<SEC-DOCUMENT>0000949377-11-000143.txt : 20110317
<SEC-HEADER>0000949377-11-000143.hdr.sgml : 20110317
<ACCEPTANCE-DATETIME>20110317112259
ACCESSION NUMBER:		0000949377-11-000143
CONFORMED SUBMISSION TYPE:	40-APP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20110317
DATE AS OF CHANGE:		20110317

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:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13880-01
		FILM NUMBER:		11694174

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2123557311

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE & ASSOCIATES LLC
		CENTRAL INDEX KEY:			0000906304
		IRS NUMBER:				522343049
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13880-02
		FILM NUMBER:		11694175

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		212-508-4500

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE & ASSOCIATES INC /NY
		DATE OF NAME CHANGE:	19990329

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	QUEST ADVISORY CORP/NY
		DATE OF NAME CHANGE:	19970805

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE GLOBAL VALUE TRUST, INC.
		CENTRAL INDEX KEY:			0001514490
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		40-APP
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13880
		FILM NUMBER:		11694173

	BUSINESS ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		212-508-4500

	MAIL ADDRESS:	
		STREET 1:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-APP
<SEQUENCE>1
<FILENAME>d27999.htm
<DESCRIPTION>40-APP
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
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<TITLE></TITLE>
<META NAME="date" CONTENT="03/14/2011">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:624px"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=center>BEFORE THE<BR>
<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
<BR>
WASHINGTON, D.C. 20549</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=center>Royce Value Trust, Inc.<BR>
Royce Global Value Trust, Inc.<BR>
Royce &amp; Associates, LLC</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=center>Application for an Order<BR>
pursuant to Section&nbsp;17(b) of the Investment Company Act of 1940<BR>
granting an exemption from Section&nbsp;17(a) thereof, and pursuant to<BR>
Section&nbsp;17(d) of the Investment Company Act of 1940 and<BR>
Rule&nbsp;17d-1 thereunder approving certain transactions</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=center>File No.&nbsp;812-</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Please send all communications to:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=center>Frank P. Bruno, Esq.<BR>
Sidley Austin LLP<BR>
787 Seventh Avenue<BR>
New York, New York 10019-6018</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; font-size:12pt" align=center>Page 1 of 31 sequentially numbered
pages (including exhibits)<BR>
As filed with the Securities and Exchange Commission on March&nbsp;17, 2011</P>
<P style="margin:0px"><BR>
<BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>&nbsp;</B></P>
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<PAGE>

