-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, U80QvgiMnUDGXMSGuQAsXrdeFEzu0Q7qfTp6CpWRiMxlq+C5Afa34lFik1pjyFf7 5bZLan4ZGVCKD2i3/i1hkw== 0000804116-06-000001.txt : 20060228 0000804116-06-000001.hdr.sgml : 20060228 20060228161949 ACCESSION NUMBER: 0000804116-06-000001 CONFORMED SUBMISSION TYPE: NSAR-B PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20051231 FILED AS OF DATE: 20060228 DATE AS OF CHANGE: 20060228 EFFECTIVENESS DATE: 20060228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ROYCE VALUE TRUST INC CENTRAL INDEX KEY: 0000804116 IRS NUMBER: 133356097 STATE OF INCORPORATION: MD FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: NSAR-B SEC ACT: 1940 Act SEC FILE NUMBER: 811-04875 FILM NUMBER: 06651201 BUSINESS ADDRESS: STREET 1: 1414 AVE OF THE AMERICAS 9TH FL CITY: NEW YORK STATE: NY ZIP: 10019 BUSINESS PHONE: 2123557311 MAIL ADDRESS: STREET 1: 1414 AVENUE OF THE AMERICAS CITY: NEW YORK STATE: NY ZIP: 10019 NSAR-B 1 answer.fil PAGE 1 000 B000000 12/31/2005 000 C000000 0000804116 000 D000000 N 000 E000000 NF 000 F000000 Y 000 G000000 N 000 H000000 N 000 I000000 6.1 000 J000000 A 001 A000000 ROYCE VALUE TRUST, INC. 001 B000000 811-4875 001 C000000 2123557311 002 A000000 1414 AVENUE OF THE AMERICAS 002 B000000 NEW YORK 002 C000000 NY 002 D010000 10019 003 000000 N 004 000000 N 005 000000 N 006 000000 N 007 A000000 N 007 B000000 0 007 C010100 1 007 C010200 2 007 C010300 3 007 C010400 4 007 C010500 5 007 C010600 6 007 C010700 7 007 C010800 8 007 C010900 9 007 C011000 10 008 A000001 ROYCE & ASSOCIATES, LLC 008 B000001 A 008 C000001 801-8268 008 D010001 NEW YORK 008 D020001 NY 008 D030001 10019 011 A000001 DELETE 012 A000001 COMPUTERSHARE TRUST COMPANY 012 B000001 84-05925 012 C010001 CANTON 012 C020001 MA 012 C030001 02021 013 A000001 TAIT, WELLER & BAKER 013 B010001 PHILADELPHIA 013 B020001 PA 013 B030001 19103 013 B040001 2108 014 A000001 LEGG MASON WOOD WALKER INCORPORATED 014 B000001 8-15939 PAGE 2 014 A000002 HOWARD WEIL INCORPORATED 014 B000002 8-45259 015 A000001 STATE STREET BANK AND TRUST COMPANY 015 B000001 C 015 C010001 QUINCY 015 C020001 MA 015 C030001 02170 015 E010001 X 015 A000002 WESTPAC BANKING CORPORATION 015 B000002 S 015 C010002 SYDNEY 015 D010002 AUSTRALIA 015 E040002 X 015 A000003 STATE STREET BANK & TRUST COMPANY 015 B000003 S 015 C010003 LONDON 015 D010003 UK 015 D020003 E14 5AF 015 E040003 X 015 A000004 BNP PARIBAS SECURITIES SERVICES, BRUSSELS 015 B000004 S 015 C010004 BRUSSELS 015 D010004 BELGIUM 015 E040004 X 015 A000005 BANK OF BERMUDA LIMITED 015 B000005 S 015 C010005 HALMILTON 015 D010005 BERMUDA 015 E040005 X 015 A000006 STATE STREET TRUST COMPANY CANADA 015 B000006 S 015 C010006 TORONTO 015 D010006 CANADA 015 D020006 M5C 3G6 015 E040006 X 018 000000 Y 019 A000000 Y 019 B000000 23 019 C000000 ROYCEFUNDS 020 A000001 ROTH CAPITAL PARTNERS 020 B000001 33-0947643 020 C000001 119 020 A000002 C.E. 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B010000 0 086 B020000 0 086 C010000 0 086 C020000 0 086 D010000 0 086 D020000 0 086 E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 COMMON STOCK 087 A020000 780910105 087 A030000 RVT 087 B010000 CUMULATIVE PREFERRED STOCK 087 B020000 780910402 087 B030000 RVT.PRB 088 A000000 N 088 B000000 N 088 C000000 N 088 D000000 Y SIGNATURE DANI ENG TITLE ASSISTANT SECRETARY EX-99.77B ACCT LTTR 2 rvt77b05.htm TAIT, WELLER & BAKER LLP
Certified Public Accountants

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Board of Directors
Royce Value Trust, Inc.
New York, New York

In planning and performing our audits of the financial statements of Royce Value Trust, Inc. ("Fund") for the year ended December 31, 2005, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered their internal control over financial reporting, including control activities for safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion.

The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with accounting principles generally accepted in the United States of America. Such internal control includes policies and procedures that provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company's assets that could have a material effect on the financial statements.

Because of inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

A control deficiency exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. A significant deficiency is a control deficiency, or combination of control deficiencies, that adversely affects the company's ability to initiate, authorize, record, process or report financial data reliably in accordance with accounting principles generally accepted in the United States of America such that there is more than a remote likelihood that a misstatement of the company's annual or interim financial statements that is more than inconsequential will not be prevented or detected. A material weakness is a significant deficiency, or combination of significant deficiencies, that results in more than a remote likelihood that a material misstatement of the annual or interim financial statements will not be prevented or detected.

Board of Directors
Royce Value Trust, Inc.
Page Two

Our consideration of the Fund's internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be significant deficiencies or material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). However, we noted no deficiencies in the Trust's internal control over financial reporting and its operation, including controls for safeguarding securities, which we consider to be material weaknesses, as defined above, as of December 31, 2005.

This report is intended solely for the information and use of management, and the Board of Directors of Royce Value Trust, Inc. and the Securities and Exchange Commission, and is not intended to be and should not be used by anyone other than these specified parties.

/s/ TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
January 20, 2006
EX-99.77C VOTES 3 rvt77c05.htm Exhibit 77C

ROYCE VALUE TRUST, INC.

At the 2005 Annual Meeting of Stockholders held on September 29, 2005, the Fund's stockholders elected four Directors, consisting of:

	Votes For	Votes Abstained
*Donald R. Dwight	55,341,521	524,245
*Stephen L. Isaacs	55,442,757	423,009
**William L. Koke	7,494,598	67,784
**David L. Meister	7,482,620	79,762

*Common Stock and Preferred Stock Voting Together As A Single Class
**Preferred Stock Voting As A Separate Class

EX-99.77D POLICIES 4 rvt77d05b.htm Exhibit 77D

Royce Value Trust, Inc.

On September 20-21, 2005, The Board of Directors of Royce Value Trust, Inc. (the "Fund") voted to amend the Fund's non-fundamental investment policies to permit the Fund to enter into repurchase agreements through the Fixed Income Clearing Corporation as a "Sponsored Member" in the Fixed Income Clearing Corporation.

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