<DOCUMENT>
<TYPE>EX-99.N2
<SEQUENCE>25
<FILENAME>efc2-1398_exhibitn2.txt
<TEXT>
                                                                Exhibit (n)(2)




                        CONSENT OF INDEPENDENT AUDITORS



     We consent to the reference of our firm under the captions "Financial
Highlights" and "Experts" and the incorporation by reference to our report
dated February 10, 1998 in this Registration Statement of Royce Value Trust,
Inc. to be filed on or about January 3, 2003





                                                ERNST & YOUNG LLP


New York, New York
January 3, 2003

</TEXT>
</DOCUMENT>