<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; font-size:12pt" align=center>BEFORE THE<BR>
SECURITIES AND EXCHANGE COMMISSION<BR>
WASHINGTON, D.C. 20549</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=295.2></TD><TD width=30></TD><TD width=313.2>
</TD></TR>
<TR><TD style="border-top:1px solid #007F7F; border-bottom:1px solid #007F7F" valign=top width=295.2>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:24px; font-size:12pt">In the Matter of:</P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt">ROYCE VALUE TRUST, INC.</P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt">ROYCE GLOBAL VALUE TRUST, INC.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; padding-left:24px; font-size:12pt">ROYCE &amp; ASSOCIATES, LLC</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:48px; padding-left:24px; font-size:12pt">745 Fifth Avenue<BR>
New York, NY 10151</P>
<P style="line-height:14pt; margin:0px; padding-left:24px; font-size:12pt">File No.&nbsp;812- </P>
</TD><TD valign=top width=30><P style="line-height:14pt; margin:0px; font-size:12pt">:<BR>
:<BR>
:<BR>
:<BR>
:<BR>
:<BR>
:<BR>
:<BR>
:<BR>
:<BR>
:<BR>
:<BR>
:</P>
</TD><TD width=313.2><P style="line-height:14pt; margin:0px; font-size:12pt" align=justify>Application for an Order pursuant to
Section&nbsp;17(b) of the Investment Company Act of 1940 granting an exemption from Section&nbsp;17(a) thereof, and pursuant to
Section&nbsp;17(d) of the Investment Company Act of 1940 and Rule&nbsp;17d-1 thereunder approving certain transactions.</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Royce Value Trust, Inc. (&#147;Value Trust&#148;), Royce
Global Value Trust, Inc. (&#147;Global Trust&#148;) (each a &#147;Fund&#148; and together the &#147;Funds&#148;) and Royce &amp;
Associates, LLC (the &#147;Adviser&#148; and together with Value Trust and Global Trust, the &#147;Applicants&#148;) hereby submit
this application for an order of the Securities and Exchange Commission (the &#147;Commission&#148;), (i)&nbsp;pursuant to
Section&nbsp;17(b) of the Investment Company Act of 1940, as amended (the &#147;1940 Act&#148;), granting an exemption from
Section&nbsp;17(a) thereof, and (ii)&nbsp;pursuant to Section&nbsp;17(d) of the 1940 Act and Rule&nbsp;17d-1 thereunder, approving
certain transactions, to permit (a)&nbsp;the contribution of a segment of Value Trust&#146;s assets (which is anticipated to consist
largely or exclusively of cash and short-term fixed income instruments) having a value of approximately
$100&nbsp;million  to Global Trust, a Maryland corporation formed on February&nbsp;14, 2011 and wholly owned by Value Trust, and
(b)&nbsp;the subsequent distribution by Value Trust of all of the shares of common stock of Global Trust as a dividend to Value
Trust common stockholders at a rate of one Global Trust share of common stock for every seven (7)&nbsp;shares of common stock held
of Value Trust. &nbsp;The contribution of such Value Trust assets to Global Trust and the subsequent</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>2-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">

<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">distribution of Global Trust
shares of common stock to Value Trust common stockholders are together referred to herein as the &#147;Transaction.&#148;</P></P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">I.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt"><U>Description of Applicants</U>
</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Value Trust commenced operations on November&nbsp;26, 1986
and is registered under the 1940 Act as a closed-end diversified management investment company. &nbsp;Value Trust&#146;s investment
goal is long-term capital growth. &nbsp;The Adviser normally invests at least 65% of Value Trust&#146;s assets in the equity
securities of small- and micro-cap companies, generally with stock market capitalizations from $100&nbsp;million to
$2.5&nbsp;billion, that the Adviser believes are trading significantly below its estimate of their current worth. &nbsp;The Fund may
also invest up to 35% of its assets in non-convertible debt. &nbsp;No more than 25% of the Fund&#146;s assets may be invested in the
securities of issuers headquartered outside the United States. &nbsp;As of December&nbsp;31, 2010, Value Trust&#146;s net assets
attributable to common stockholders approximated $1.106 billion. &nbsp;As of December&nbsp;31, 2010, none of the
directors (the &#147;Directors&#148;) or officers of Value Trust beneficially owned, individually or in the aggregate, in excess of
1% of Value Trust&#146;s shares of common stock. &nbsp;</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Global Trust was incorporated in Maryland on
February&nbsp;14, 2011 and filed a notification of registration on Form N-8A on March 11, 2011 to register under the 1940 Act as a closed-end diversified
management investment company. &nbsp;Global Trust filed a registration statement under the Securities Act of 1933 (the &#147;1933 Act&#148;) on Form N-14 on March 16, 2011 (&#147;Proxy
Statement/Prospectus&#148;). &nbsp;Global Trust also will file a registration statement on Form N-2 pursuant to Rule&nbsp;8b-5
within 90&nbsp;days after the filing of the Form N-8A.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Articles of Incorporation of Global Trust authorize
Global Trust to issue 50,000,000 shares of common stock, of the par value of one-tenth of one cent ($0.001) per share. &nbsp;Prior
to the effectiveness of the Proxy Statement/Prospectus under the 1933 Act, Value Trust will</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>3-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">purchase one (1)&nbsp;share of Global Trust&#146;s shares
of common stock, par value $0.001, in consideration of Value Trust&#146;s contribution to Global Trust of $10 initial net asset
value (the &#147;Initial Share&#148;). &nbsp;Value Trust will also contribute $99,990 of initial capital for shares of common stock
of Global Trust, after the receipt of the requested exemptive relief and before the distribution of Global Trust common stock to
holders of Value Trust common stock pursuant to the Transaction, in order to satisfy the requirements of Section&nbsp;14(a) of the
1940 Act (together with the Initial Share, the &#147;Seed Capital Shares&#148;). &nbsp;Value Trust will represent that the Initial
Share will be purchased for investment purposes only and that it will be sold only pursuant to a registration statement under the
1933 Act or an applicable exemption therefrom. &nbsp;It is intended that the Seed Capital Shares will be
included in the distribution of Global Trust&#146;s shares of common stock to the common stockholders of Value Trust. &nbsp;All of
the eight directors of Value Trust also are directors (&#147;Directors&#148;) of the eight member board of directors of Global
Trust. &nbsp;Six of the eight Directors, or 75%, of each governing board (each, a &#147;Board&#148; and together the
&#147;Boards&#148;), are Directors who are not &#147;interested persons&#148; as defined by Section&nbsp;2(a)(19) of the 1940 Act
(the &#147;Disinterested Directors&#148;). &nbsp;All of the principal officers of Value Trust hold the same offices with Global
Trust.</P>


