Common use of Effectiveness, Duration and Termination of Agreement Clause in Contracts

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above written. This Agreement shall remain in effect until June 30, 2003, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund and the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of a majority of the Fund's directors or by the Adviser, and will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "Royce" in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser or, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenwritten and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 27, 2008, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032016, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31June 30, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above written. This Agreement shall remain in effect until June 30, 2003, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund and the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the Fund, Fund or by the vote of a majority of the Fund's directors or by the Adviser, and will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "Royce" in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenwritten and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of September 23, 2010, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032016, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenwritten and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of October 27, 2006, as supplemented, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032016, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenwritten and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of April 23, 2009, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032014, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenwritten and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of October 1, 2001, as amended and/or supplemented, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032016, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective ), dated as of September 28, 2012, by and between the date above writtenFund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032017, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "interested persons" (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors Trustees or by the Adviser, and will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "Royce" in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October December 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above written. This Agreement shall remain in effect until June 30, 2003, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund and the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of a majority of the Fund's directors or by the Adviser, and will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "Royce" in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the AdviserAdviser relating to the Series, dated October 31April 28, 1996 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above written. This Agreement shall remain in effect until June 30, 20032005, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effecta) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of on the date above written. This Agreement shall remain in effect until June 30, 2003, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund and the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as so defined) of any such partyEffective Date. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice notice, by the vote of a majority of the outstanding voting securities shares of the Fund, Company or by the vote of a majority of the Fund's Company’s directors or by the Adviser. “Majority of the outstanding shares” means the lesser of (1) 67% or more of the outstanding shares of the Company’s common stock present at a meeting, and will automatically terminate in if the event holders of its "assignment" more than 50% of the outstanding shares of the Company’s common stock are present or represented by proxy or (as such term is defined for purposes 2) a majority of outstanding shares of the Company’s common stock. The provisions of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 9 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement. Further, require notwithstanding the Fund termination or expiration of this Agreement as aforesaid, the Adviser shall be entitled to refrain from using any amounts owed under Section 3 through the name "Royce" in any form date of termination or combination in its name or in its businessexpiration, and Section 9 shall continue in force and effect and apply to the Fund shallAdviser and its representatives as and to the extent applicable. (b) This Agreement shall continue in effect for two years from the date hereof, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (A) the vote of the Board, or by the vote of a majority of the outstanding voting securities of the Company and (B) the vote of a majority of the Company’s directors who are not parties to this Agreement or “interested persons” (as soon as practicable following its receipt such term is defined in Section 2(a)(19) of the Investment Company Act) of any such request from party, in accordance with the Adviser or, so refrain from using requirements of the Investment Company Act. (c) This Agreement will automatically terminate in the event of its “assignment” (as such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to term is defined for purposes of Section 15(a)(4) of the other party at its principal officeInvestment Company Act).

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective ), dated as of June 26, 2013, by and between the date above writtenFund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032017, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund and the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of a majority of the Fund's directors or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "“Royce" ” as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser or, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) ), dated as of June 26, 2013, by and between the Fund and the Adviser, the Amended and Restated Investment Advisory Agreement (other than the provisions of Paragraph 8 thereof, which shall terminate upon remain in full force and effect), dated as of July 1, 2016, by and between the effectiveness Fund and the Adviser, and the Amended and Restated Investment Advisory Agreement (other than the provisions of this AgreementParagraph 8 thereof, which shall remain in full force and effect), dated as of January 1, 2019, by and between the Fund and the Adviser. This Agreement shall become effective as continue in effect for the duration of the date above written. This Agreement shall remain in effect until June 30, 2003, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund and the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as so defined) of any such partyInterim Period. This Agreement may be terminated at any time, without the payment of any penalty, on 60 10 days' ’ written notice by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of a majority of the Fund's ’s directors or on 60 days’ written notice by the AdviserAdviser to the Fund, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940Act); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "“Royce" ” as part of its name. The Adviser may, upon termination of this Agreement without the implementation of the New Investment Advisory Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenwritten and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of April 30, 2004, as amended and/or supplemented, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032016, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as upon the later of: (i) November 1, 2006; or (ii) the effective date of the date above writtenregistration of the Adviser as an investment adviser with the SEC (the “Effective Date”). This Agreement shall remain in effect until June 30, 2003for two years after such date, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by by: (a) the vote of the Fund's directorsBoard, including or by the vote of a “majority of the outstanding voting securities” of the Fund (as such term is defined in Section 2(a)(42) of the Investment Company Act); and (b) the vote of a majority of such the Fund’s directors who are not parties to this Agreement or "and are not “interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940Act) of any such partyparty to this Agreement, cast in person at a meeting called for accordance with the purpose of voting on such approval, or (b) the vote of a majority requirements of the outstanding voting securities of the Fund and the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as so defined) of any such partyInvestment Company Act. This Agreement may be terminated at any time, time without the payment of any penalty, on upon 60 days' ’ written notice notice, by: (a) the Adviser, at any time, in the event (i) a majority of the current members of the Independent Board ceases to serve as directors of the Fund; or (ii) the Fund undergoes a change in “control” (as such term is defined by Section 2(a)(9) of the Investment Company Act) not caused by the Adviser; or (b) the Adviser, at any time, following the initial two year term of this Agreement; or (c) by the vote of the stockholders holding a “majority of the outstanding voting securities securities” of the Fund (as such term is defined by Section 2(a)(42) of the Investment Company Act); or (d) by the action of the Fund, or by the vote of a majority of the Fund's directors or by the Adviser, and ’s directors. This Agreement will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act Act). Under no circumstances shall this agreement be assigned or transferred without the consent of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and Fund’s Board. Following the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund shall not have any obligation or liability to refrain from using the name "Royce" in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser or, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the principals, officers and/or employees of the Adviser other party at than the obligation to pay the Adviser any outstanding amounts owed under Section 3 calculated until and through the date of termination of the Agreement. Notwithstanding anything to the contrary, the provisions of Section 10 (Limitation of Liability of the Adviser; Indemnification) shall continue in full force and effect and apply to the Adviser and its principal officerepresentatives as and to the extent applicable.

