011 is as follows:

	August 31,		August 31,
	2012		2011
Ordinary income	$	2,532,203	$	2,417,815
Long-term capital gain		1,000,026		1,018,526
	$	3,532,229	$	3,436,341

6. Investment Advisory Fees, Service and Distribution Fees and Transactions With Affiliates

An advisory fee of $404,497 was paid or payable to EULAV Asset Management (the “Adviser”) for the year ended August 31, 2012. This was computed at the rate of 0.50% of the Fund’s average daily net assets during the year and paid monthly. The Adviser provides research, investment programs, 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 and employees of the Fund and pays their salaries.

The Fund has a Service and Distribution Plan (the “Plan”), adopted pursuant to Rule 12b-1 under the Investment Company Act of 1940, which compensates EULAV Securities LLC (the “Distributor”) for 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. Fees amounting to $202,248, before fee waivers, were accrued under the Plan for the year ended August 31, 2012. Effective January 1, 2009 through December 31, 2014, the Distributor contractually agreed to waive the 12b-1 fee. There is no assurance that the Distributor will extend the fee waiver beyond such date. For the year ended August 31, 2012, all 12b-1 fees were waived. The Distributor has no right to recoup previously waived amounts.

For the year ended August 31, 2012, the Fund’s expenses were reduced by $120 under a custody credit arrangement with the custodian.

Direct expenses of the Fund are charged to the Fund while common expenses of the Value Line Funds are allocated proportionately based upon the Funds’ respective net assets. The Fund bears all other costs and expenses.

Certain officers and a Trustee of the Adviser are also officers and a director of the Fund. At August 31, 2012, the officers and Director of the Fund as a group owned 572 shares, representing less than 1% of the outstanding shares.

Value Line U.S. Government Securities Fund, Inc.

Financial Highlights

Selected data for a share of capital stock outstanding throughout each year:

	Years Ended August 31,
	2012			2011			2010			2009			2008
Net asset value, beginning of year	$	12.34		$	12.41		$	12.06		$	11.62		$	11.42

Income from investment operations:
Net investment income		0.24			0.28			0.35			0.40			0.46
Net gains on securities (both realized and unrealized)		0.16			0.15			0.44			0.45			0.24
Total from investment operations		0.40			0.43			0.79			0.85			0.70

Less distributions:
Dividends from net investment income		(0.28	)		(0.32	)		(0.36	)		(0.41	)		(0.50	)
Distributions from net realized gains		(0.26	)		(0.18	)		(0.08	)		—			—
Total distributions		(0.54	)		(0.50	)		(0.44	)		(0.41	)		(0.50	)

Net asset value, end of year	$	12.20		$	12.34		$	12.41		$	12.06		$	11.62

Total return		3.32	%		3.65	%		6.69	%		7.46	%		6.22	%

Ratios/Supplemental Data:
Net assets, end of year (in thousands)	$	80,455		$	82,411		$	87,426		$	89,609		$	87,919
Ratio of expenses to average net assets(1)		1.12	%		1.09	%		1.03	%(2)		1.07	%		1.01	%
Ratio of expenses to average net assets(3)		0.87	%		0.84	%		0.77	%(4)		0.82	%		0.76	%
Ratio of net investment income to average net assets		1.94	%		2.31	%		2.87	%		3.37	%		3.96	%
Portfolio turnover rate		103	%		71	%		50	%		58	%		51	%

(1)	Ratio reflects expenses grossed up for the custody credit arrangement and grossed up for the waiver of the service and distribution plan fees by the Distributor. The ratio of expenses to average net assets, net of custody credits, but exclusive of the fee waivers would have been 1.00% for the year ended August 31, 2008 and would have been unchanged for the other years shown.

(2)	Ratio reflects expenses grossed up for the reimbursement by Value Line, Inc. of certain expenses incurred by the Fund.

(3)	Ratio reflects expenses net of the custody credit arrangement and net of the waiver of the service and distribution plan fees by the Distributor.

(4)	Ratio reflects expenses net of the reimbursement by Value Line, Inc. of certain expenses incurred by the Fund.

See Notes to Financial Statements.

Value Line U.S. Government Securities Fund, Inc.

Report of Independent Registered Public Accounting Firm

To the Board of Directors and Shareholders of Value Line U.S. Government Securities Fund, Inc.

In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Value Line U.S. Government Securities Fund, Inc. (the “Fund”) at August 31, 2012, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as “financial statements”) are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at August 31, 2012 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.

PricewaterhouseCoopers LLP

New York, New York

October 25, 2012

Value Line U.S. Government Securities Fund, Inc.