<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The investment goal of Global Trust is long-term growth of
capital. &nbsp;Under normal market circumstances, the Adviser will invest at least 80% of Global Trust&#146;s net assets in the
equity securities of companies that it believes are trading significantly below its estimate of their current worth. &nbsp;The
Adviser bases this assessment chiefly on balance sheet quality and cash flow levels. &nbsp;Although Global Trust may invest in the
equity securities of companies of any market capitalization, the Adviser expects that generally a significant portion of Global
Trust&#146;s assets will be invested in the equity securities of micro-cap, small-cap and/or mid-cap companies with</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>4-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">market capitalizations up to $10&nbsp;billion. &nbsp;In
contrast to Value Trust, which only invests a maximum of 25% of its assets in the securities of issuers headquartered outside the
United States, Global Trust may invest without limitation in securities of foreign issuers and, under normal market circumstances,
Global Trust will invest at least 65% of its net assets in equity securities of companies located in at least three countries
outside of the United States. &nbsp;A company is deemed to be &#147;located&#148; outside the United States if its country of
organization, its headquarters and/or the principal trading market of its stock are located outside of the United States. &nbsp;From
time to time, a substantial portion of Global Trust&#146;s assets may be invested in companies located in a single country, but in
no event will Global Trust be invested in fewer than three different non-U.S.&nbsp;countries. &nbsp;Global Trust may


also invest up to 20% of its net assets in U.S.&nbsp;and non-U.S.&nbsp;non-convertible debt. &nbsp;Although there are no geographic
limits on Global Trust&#146;s investments, no more than 35% of Global Trust&#146;s net assets may be invested in the securities of
companies headquartered in &#147;developing countries,&#148; also
known as emerging markets. &nbsp;Generally, developing countries include every country in the world other than the United States,
Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South Korea and Western European countries. &nbsp;In selecting
securities for Global Trust, the Adviser will use a bottom-up, value approach. &nbsp;The Adviser will primarily focus on
company-specific criteria rather than on political, economic or other country-specific factors. &nbsp;Global Trust does not expect
to purchase or sell foreign currencies to hedge against declines in the U.S.&nbsp;dollar or to lock in the value of any foreign
securities that it purchases.</P>