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective ), dated as of December 1, 1996, by and between the date above writtenFund and the Adviser with respect to the Series, and the Investment Advisory Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of October 1, 2001 and as amended and supplemented to date, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032017, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any timetime as to a Series, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenwritten and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of December 16, 2010, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032014, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directors’s Trustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' ’ written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors ’s Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective ), dated as of June 26, 2013, by and between the date above written. Fund and the Adviser with respect to the Series, and the Investment Advisory Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of July 1, 2016, by and between the Fund and the Adviser with respect to the Series.. This Agreement shall remain in effect until June 30, 20032019, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund and the vote of the Fund's directors, including a majority of such directors who are not parties to this Agreement or "interested persons" (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the Fund, or by the vote of a majority of the Fund's directors or by the Adviser, and will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "Royce" in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser or, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective ), dated as of April 30, 1998, by and between the date above writtenFund and the Adviser with respect to the Series, and the Investment Advisory Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of October 1, 2001 and as amended and supplemented to date, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032017, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective immediately upon approval by a majority of the outstanding voting securities of the Series, and the Investment Advisory Agreement made September 24, 1992 by and between the Fund and the Adviser, dated October 31, 1996 (other than Adviser shall not apply as to the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenSeries. This Agreement shall remain in effect until June April 30, 20032000, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "interested persons" (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors Trustees or by the Adviser, and will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser or Xxxxxxx X. Xxxxx may, upon termination of this Agreement, require the Fund to refrain from using the name "Royce" in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser oror Xxxxxxx X. Xxxxx, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective immediately upon approval by a majority of the outstanding voting securities of the Series, and the Investment Advisory Agreement made September 24, 1992 by and between the Fund and the Adviser, dated October 31, 1996 (other than Adviser shall not apply as to the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective as of the date above writtenSeries. This Agreement shall remain in effect until June April 30, 20031999, and thereafter shall continue automatically for successive annual periods, provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "interested persons" (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "interested persons" (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors Trustees or by the Adviser, and will automatically terminate in the event of its "assignment" (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser or Xxxxxxx X. Xxxxx may, upon termination of this Agreement, require the Fund to refrain from using the name "Royce" in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser oror Xxxxxxx X. Xxxxx, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.

Effectiveness, Duration and Termination of Agreement. The prior This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement between the Fund and the Adviser, dated October 31, 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect) shall terminate upon the effectiveness of this Agreement. This Agreement shall become effective ), dated as of April 28, 1993, by and between the date above writtenFund and the Adviser with respect to the Series, and the Investment Advisory Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of June 30, 2003 and as amended and supplemented to date, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20032017, and thereafter shall continue automatically for successive annual periods, ,provided that such continuance is specifically approved at least annually by (a) the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940) of any such party, cast in person at a meeting called for the purpose of voting on such approval, or (b) the vote of a majority of the outstanding voting securities of the Fund Series and the vote of the Fund's directorsTrustees, including a majority of such directors Trustees who are not parties to this Agreement or "“interested persons" ” (as so defined) of any such party. This Agreement may be terminated at any time, without the payment of any penalty, on 60 days' written notice by the vote of a majority of the outstanding voting securities of the FundSeries, or by the vote of a majority of the Fund's directors Trustees or by the Adviser, and will automatically terminate in the event of its "“assignment" ” (as such term is defined for purposes of Section 15(a)(4) of the Investment Company Act of 1940); provided, however, that the provisions of Paragraph 8 of this Agreement shall remain in full force and effect, and the Adviser shall remain entitled to the benefits thereof, notwithstanding any such termination. The Fund may, so long as this Agreement remains in effect, use "Royce" as part of its name. The Adviser may, upon termination of this Agreement, require the Fund to refrain from using the name "“Royce" ” in any form or combination in its name or in its business, and the Fund shall, as soon as practicable following its receipt of any such request from the Adviser orAdviser, so refrain from using such name. Any notice under this Agreement shall be given in writing, addressed and delivered or mailed, postage prepaid, to the other party at its principal office.