Federal Tax Notice (unaudited)

During the year ended August 31, 2012, the Fund distributed $1,000,026 from long-term capital gains.

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the SEC’s website at http://www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

A description of the policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities, and information regarding how the Fund voted these proxies for the 12-month period ended June 30 is available through the Fund’s website at http://www.vlfunds.com and on the SEC’s website at http://www.sec.gov. The description of the policies and procedures is also available without charge, upon request, by calling 1-800-243-2729.

Value Line U.S. Government Securities Fund, Inc.

Management of the Fund

MANAGEMENT INFORMATION

The business and affairs of the Fund are managed by the Fund’s officers under the direction of the Board of Directors. The following table sets forth information on each Director and Officer of the Fund. Each Director serves as a director or trustee of each of the 12 Value Line Funds. Each Director serves until his or her successor is elected and qualified.

		Length of	Principal Occupation
Name, Address, and YOB	Position	Time Served	During the Past 5 Years
Interested Director*
Mitchell E. Appel YOB: 1970 Other Directorships: None	Director	Since 2010	President of each of the Value Line Funds since June 2008; Chief Financial Officer of Value Line, Inc. (“Value Line”) from April 2008 to December 2010 and from September 2005 to November 2007; Director from February 2010 to December 2010; Chief Financial Officer of XTF Asset Management from November 2007 to April 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011.
Non-Interested Directors
Joyce E. Heinzerling 500 East 77th Street New York, NY 10162 YOB: 1956 Other Directorships: Burnham Investors Trust, since 2004 (4 funds).	Director	Since 2008	President, Meridian Fund Advisers LLC. (consultants) since April 2009; General Counsel, Archery Capital LLC (private investment fund) until April 2009.
Francis C. Oakley 54 Scott Hill Road Williamstown, MA 01267 YOB: 1931 Other Directorships: None	Director	Since 2000	Professor of History, Williams College, (1961-2002). Professor Emeritus since 2002; President Emeritus since 1994 and President, (1985-1994); Chairman (1993-1997) and Interim President (2002-2003) of the American Council of Learned Societies. Trustee since 1997and Chairman of the Board since 2005, National Humanities Center.
David H. Porter 5 Birch Run Drive Saratoga Springs, NY 12866 YOB: 1935 Other Directorships: None	Director	Since 1997	Professor, Skidmore College since 2008; Visiting Professor of Classics, Williams College, (1999-2008); President Emeritus, Skidmore College since 1999 and President, (1987-1998).
Paul Craig Roberts 169 Pompano St. Panama City Beach, FL 32413 YOB: 1939 Other Directorships: None	Director	Since 1983	Chairman, Institute for Political Economy.

Value Line U.S. Government Securities Fund, Inc.

Management of the Fund

		Length of	Principal Occupation
Name, Address, and YOB	Position	Time Served	During the Past 5 Years
Nancy-Beth Sheerr 1409 Beaumont Drive Gladwyne, PA 19035 YOB: 1949 Other Directorships: None	Director	Since 1996	Senior Financial Adviser, Veritable L.P. (Investment Adviser).
Daniel S. Vandivort 59 Indian Head Road Riverside, CT 06878 YOB: 1954 Other Directorships: None	Director (Chairman of Board since 2010)	Since 2008	President, Chief Investment Officer, Weiss, Peck and Greer/Robeco Investment Management (2005-2007); Managing Director, Weiss, Peck and Greer, (1995-2005).
Officers
Mitchell E. Appel YOB: 1970	President	Since 2008	President of each of the Value Line Funds since June 2008; Chief Financial Officer of Value Line from April 2008 to December 2010 and from September 2005 to November 2007; Director from February 2010 to December 2010; Chief Financial Officer of XTF Asset Management from November 2007 to April 2008; Chief Financial Officer of the Distributor since April 2008 and President since February 2009; President of the Adviser since February 2009, Trustee since December 2010 and Treasurer since January 2011.
Michael J. Wagner YOB: 1950	Chief Compliance Officer	Since 2009	Chief Compliance Officer Value Line Funds since June 2009; President of Northern Lights Compliance Service, LLC (formerly Fund Compliance Services, LLC (2006 – present)) and Senior Vice President (2004 – 2006) and President and Chief Operations Officer (2003 – 2006) of Gemini Fund Services, LLC; Director of Constellation Trust Company until 2008.
Emily D. Washington YOB: 1979	Treasurer and Secretary	Since 2008	Treasurer and Chief Financial Officer (Principal Financial and Accounting Officer) of each of the Value Line Funds since August 2008 and Secretary since 2010; Associate Director of Mutual Fund Accounting at Value Line until August 2008.

