Exhibit (13)(d)

Fee Waiver Agreement

EULAV Asset Management (the “Adviser”) and EULAV Securities LLC (the “Distributor”) each agree to extend the following fee waivers:

Value Line Aggressive Income Trust: The Adviser waives .20% of the advisory fee and the Distributor waives .10% of the Rule 12b-1 fee for the period June 1, 2012 - May 31, 2013.

Value Line Tax Exempt Fund, Inc.:  The Distributor waives .25% of the Rule 12b-1 fee for the period July 1, 2012 - June 30, 2013.

Value Line Larger Companies Fund, Inc.:  The Distributor waives .25% of the Rule 12b-1 fee for the period May 1, 2012 - April 30, 2013.

Value Line Fund, Inc.:   The Distributor waives .25% of the Rule 12b-1 fee for the period May 1, 2012-April 30, 2013.

Value Line Strategic Asset Management Trust: The Distributor waives .15% of the Rule 12b-1 fee for the period May 1, 2012-April 30, 2013.

Value Line Centurion Fund, Inc.: The Distributor waives .15% of the Rule 12-1 fee for the period May 1, 2012-April 30, 2013.

Value Line U.S. Government Securities Fund, Inc.:  The Distributor waives .25% of the Rule 12b-1 fee for the period January 1, 2013 – December 31, 2014.

Value Line Income and Growth Fund, Inc:   The Distributor waives .05% of the Rule 12b-1 fee for the period March 1, 2012 – April 30, 2013;

Value Line Asset Allocation Fund, Inc.:  The Distributor waives .10% of the Rule 12b-1 fee for the period August 1, 2012 – July 31, 2013;

 Dated this  6th day of  February, 2012

On behalf of the Distributor and the Adviser,

/s/ Mitchell Appel

Mitchell Appel, President

EULAV Asset Management

EULAV Securities LLC

Received:

/s/  Emily Washington

Emily Washington, Treasurer

Value Line Mutual Funds