ROYCE CAPITAL TRUST, N-18F1, 1996-02-13

ROYCE CAPITAL TRUST
N-18F1, 1996-02-13

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                          FORM N-18F-1


               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549


         NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1 UNDER
         THE INVESTMENT COMPANY ACT OF 1940.













                      Royce Capital Trust                       
                    Exact Name of Registrant











<PAGE>
                     NOTIFICATION OF ELECTION


     The undersigned registered open-end investment company hereby notifies
the Securities and Exchange Commission that it elects to commit itself to pay
in cash all redemptions by a shareholder of record as provided by Rule 18f-1
under the Investment Company Act of 1940.  It is understood that this election
is irrevocable while such Rule is in effect unless the Commission by order
upon application permits the withdrawal of this Notification of Election.

     Pursuant to the requirements of Rule 18-f-1 under the Investment Company
Act of 1940, the registrant has caused this notification of election to be
duly executed on its behalf in the city of New York and the state of New York
on the  9th   day of   February   , 1996.



                                   ROYCE CAPITAL TRUST


                                                                 
                                   By     /s/ Charles M. Royce           
                                          Charles M. Royce
                                          Trustee



Attest:       /s/ Susan I. Grant                      
             Susan I. Grant
             Secretary