*	Mr. Appel is an “interested person” as defined in the Investment Company Act of 1940 by virtue of his position with the Adviser and Distributor.

Unless otherwise indicated, the address for each of the above officers is c/o Value Line Funds, 7 Times Square, New York, NY 10036.

The Fund’s Statement of Additional Information (SAI) includes additional information about the Fund’s Directors and is available, without charge, upon request by calling 1-800-243-2729 or on the Fund’s website, www.vlfunds.com.

Value Line U.S. Government Securities Fund, Inc.

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Value Line U.S. Government Securities Fund, Inc.

The Value Line Family of Funds

In 1950, Value Line started its first mutual fund. Since then, knowledgeable investors have been relying on the Value Line Funds to help them build their financial futures. Over the years, Value Line Funds has evolved into what we are today – a diversified family of no-load mutual funds with a wide range of investment objectives – ranging from small, mid and large capitalization equities to taxable and tax-exempt fixed income. We also provide strategies that effectively combine both equities and fixed income, diligently taking into account the potential risk and reward of each investment.

1950 — The Value Line Fund seeks long-term growth of capital. Current income is a secondary objective.

1952 — Value Line Income and Growth Fund’s primary investment objective is income, as high and dependable as is consistent with reasonable risk. Capital growth to increase total return is a secondary objective.

1956 — Value Line Premier Growth Fund seeks long-term growth of capital. No consideration is given to current income in the choice of investments.

1972 — Value Line Larger Companies Fund’s sole investment objective is to realize capital growth.

1979 — Value Line U.S. Government Money Market Fund, a money market fund, seeks to secure as high a level of current income as is consistent with maintaining liquidity and preserving capital. An investment in the Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.

1981 — Value Line U.S. Government Securities Fund seeks maximum income without undue risk to capital. Under normal conditions, at least 80% of the value of its net assets will be invested in securities issued or guaranteed by the U.S. Government and its agencies and instrumentalities.

1983 — Value Line Centurion Fund* seeks long-term growth of capital.

1984 — The Value Line Tax Exempt Fund seeks to provide investors with the maximum income exempt from federal income taxes while avoiding undue risk to principal. The fund may be subject to state and local taxes and the Alternative Minimum Tax (if applicable).

1986 — Value Line Aggressive Income Trust seeks to maximize current income.

1987 — Value Line Strategic Asset Management Trust* seeks to achieve a high total investment return consistent with reasonable risk.

1993 — Value Line Emerging Opportunities Fund invests in U.S. common stocks of small capitalization companies, with its primary objective being long-term growth of capital.

1993 — Value Line Asset Allocation Fund seeks high total investment return, consistent with reasonable risk. The Fund invests in stocks, bonds and money market instruments utilizing quantitative modeling to determine the asset mix.

*	Only available through the purchase of Guardian Investor, a tax deferred variable annuity, or ValuePlus, a variable life insurance policy.

For more complete information about any of the Value Line Funds, including charges and expenses, send for a prospectus from EULAV Securities LLC, 7 Times Square, New York, New York 10036-6524 or call 1-800-243-2729, 9am-5pm CST, Monday-Friday, or visit us at www.vlfunds.com. Read the prospectus carefully before you invest or send money.

CODE OF BUSINESS CONDUCT AND ETHICS

As mandated by the Securities and Exchange Commission, this Code of Business Conduct and Ethics (this "Code") sets forth legal and ethical standards of conduct for the directors, officers and employees of EULAV Asset Management and Subsidiaries1 (the "Company") and the Value Line Mutual Funds (collectively, the “Funds” or individually, the “Fund”). This Code is intended to deter wrongdoing and to promote the conduct of all Company business in accordance with high standards of integrity and in compliance with all applicable laws and regulations. This Code applies to the Company, its subsidiaries and each of the Funds and applies to each director and employee including the principal executive officer, principal financial officer, principal accounting officer or controller of each entity and persons performing similar functions.

If you have any questions regarding this Code or its application to you in any situation, you should contact the Chief Executive Officer.

COMPLIANCE WITH LAWS, RULES AND REGULATIONS

The Company requires that all employees, officers and directors comply with all laws, rules and regulations applicable to the Company wherever it does business. You are expected to use good judgment and common sense in seeking to comply with all applicable laws, rules and regulations and to ask for advice when you are uncertain about them.