<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Adviser, a Delaware limited liability company, is an
investment advisory firm whose predecessor was organized in February&nbsp;1967. &nbsp;The Adviser is a registered investment adviser
under the Investment Advisers Act of 1940 and as of December&nbsp;31, 2010, provided investment</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>5-31</B></P>
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<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:0px; font-size:12pt">advisory services to five management
investment companies with 35 portfolios, including three closed-end management investment companies.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">II.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt"><U>The Transaction</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Management of Value Trust believes that an investment in
foreign securities could provide attractive opportunities for capital growth as well as the benefits of non-U.S.&nbsp;geographic
diversification. &nbsp;It is believed that the Transaction will provide Value Trust common stockholders with a new closed-end fund
that is able to invest a significantly greater percentage of its assets in foreign securities than Value Trust currently can in
order to take advantage of these potential opportunities.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Board of Value Trust believes the proposed Transaction
will benefit the common stockholders of Value Trust, and will not affect any of the rights of holders of shares of preferred stock
of Value Trust.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">To enable Value Trust&#146;s common stockholders to
participate more directly in these opportunities, the Board of Value Trust has approved, subject to the issuance of the exemptive
relief sought hereby and subsequent stockholder approval (which includes common stockholders and preferred stockholders voting
together), the contribution of a segment of Value Trust&#146;s assets having a value of approximately $100&nbsp;million to Global
Trust, in exchange for shares of common stock of Global Trust. &nbsp;It is anticipated that the contributed assets will consist
largely or exclusively of cash and short-term fixed income instruments. &nbsp;All the shares of common stock of Global Trust will
then be distributed by Value Trust to its common stockholders. &nbsp;Each Value Trust common stockholder would receive one share of
Global Trust for the number of whole common shares of Value Trust owned on the dividend record date that will produce a


total dividend of approximately $100&nbsp;million. &nbsp;At current net asset valuation, this would result in a dividend of one
share of Global Trust for every seven (7) shares of Value Trust common stock.</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>6-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">Stockholder approval of the Transaction will be sought at a
special meeting of Value Trust stockholders anticipated to be held in June 2011. &nbsp;Stockholders of Value Trust will not vote
unless and until the Commission issues an order granting the requested relief. &nbsp;The Proxy Statement/Prospectus seeking
stockholder approval of the Transaction is expected to be sent to each stockholder on or about May&nbsp;1, 2011.</P>

<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">
The investment goals of Global Trust and Value Trust are substantially similar. &nbsp;The investment goal of Global Trust is
long-term growth of capital.
&nbsp;The investment goal of Value Trust is long-term capital growth. &nbsp;Unlike Value Trust, Global Trust may invest 100% of its
net
assets in non-U.S.&nbsp;securities, limited only by a non-fundamental policy that no more than 35% of Global Trust&#146;s net assets
can be invested in
the securities of companies headquartered in developing countries. &nbsp;As a result, Global Trust over time may be expected to
experience different
investment results than Value Trust. &nbsp;As noted above, Global Trust is registered under the 1940 Act as a closed-end diversified
management investment
company, and the Adviser will serve as investment adviser to Global Trust. The investment advisory fee structure for Value Trust and
Global Trust will be
different. &nbsp;Under the investment advisory agreement entered into between Global Trust and the Adviser, the Adviser will manage
the portfolio of Global Trust.
The investment advisory agreement provides that Global Trust will pay the Adviser a fee at an annual rate of 1.25% of Global
Trust&#146;s average daily net assets,
including the liquidation value of any preferred stock issued and outstanding, which reflects an advisory fee that is 0.25% higher
than the base advisory fee rate paid by
Value Trust to the Adviser.<SUP>1</SUP><FONT style="font-size:12pt"> &nbsp;&nbsp;In contrast to Global Trust, Value Trust has a fee
determined by Fund performance
that causes Value Trust&#146;s annual fee to</FONT></P>

<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">_________________</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>1</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">The base fee of Value Trust is a monthly fee equal to 1/12 of
1% (1% on an annualized basis) of the average of the Fund&#146;s month-end net assets, including the liquidation value of any
preferred stock issued and outstanding, for the rolling 60-month period ending with such month. The Global Trust investment advisory
fee is consistent with that charged by the Adviser for the open-end international and global funds that it advises.</P>



