ROYCE & ASSOCIATES, LP
Exhibit (d)(31)
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Dividend Value Fund (Investment Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Value Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Investment Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.09% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Dividend Value Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ Value Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.34% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW
YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Global Financial Services Fund (Institutional Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce Global Financial Services Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.57% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Global Financial Services Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce Global Financial Services Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.57% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce International Premier Fund (Institutional Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce International Premier Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Institutional Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.04% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce International Premier Fund (Investment Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce International Premier Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025, (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Investment Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.19% of the Class’s average net assets for the Period.
The Adviser hereby also waives compensation for services it provides under the Agreement to the Series with respect to the Class, and/or agrees to reimburse expenses to the Series with respect to the Class for each subsequent annual period through the annual period ending April 30, 2025 (but not for any annual period thereafter) in an amount, if any, necessary so that the Series' Annual Operating Expenses for the Class are not more than 1.74% of the Class’s average net assets for such annual period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce International Premier Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce International Premier Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.44% of the Class’s average net assets for the Period.
The Adviser hereby also waives compensation for services it provides under the Agreement to the Series with respect to the Class, and/or agrees to reimburse expenses to the Series with respect to the Class for each subsequent annual period through the annual period ending April 30, 2026 (but not for any annual period thereafter) in an amount, if any, necessary so that the Series' Annual Operating Expenses for the Class are not more than 1.99% of the Class’s average net assets for such annual period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW
YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Micro-Cap Fund (Consultant Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce Micro-Cap Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Consultant Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 2.24% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Micro-Cap Fund (Investment Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce Micro-Cap Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Investment Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.24% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE
& ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Micro-Cap Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce Micro-Cap Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.49% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Small-Cap Opportunity Fund (Consultant Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce Opportunity Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Consultant Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 2.24% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: Fee Waiver and Expense Reimbursement – Royce Small-Cap Opportunity Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce Opportunity Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.49% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: Fee Waiver and Expense Reimbursement – Royce Premier Fund (Consultant Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ Total Return Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Consultant Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 2.24% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: Fee Waiver and Expense Reimbursement – Royce Premier Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”), by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ Total Return Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.49% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – ▇▇▇▇▇ ▇▇▇▇▇-Cap Special Equity Fund (Consultant Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of Royce Special Equity Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning April 23, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Consultant Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 2.24% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Small-Cap Special Equity Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”), by and between The Royce Fund (the “Fund”), on behalf of Royce Special Equity Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning April 23, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.49% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Total Return Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated September 11, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ Total Return Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.53% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – ▇▇▇▇▇ ▇▇▇▇▇▇▇-Companies Growth Fund (Institutional Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”), by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ ▇▇▇▇▇▇▇-Companies Growth Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Institutional Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.24% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW
YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – ▇▇▇▇▇ ▇▇▇▇▇▇▇-Companies Growth Fund (Investment Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”), by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ ▇▇▇▇▇▇▇-Companies Growth Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Investment Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.24% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – ▇▇▇▇▇ ▇▇▇▇▇▇▇-Companies Growth Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated August 31, 2020 (the “Agreement”) by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ ▇▇▇▇▇▇▇-Companies Growth Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.49% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Small-Cap Value Fund (Investment Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”), by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ ▇▇▇▇▇-Cap Value Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Investment Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.24% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||
ROYCE & ASSOCIATES, LP
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
NEW YORK, NY 10151
April 29, 2024
The Royce Fund
▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇
New York, NY 10151
| Re: | Fee Waiver and Expense Reimbursement – Royce Small-Cap Value Fund (Service Class) |
Gentlemen:
Reference is made to the Investment Advisory Agreement dated July 31, 2020 (the “Agreement”), by and between The Royce Fund (the “Fund”), on behalf of ▇▇▇▇▇ ▇▇▇▇▇-Cap Value Fund (the “Series”), and Royce & Associates, LP (the “Adviser”).
Notwithstanding the provisions of Section 4 (Compensation of the Adviser) of the Agreement, the Adviser hereby waives compensation for services it provides under the Agreement for the period beginning May 1, 2024, and ending April 30, 2025 (the “Period”), and/or agrees to reimburse expenses relating to the Period to the Series with respect to its Service Class of shares (the “Class”) in an amount, if any, necessary so that the Series’ “Annual Operating Expenses” for the Class are not more than 1.49% of the Class’s average net assets for the Period.
The Adviser's obligations to reimburse the Series with respect to the Class hereunder will not apply for any period when the Adviser is not rendering services to such Series under the Agreement.
The Series' “Annual Operating Expenses” for the Class means and will consist only of the following operating expenses of the Series for the Class that are, under generally accepted accounting principles, accruable and deductible from the Series’ assets with respect to the Class for the period involved: (i) investment advisory fees, if any; (ii) Rule 12b-1 distribution fees, if any; and (iii) custodian fees, shareholder servicing fees, administrative and office facilities expenses, professional fees, trustees' fees and any other operating expenses of the Series with respect to the Class that are recorded or includable in the Series' statement of operations in accordance with generally accepted accounting principles. Notwithstanding the provisions of the immediately preceding sentence, the Series' “Annual Operating Expenses” for the Class do not include “acquired fund expenses”, interest and dividends on securities sold short, amortization of organization expenses, taxes, brokerage commissions, litigation and indemnification expenses or any costs or expenses of or for the Series with respect to the Class that are "extraordinary" as determined under generally accepted accounting principles (see Accounting Principles Board Opinion No. 30).
| Very truly yours, | |||
| ROYCE & ASSOCIATES, LP | |||
|
By: |
/s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |||
| Chief Financial Officer | |||
| ACCEPTED: | ||
| THE ROYCE FUND | ||
| By: | /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | |
| ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ | ||
| Treasurer | ||