If you become aware of the violation of any law, rule or regulation by the Company, whether by its officers, employees, directors, or any third party doing business on behalf of the Company, or if you become aware of any violation of this Code, it is your responsibility to promptly report the matter. You may contact an officer of the Company. While it is the Company's desire to address matters internally, nothing in this Code should discourage you from reporting any illegal activity, including any violation of the securities laws, antitrust laws, environmental laws or any other federal, state or foreign law, rule or regulation, to the appropriate regulatory authority. Employees, officers and directors shall not discharge, demote, suspend, threaten, harass or in any other manner discriminate or retaliate against an employee because he or she reports any such violation, unless it is determined that the report was made with knowledge that it was false. This Code should not be construed to prohibit you from testifying, participating or otherwise assisting in any state or federal administrative, judicial or legislative proceeding or investigation.

1 For purposes of this Code, “Subsidiaries” includes EULAV Securities LLC, the principal underwriter of each of the Funds (“EULAV Securities”). References in this Code to EULAV shall be interpreted to include EULAV Securities unless the context clearly otherwise requires.

CONFIDENTIALITY

Employees, officers and directors must maintain the confidentiality of confidential information entrusted to them by the Company, except when disclosure is authorized by the Chief Executive Officer or legally mandated. Confidential information includes lists of clients, personal information about employees or shareholders and the like. Unauthorized disclosure of any confidential information is prohibited. Additionally, employees should take appropriate precautions to ensure that confidential or sensitive business information is not communicated within the Company except to employees who have a need to know such information to perform their responsibilities for the Company.

Third parties may ask you for information concerning the Company. Employees, officers and directors (other than the Company's authorized spokesperson) must not discuss internal Company matters with, or disseminate internal Company information to, anyone outside the Company, except as authorized by the Chief Executive Officer. All responses to inquiries on behalf of the Company must be approved by the Company's authorized spokesperson currently Mitchell Appel. If you receive any inquiries of this nature, you must decline to comment and refer the inquirer to the Company's authorized spokesperson.

HONEST AND ETHICAL CONDUCT AND FAIR DEALING

Employees, officers and directors should endeavor to deal honestly, ethically and fairly with the Company's suppliers, customers, competitors and employees. Statements regarding the Company's products and services must not be untrue, misleading, deceptive or fraudulent.

PROTECTION AND PROPER USE OF CORPORATE ASSETS; RELATED PERSON TRANSACTIONS

Employees, officers and directors should seek to protect the Company's assets. Theft, carelessness and waste have a direct impact on the Company's financial performance. All of us must use the Company's assets and services solely for legitimate business purposes of the Company and not for any personal benefit or the personal benefit of anyone else.

All of us must always act in the best interests of the Company. You must refrain from engaging in any activity or having a personal interest that presents a "conflict of interest." A conflict of interest occurs when your personal interest interferes with the interests of the Company. A conflict of interest can arise whenever you, as an officer, director or employee, take action or have an interest that prevents you from performing your Company duties and responsibilities honestly, objectively and effectively.

The Company recognizes that Related Person Transactions (as defined below) can present potential or actual conflicts of interest and create the appearance that Company decisions are based on considerations other than the best interests of the Company. Nevertheless, the Company recognizes that there are situations where Related Person Transactions may be in, or may not be inconsistent with, the best interests of the Company. Therefore, the Company has adopted the procedures set forth below for the review, approval or ratification of Related Person Transactions.

For the purposes of this Code of Conduct and Business Ethics, a "Related Person Transaction" is a transaction, arrangement or relationship (or any series of similar transactions, arrangements or relationships) in which the Company (including any of its subsidiaries) was, is or will be a participant and the amount involved exceeds $50,000, and in which any Related Person had, has or will have a direct or indirect material interest; provided, however, that the following are not Related Person Transactions:

1.	the transaction involves compensation approved by the Company’s Chief Executive Officer;

2.	the transaction is available to all employees generally; and

3.	indebtedness due from the Related Person for purchases of goods and services subject to usual trade terms, for ordinary business travel and expense payments and for other transactions in the ordinary course of business.

For purposes of this Code of Business Conduct and Ethics, a “Related Person” means:

1.	any person who is, or at any time since the beginning of the Company’s last fiscal year was, a director or officer of the Company or a nominee to become a director of the Company;

2.	any person who is known to be the beneficial owner of more than 5% of the Company's voting interests;

any immediate family member of any of the foregoing persons, which means any child, stepchild, parent, stepparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of the director, executive officer, nominee or more than 5% beneficial owner, and any person (other than a tenant or employee) sharing the household of such director, executive officer, nominee or more than 5% beneficial owner; and

4.	any firm, corporation or other entity in which any of the foregoing persons is employed or is a general partner or principal or in a similar position or in which such person has a 5% or greater beneficial ownership interest.

A Related Person Transaction shall be consummated or shall continue only if the Chief Executive Officer shall approve or ratify such transaction and if the transaction is fair and reasonable to the Company.