<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>7-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">
adjust up to 0.50% either above or below the base advisory fee. &nbsp;Also, the Adviser is not entitled to receive any
fee for any month when the investment performance of Value Trust for the rolling 36-month period ending with such month is negative.
&nbsp;For this reason, the annual
advisory fee for Global Trust may be higher or lower than that of Value Trust.</FONT><FONT style="font-size:12pt"><SUP>2</SUP>
</FONT><FONT style="font-size:12pt"> &nbsp;&nbsp;In addition, Value Trust&#146;s base advisory fee is based on a percentage of the
average of the Fund&#146;s month end net assets, and Global Trusts advisory fee will be based on a percentage of the Fund&#146;s
average daily net assets. &nbsp;Application will be made to list Global Trust&#146;s shares of common stock for trading on the New
York Stock Exchange.</FONT></P>





<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Board of Value Trust, including all of its
Disinterested Directors, concluded that the Transaction will result in the following benefits to Value Trust stockholders:</P>

<P style="line-height:26pt; margin-top:0px; margin-bottom:-34px; text-indent:48px; font-size:12pt">1.</P>
<P style="line-height:26pt; margin:0px; text-indent:96px; font-size:12pt">The common stockholders will receive shares of an
investment company with a different risk-return profile from Value Trust, thereby providing common stockholders with the following
alternatives: &nbsp;(a)&nbsp;retaining their shares in both Value Trust and Global Trust; (b)&nbsp;selling their Global Trust shares
and retaining their Value Trust shares; or (c)&nbsp;selling their Value Trust shares and retaining their Global Trust shares.
&nbsp;As a consequence, Value Trust&#146;s common stockholders may more closely align their investment portfolio with their desired
exposure to different segments of the market. &nbsp;Of course, if a stockholder sells his or her shares in either Value Trust or
Global Trust, the stockholder can be expected to incur brokerage commissions and such sale may constitute a taxable event for the
stockholder.</P>

<P style="line-height:26pt; margin-top:0px; margin-bottom:-34px; text-indent:48px; font-size:12pt">2.</P>
<P style="line-height:26pt; margin:0px; text-indent:96px; font-size:12pt">Shares of common stock of Global Trust will be issued at a
much lower transaction cost to investors than is typically the case for a newly-organized closed-end equity</P>

<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">______________</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>2</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">For the three years ended December 31, 2010, the fee for
Global Trust would have been higher than that of Value Trust.</P>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>8-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">fund since there will be no underwriting discounts or
commissions. &nbsp;The Transaction will not result in an increase in the aggregate net assets of Value Trust and Global Trust.</P>



<P style="line-height:26pt; margin-top:0px; margin-bottom:-34px; text-indent:48px; font-size:12pt">3.</P>
<P style="line-height:26pt; margin:0px; text-indent:96px; font-size:12pt">As a globally diversified Fund, Global Trust will afford
stockholders the opportunity to seek the capital appreciation opportunities presented by foreign securities exposure. &nbsp;Under
normal market circumstances, Global Trust will invest at least 65% of its net assets in equity securities of companies located in at
least three countries outside of the United States. &nbsp;Global Trust also has a non-fundamental policy of investing no more than
35% of its net assets in securities of companies headquartered in &#147;developing countries.&#148; &nbsp;Of course, as a
consequence of its investment policy, Global Trust will be exposed to a greater extent than Value Trust to the risks of foreign
investments. &nbsp;Such risks include the fact that many foreign governments do not regulate stock exchanges to the same extent as
does the United States government, foreign currency fluctuations could impact the value of assets, and clearance
procedures may result in delayed payment when assets are sold.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Global Trust has been advised by counsel that the
distribution of shares of Global Trust to the common stockholders of Value Trust likely will be a taxable event for Value Trust
stockholders to some extent and a taxable event for Value Trust, but only to the extent that the value of Global Trust shares
distributed exceeds Value Trust&#146;s cost of such shares. &nbsp;Value Trust does not anticipate recognizing any significant
taxable gain on its distribution of Global Trust shares because Value Trust does not expect the value of Global Trust shares to
exceed significantly Value Trust&#146;s cost of those shares. &nbsp;Specifically, the value of Global Trust shares will exceed Value
Trust&#146;s cost of those shares only to the extent that the value of the short-term debt securities contributed to Global Trust
exceeds Value Trust&#146;s cost of such short-term debt securities and no significant excess is expected. &nbsp;Further, the
Transaction is not expected to</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>9-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">increase significantly the total amount of taxable
distributions received by Value Trust common stockholders for the year in which the Transaction is consummated because Value Trust
distributes to stockholders each year substantially all of its taxable income and accordingly any taxable income included in the
distribution of Global Trust shares would be distributed at some point during the year in any event.</P>


