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

Effectiveness, Duration and Termination of Agreement. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of June 14, 2001, by and between the Fund and the Adviser with respect to the Series; , and the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July October 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force 2001 and effect)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, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of September 23, 2010, by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of July 1, 2015, by and between the Fund and the Adviser with respect to the Series; and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of January 1, 2016, by and between the Fund and the Adviser with respect to the Series; and the Third Amended and Restated 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, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 30, 2001 2004 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July May 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of December 15, 1993, by and between the Fund and the Adviser with respect to the Series; , and the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July October 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force 2001 and effect)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, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 28, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of May 1, 2015 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182020, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 28, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of May 1, 2015 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 201820__, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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.or

Effectiveness, Duration and Termination of Agreement. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14December 31, 2001 2003 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of October July 1, 2001 and as amended and supplemented from time to time 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of November 1, 1996, by and between the Fund and the Adviser with respect to the Series; , and the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July October 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force 2001 and effect)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, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14December 22, 2001 1995 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as amended and supplemented from time to time of May 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated December 15, 1993, by and between the Fund and the Adviser with respect relating to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time 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; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of July 1, 2014, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14December 31, 2001 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 2003 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect)date, by and between the Fund and the Adviser with respect to the Series. Notwithstanding the foregoing, Paragraph 8 of a prior Investment Advisory Agreement between the Fund and the Adviser relating to the Series, dated April 28, 1993, shall continue to remain in full force and effect. This Agreement shall remain in effect until June 30, 20182015, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such Trustees who are not parties to this Agreement or “interested personspersons ” (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 Series, or by the vote of a majority of the Fund’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); providedprovided , 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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of September 23, 2010, by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of July 1, 2015, by and between the Fund and the Adviser with respect to the Series; the Second Amended and Restated Investment Advisory Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of January 1, 2016, by and between the Fund and the Adviser with respect to the Series; and the Third Amended and Restated 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; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of July 1, 2017, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14December 16, 2001 2010 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of October January 1, 2001 and as amended and supplemented from time to time 2014 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 28, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of May 1, 2015 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14October 27, 2001 (other than the provisions of Paragraph 8 thereof2006, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect)supplemented, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182016, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 28, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of May 1, 2015 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 28, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14December 22, 1995 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series, the Investment Advisory Agreement, dated as of October 1, 2001 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July May 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 30, 2001 2004 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of October May 1, 2001 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Second Amended and Restated Investment Advisory Agreement, dated as amended and supplemented from time to time of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of June 30, 1996, by and between the Fund and the Adviser with respect to the Series; Adviser, the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time 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; Adviser, and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 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 SeriesAdviser. This Agreement shall remain in effect until June 30, 20182022, 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 Trusteesdirectors, including a majority of such Trustees 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 Series Fund and the vote of the Fund’s Trusteesdirectors, including a majority of such Trustees 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 Series, Fund or by the vote of a majority of the Fund’s Trustees 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 28, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14November 1, 2001 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14November 1, 2001 1996 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 30, 2001 2004 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of October May 1, 2001 and as amended and supplemented from time to time 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated April 28, 1993, by and between the Fund and the Adviser with respect relating to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time 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; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of May 1, 2015, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of December 16, 2010, by and between the Fund and the Adviser with respect to the Series; , and the Amended and Restated Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July January 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect)2014, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14December 15, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14December 15, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2014 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14September 23, 2001 2010 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of October July 1, 2001 and as amended and supplemented from time to time 2015 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of December 1, 1996, by and between the Fund and the Adviser with respect to the Series; , the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time 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; , and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 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, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 30, 2001 1998 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (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 with respect to Adviser, the Series; the Amended and Restated Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time 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; Adviser, and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of January 1, 2019, by and between the Fund and the Adviser with respect to the SeriesAdviser. This Agreement shall remain in effect until June 30, 20182022, 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 Trusteesdirectors, including a majority of such Trustees 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 Series Fund and the vote of the Fund’s Trusteesdirectors, including a majority of such Trustees 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 SeriesFund, or by the vote of a majority of the Fund’s Trustees 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 AdviserAdviser 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 30, 2001 1998 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14December 15, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182022, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14April 28, 2001 1993 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1June 30, 2001 2003 and as amended and supplemented from time to time (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14September 28, 2001 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time 2012 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of September 23, 2010, by and between the Fund and the Adviser with respect to the Series; , the Amended and Restated Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of July 1, 2015, by and between the Fund and the Adviser with respect to the Series; , and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of January 1, 2016, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14September 23, 2001 2010 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Amended and Restated Investment Advisory Agreement, dated as of October July 1, 2001 2015 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; the Second Amended and Restated Investment Advisory Agreement, dated as amended and supplemented from time to time of July 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 2017 (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 2018, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of July 27, 2008, by and between the Fund and the Adviser with respect to the Series; , the Amended and Restated Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of July 1, 2015, by and between the Fund and the Adviser with respect to the Series; , and the Second Amended and Restated Investment Advisory Agreement, dated as of July 1, 2016 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of January 1, 2016, by and between the Fund and the Adviser with respect to the Series. This Agreement shall remain in effect until June 30, 20182017, 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 's Trustees, including a majority of such 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 Series and the vote of the Fund’s 's Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’s '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 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, 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. This Agreement shall become effective as of the date above written and shall replace and supersede in all respects the Investment Advisory Agreement, dated as of June 14, 2001 Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), dated as of December 1, 1996, by and between the Fund and the Adviser with respect to the Series; , and the Investment Advisory Agreement, dated as of October 1, 2001 and as amended and supplemented from time to time Agreement (other than the provisions of Paragraph 8 thereof, which shall remain in full force and effect), by and between the Fund and the Adviser with respect to the Series; and the Amended and Restated Investment Advisory Agreement, dated as of July October 1, 2016 (other than the provisions of Paragraph 8 thereof, which shall remain in full force 2001 and effect)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, 20182017, 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 Trustees, including a majority of such 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 Series and the vote of the Fund’s Trustees, including a majority of such 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 Series, or by the vote of a majority of the Fund’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 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, 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.