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E010000 0 086 E020000 0 086 F010000 0 086 F020000 0 087 A010000 COMMON STOCK 087 A020000 780910105 087 A030000 RVT 087 B010000 CONVERTIBLE NOTES 087 B020000 780910AA3 087 B030000 RVT.F 087 C010000 CUMULATIVE PREFERRED STOCK 087 C020000 780910204 087 C030000 RVTPFD PAGE 13 088 A000000 Y 088 B000000 N 088 C000000 N 088 D000000 Y SIGNATURE JOHN DENNEEN TITLE SECRETARY EX-99.77B 2 Report of Independent Auditors To the Shareholders and Board of Directors of Royce Value Trust, Inc. In planning and performing our audit of the financial statements of Royce Value Trust, Inc. for the year ended December 31, 1997, we considered its internal control, including control activities for safeguarding securities, in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, not to provide assurance on the internal control. The management of Royce Value Trust, Inc. is responsible for establishing and maintaining internal control. In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. Generally, controls that are relevant to an audit pertain to the entity's objective of preparing financial statements for external purposes that are fairly presented in conformity with generally accepted accounting principles. Those controls include the safeguarding of assets against unauthorized acquisition, use or disposition. Because of inherent limitations in internal control, errors or fraud may occur and not be detected. Also, projection of any evaluation of internal control to future periods is subject to the risk that it may become inadequate because of changes in conditions or that the effectiveness of the design and operation may deteriorate. Our consideration of the internal control would not necessarily disclose all matters in the internal control that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the internal control components does not reduce to a relatively low level the risk that errors or fraud in amounts that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. However, we noted no matters involving the internal control and its operation, including controls for safeguarding securities, that we consider to be material weaknesses as defined above at December 31, 1997. This report is intended solely for the information and use of the Board of Directors and management of Royce Value Trust, Inc. and the Securities and Exchange Commission. ERNST & YOUNG LLP New York, New York February 10, 1998 EX-27 3
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