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C000000 0.0000 074 A000000 55 074 B000000 9200 074 C000000 4988 074 D000000 0 074 E000000 0 074 F000000 293925 074 G000000 0 074 H000000 0 074 I000000 0 074 J000000 3038 074 K000000 0 074 L000000 538 074 M000000 6 074 N000000 311750 074 O000000 1203 074 P000000 260 074 Q000000 0 074 R010000 0 074 R020000 0 074 R030000 0 074 R040000 462 074 S000000 0 074 T000000 309825 PAGE 9 074 U010000 14865 074 U020000 0 074 V010000 20.84 074 V020000 0.00 074 W000000 0.0000 074 X000000 10329 074 Y000000 0 075 A000000 0 075 B000000 267567 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 077 Q010000 N 077 Q020000 N 077 Q030000 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 PAGE 10 086 E020000 0 086 F010000 0 086 F020000 0 SIGNATURE STEPHEN LAROSA TITLE ASST-TREASURER EX-99.77B ACCT LTTR 3 special123103.txt Report of Independent Auditors To the Board of Directors and Shareholders of The Value Line Special Situations Fund, Inc. In planning and performing our audit of the financial statements of The Value Line Special Situations Fund, Inc. (the "Fund") for the year ended December 31, 2003, we considered its internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on internal control. The management of the Fund is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those controls include the safeguarding of assets against unauthorized acquisition, use or disposition. Because of inherent limitations in internal control, errors or fraud may occur and not be detected. Also, projection of any evaluation of internal control to future periods is subject to the risk that controls may become inadequate because of changes in conditions or that the effectiveness of their design and operation may deteriorate. Our consideration of internal control would not necessarily disclose all matters in internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that misstatements caused by error or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving internal control and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above as of December 31, 2003. This report is intended solely for the information and use of the Board of Directors, management and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties. PricewaterhouseCoopers LLP New York, New York February 19, 2004 2 2 -----END PRIVACY-ENHANCED MESSAGE-----