April 26, 1999Royce Capital Fund • April 27th, 1999
Reference is made to the Investment Advisory Agreement dated December 1, 1996 (the "Agreement") by and between Royce Capital Fund (the "Fund") on behalf of Royce Premier Portfolio, Royce Total Return Portfolio and Royce Micro-Cap Portfolio (each a "Series") and Royce & Associates, Inc. (the "Adviser").