BUSINESS OPPORTUNITIES

All of us are bound to advance the Company's business interests when the opportunity to do so arises. You must not take for yourself business opportunities that are discovered through your position with the Company or the use of property or information of the Company.

ACCURACY OF BOOKS AND RECORDS AND PUBLIC REPORTS

Employees, officers and directors must honestly and accurately report all Company business transactions. You are responsible for the accuracy of your records and reports. Accurate information is essential to the Company's ability to meet legal and regulatory obligations.

All Company books, records and accounts shall be maintained in accordance with all applicable regulations and standards and accurately reflect the true nature of the transactions they record. The financial statements of the Company shall conform to generally accepted accounting rules and the Company's accounting policies. No undisclosed or unrecorded account or fund shall be established for any purpose. No false or misleading entries shall be made in the Company's books or records for any reason, and no disbursement of corporate funds or other corporate property shall be made without adequate supporting documentation.

It is the policy of the Company to provide full, fair, accurate, timely and understandable disclosure in reports and documents filed with, or submitted to, the Securities and Exchange Commission and in other public communications.

CONCERNS REGARDING ACCOUNTING OR AUDITING MATTERS

Anyone with concerns regarding questionable accounting or auditing matters or complaints regarding accounting, internal accounting controls or auditing matters may confidentially, and anonymously if they wish, communicate such concerns or complaints to any of the Company's officers. A record of all complaints and concerns received will be provided to the Company’s Board of Trustees.

DISCIPLINARY ACTION

Disciplinary measures will be taken against:

●	Any employee, officer or director who authorizes, directs, approves or participates in any violation of the Code or of any applicable law, rule or regulation;

●	Any employee, officer or director who has deliberately failed to report a violation of the Code or of any applicable law, rule or regulation, who has concealed any such violation or who has deliberately withheld or misstated relevant information concerning such a violation;

●	Any employee, officer or director who retaliates, directly or indirectly, or encourages others to do so, against any other employee, officer or director because of a report by that person of a suspected violation of the Code or of any applicable law, rule or regulation;

●	Any employee, officer or director who knowingly refers a false allegation of a violation of the Code or of any applicable law, rule or regulation or who deliberately abuses the procedures established for investigating suspected violations of the Code; and

●	Any employee, officer or director who refuses to return a signed certification of the Code or who fails to return a signed certification of the Code after reasonable opportunity to do so.

In addition, persons who violate any applicable law, rule or regulation may be subject to criminal and civil penalties and payment of civil damages to the Company or third parties.

DISSEMINATION AND AMENDMENT

This Code shall be distributed to each new employee, officer and director of the Company upon commencement of his or her employment or other relationship with the Company.

Company reserves the right to amend, alter or terminate this Code at any time for any reason.

This document is not an employment contract between the Company and any of its employees, officers or directors and does not alter the Company's at-will employment policy.

CERTIFICATION

I,_________________________________ do hereby certify that:

(Print Name Above)

1. I have received and carefully read the Code of Business Conduct and Ethics of EULAV Asset Management and the Value Line Mutual Funds.

2. I understand the Code of Business Conduct and Ethics.

3. I have complied and will continue to comply with the terms of the Code of Business Conduct and Ethics.

Date:
			(Signature)

EACH EMPLOYEE, OFFICER AND DIRECTOR IS REQUIRED TO SIGN, DATE AND RETURN THIS CERTIFICATION TO THE COMPLIANCE DEPARTMENT WITHIN 30 DAYS OF ISSUANCE. FAILURE TO DO SO MAY RESULT IN DISCIPLINARY ACTION.

By:	/s/ Mitchell E. Appel
	Mitchell E. Appel, President

Date:	November 6, 2012

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:	/s/ Mitchell E. Appel
	Mitchell E. Appel, President, Principal Executive Officer

By:	/s/ Emily D. Washington
	Emily D. Washington, Treasurer, Principal Financial Officer

Date:	November 6, 2012

Date:	November 6, 2012

		By:	/s/ Mitchell E. Appel
			Mitchell E. Appel
			President
			Value Line U.S Government Securities Fund, Inc.

Date:	November 6, 2012

		By:	/s/ Emily D. Washington
			Emily D. Washington
			Treasurer
			Value Line U.S Government Securities Fund, Inc.

Date:	November 6, 2012

		By:	/s/ Mitchell E. Appel
			Mitchell E. Appel
			President
			Value Line U.S Government Securities Fund, Inc.

Date:	November 6, 2012

		By:	/s/ Emily D. Washington
			Emily D. Washington
			Treasurer
			Value Line U.S Government Securities Fund, Inc.