<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Board of Value Trust, including all of the
Disinterested Directors, has considered the tax consequences of the Transaction and believes that the benefits of the Transaction
outlined above outweigh any adverse tax consequences to Value Trust and its common stockholders, particularly because such adverse
tax consequences are expected to be minimal.</P>
<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">The costs of organizing Global Trust
and effecting the distribution of Global Trust&#146;s shares to Value Trust&#146;s common stockholders, including the fees and
expenses of counsel and accountants and printing, listing and registration fees, the costs of soliciting Value Trust&#146;s
stockholders&#146; approval of the Transaction, and the costs incurred in connection with this Application are estimated to be
approximately $700,000, and will be borne by the Adviser. &nbsp;Global Trust will incur operating expenses on an ongoing basis,
including investment advisory fees and legal, auditing, transfer agency, and custodian expenses that, when aggregated with the fees
payable by Value Trust for similar services after the distribution, will likely exceed the fees currently payable by Value Trust for
those services. &nbsp;It is not expected that the Transaction will have a significant effect on the annual expenses of
Value Trust as a percentage of its assets.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">III.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt"><U>Relief Requested</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Applicants hereby request an order (i)&nbsp;pursuant to
Section&nbsp;17(b) of the 1940 Act granting an exemption from Section&nbsp;17(a) of the 1940 Act, and (ii)&nbsp;pursuant to
Section&nbsp;17(d) of the 1940 Act and Rule&nbsp;17d-1 thereunder approving certain transactions. &nbsp;While Applicants do not
concede</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>10-31</B></P>
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<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:0px; font-size:12pt">that any of the above provisions should
apply to the Transaction, issues have been raised under those provisions in similar situations.</P>


<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">A.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; font-size:12pt"><U>Section 17(a)</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Section&nbsp;17(a)(1) of the 1940 Act makes it unlawful,
among other things, for any affiliated person of a registered investment company to sell any securities or other property to the
registered company. &nbsp;Section&nbsp;17(a)(2) of the 1940 Act makes it unlawful, among other things, for such an affiliated person
to purchase securities or other property from the registered company.<SUP>3</SUP></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Section&nbsp;2(a)(3) of the 1940 Act defines an affiliated
person of another person to include, among others, &#147;(A) any person directly or indirectly owning, controlling, or holding with
power to vote, 5 per centum or more of the outstanding voting securities of such other person; (B)&nbsp;any person 5 per centum or
more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by such other
person; or (C)&nbsp;any person directly or indirectly controlling, controlled by or under common control with, such other person. .
..&#148;.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Applicants are concerned that Value Trust may be viewed as
an affiliated person of Global Trust since it is anticipated that Value Trust will own 100 percent of Global Trust&#146;s voting
securities until the consummation of the Transaction. &nbsp;Global Trust may similarly be considered an affiliated person of Value
Trust since it is anticipated that 100 percent of Global</P>

<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">______________</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>3</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">As relevant here, Section 17(a) provides that:</P>

<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px; text-indent:48px">It shall be unlawful for any affiliated
person or promoter of or principal underwriter for a registered investment company (other than a company of the character described
in Section 12(d)(3)(A) and (B), or any affiliated person of such a person, promoter, or principal underwriter, acting as principal
&#151;</P>

