AMENDMENT TO RESTATED EXPENSE LIMITATION AGREEMENT

Exhibit (h)(11) 

AMENDMENT TO

RESTATED EXPENSE LIMITATION AGREEMENT

This Amendment, effective as of May 1, 2021, amends the Restated Expense Limitation Agreement, dated June 20, 2019, of each Fund set forth on Schedule A (each, an “Agreement”), among such Fund, EULAV Asset Management (the “Adviser”) and, with respect to Value Line Core Bond Fund, EULAV Securities LLC (the “Distributor”). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed to such terms in the Agreement.

WHEREAS, each Agreement permits the Term of the Operating Expense Limit¹ for the Fund under the Agreement to be continued from year to year unless the Adviser and, as applicable, the Distributor determines not to so continue the Term of the Agreement; and

WHEREAS, the Adviser and, as applicable, the Distributor desire to extend the Term of the Operating Expense Limit to June 30, 2022.

NOW, THEREFORE, in consideration of the mutual promises set forth in the Agreement and this Amendment, the Adviser and, as applicable, the Distributor hereby agree as follows:

1. Section 2 of the Agreement is revised to replace the date “June 30, 2020” with the date “June 30, 2022.”

2. Except as provided herein, the Agreement shall remain in full force and effect in accordance with its terms. This Amendment and the Agreement constitute the full and complete agreement of the parties hereto with respect to the subject matter hereof. The Amendment shall supersede any prior Amendments to the Agreement.

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¹ With respect to Value Line Larger Companies Focused Fund, Inc., the term “Operating Expense Limit” shall refer to the “Fund-wide Operating Expense Limit,” not the “Class-wide Operating Expense Limit,” as such terms are defined in that Fund’s Agreement.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed as of the day and year first above written.

	EULAV Asset Management
	By:	/s/ Xxxxxxxx X. Xxxxx
	Name:	Xxxxxxxx X. Xxxxx
	Title:	President
	EULAV Securities LLC
	By:	/s/ Xxxxxxxx X. Xxxxx
	Name:	Xxxxxxxx X. Xxxxx
	Title:	President

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Schedule A

Operating Expense Limits

Fund	Date that Operating Expense Limit Began	Date that Operating Expense Limit Ended
Value Line Core Bond Fund	July 15, 2015	June 30, 2022
Value Line Larger Companies Focused Fund, Inc.	August 1, 2017	June 30, 2022

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