<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:48px">(1)</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px; text-indent:76.8px">knowingly to sell any security or other
property to such registered company or to any company controlled by such registered company, unless such sale involves solely (A)
securities of which the buyer is the issuer, (B) securities of which the seller is the issuer and which are part of a general
offering to the holders of a class of its securities, or (C) securities deposited with the director of a unit investment trust or
periodic payment plan by the depositor thereof;</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:48px">(2)</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px; text-indent:76.8px">knowingly to purchase from such registered
company, or from any company controlled by such registered company, any security or other property (except securities of which the
seller is the issuer),&nbsp;.&nbsp;.&nbsp;.</P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px; text-indent:-19.2px" align=center>* &nbsp;* &nbsp;* &nbsp;*
</P>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>11-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">Trust&#146;s voting securities will be owned by Value
Trust. &nbsp;Value Trust and Global Trust may also be viewed as affiliated persons of each other to the extent that they may be
deemed to be under the common control of the Adviser, although Applicants do not concede that such control exists. &nbsp;Another
possible basis for viewing each of Value Trust and Global Trust as an affiliated person of the other is that all of the same persons
serve on the Boards and all of the same persons serve as officers of both Funds. &nbsp;Applicants, however, do not believe that
overlapping Board membership constitutes a basis for concluding that Value Trust and Global Trust are affiliated persons of one
another.</P>



<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Section&nbsp;17(a) may be considered
to prohibit the Transaction because of the above affiliations. &nbsp;That is, in the absence of an exemption under the rules adopted
by the Commission under Section&nbsp;17(a) or an exemptive order, Section&nbsp;17(a)(1) would prohibit Value Trust&#146;s
&#147;sale&#148; to Global Trust of a portion of Value Trust&#146;s assets and Global Trust&#146;s &#147;sale&#148; to Value Trust
of securities issued by Global Trust.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">B.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; font-size:12pt"><U>Section 17(d) and Rule 17d-1
</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Section&nbsp;17(d) of the 1940 Act and Rule&nbsp;17d-1
thereunder generally prohibit, among other things, transactions in which a registered investment company and any affiliated person
of such a company may be deemed to be acting jointly and as principal.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Section&nbsp;17(d) of the 1940 Act provides as follows:
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; padding-right:48px; font-size:12pt">It shall be
unlawful for any affiliated person of or principal underwriter for a registered investment company (other than a company of the
character described in Section&nbsp;12(d)(3)(A) and (B)), or any affiliated person of such a person or principal underwriter, acting
as principal to effect any transaction in which such registered company, or a company controlled by such registered company, is a
joint or a joint and several participant with such person, principal underwriter, or affiliated person, in contravention of such
rules and regulations as the Commission may prescribe for the purpose of limiting or preventing participation by such registered or
controlled company on a basis different from or less advantageous than that of such other participant. . . .</P>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>12-31</B></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; padding-right:48px;
font-size:12pt">Rule&nbsp;17d-1 provides, among other things, as follows:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; padding-right:48px; font-size:12pt">(a)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; padding-right:48px; text-indent:48px; font-size:12pt">
No affiliated person of or principal underwriter for any registered investment company (other than a company of the character described in
Section&nbsp;12(d)(3)(A) and (B)&nbsp;of the Act) and no affiliated person of such a person or principal underwriter, acting as principal,
shall participate in, or effect any transaction in connection with, any joint enterprise or other joint arrangement or profit-sharing plan
in which any such registered company, or a company controlled by such registered company, is a participant, and which is entered into, adopted
or modified subsequent to the effective date of this rule, unless an application regarding such joint enterprise, arrangement or profit-sharing
plan has been filed with the Commission and has been granted by an order entered prior to the submission of such plan or modification to security holders for approval, or prior to
such adoption or modification if not so submitted, except that the provisions of this rule shall not preclude any affiliated person
from acting as manager of any underwriting syndicate or other group in which such registered or controlled company is a participant
and receiving compensation therefor.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; margin-bottom:16px;  font-size:12pt">Applicants request an order pursuant
to Rule&nbsp;17d-1 to the extent that the participation of Applicants in the Transaction may be deemed to constitute a prohibited
joint transaction.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">IV.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt"><U>Justification for the
Requested Relief</U></P>
<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Applicants submit that the requested
order would meet all applicable statutory standards. &nbsp;Set forth below is a discussion of each section of the 1940 Act relevant
to this Application.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">A.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; font-size:12pt"><U>Section 17(a)</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Applicants are requesting an exemption pursuant to
Section&nbsp;17(b) of the 1940 Act from the provisions of Section&nbsp;17(a) of the 1940 Act in order to permit Applicants to effect
the Transaction. &nbsp;Section&nbsp;17(b) authorizes the Commission to issue such an exemptive order if three conditions are met:
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(1)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">the terms of the proposed
transaction, including the consideration to be paid or received, are reasonable and fair and do not involve overreaching on the part
of any person concerned;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(2)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">the proposed transaction is
consistent with the policy of each registered investment company concerned, as recited in the registration statement and reports
filed under the 1940 Act; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(3)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">the proposed transaction is
consistent with the general purposes of the 1940 Act.</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>13-31</B></P>
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<P style="line-height:26pt; margin:0px; font-size:12pt">Applicants submit that the Transaction satisfies the above conditions.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The terms of the Transaction, including the consideration
to be paid or received, are fair and reasonable and involve no element of overreaching. &nbsp;The proposed sale by Value Trust of a
portion of its assets to Global Trust in exchange for the securities of Global Trust will be based on the fair value of those assets
computed, on the day of the proposed transfer, in the same manner as for purposes of the daily net asset valuation for Value Trust.
&nbsp;As noted above, it is anticipated that such assets will consist largely or exclusively of cash and short-term fixed income
instruments and thus will pose no issues with respect to valuation. &nbsp;Similarly, Global Trust shares distributed by Value Trust
in the Transaction will be valued based on the value of Global Trust&#146;s assets. &nbsp;&#147;Value&#148; for those purposes will
be determined in accordance with the provisions of Section&nbsp;2(a)(41) of the 1940 Act and
Rule&nbsp;2a-4 thereunder. &nbsp;Thus, among other things, portfolio securities of Value Trust sold to Global Trust will be valued
at market value if market quotations exist with respect to such securities, and for any other securities and assets, value will be
determined in good faith by the Board of Value Trust. &nbsp;Value Trust undertakes that fair value will be determined separately by
a majority of the Disinterested Directors of Value Trust and Global Trust as set forth in Section&nbsp;2(a)(19) of the 1940 Act.
&nbsp;The operation of the valuation policies of Global Trust with respect to the assets being sold to Global Trust will be
identical to the operation of the valuation policies of Value Trust with respect to such securities. &nbsp;In addition, since it is
anticipated that the contributed assets will consist largely or exclusively of cash and short-term fixed income instruments, it is
not expected that material brokerage commissions or other expenses will be incurred as a result of the
Transaction.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Transaction will be consistent with the stated
investment policies of Value Trust and Global Trust as fully disclosed to stockholders of Value Trust and as will be disclosed to
</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>14-31</B></P>
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<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">stockholders of Global Trust. &nbsp;The distribution of
Global Trust shares of common stock will not initially change the position of Value Trust&#146;s stockholders with respect to the
underlying investments that they then own; such investments will simply be held through two closed-end diversified management
investment companies rather than one. &nbsp;Thus, the immediate effect of the Transaction is consistent with the information
contained in past disclosure documents of Value Trust. &nbsp;The Proxy Statement/Prospectus of Value Trust and Global Trust is being
used to solicit the approval of Value Trust stockholders of the Transaction at a vote to take place following the issuance of the
exemptive order sought hereby. &nbsp;Such Proxy Statement/Prospectus will describe the investment goals and policies of Value Trust
and of Global Trust, the management of Global Trust, and other information pertinent to the Transaction. &nbsp;Thus,
the Transaction, when effected, will be consistent with the prior disclosure provided to Value Trust stockholders regarding Global
Trust. &nbsp;Moreover, Value Trust&#146;s stockholders will have the opportunity to vote on the Transaction after having received
extensive disclosure concerning the Transaction.</P>


<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Transaction also is consistent with the general
purposes of the 1940 Act. &nbsp;Section&nbsp;1(b)(2) of the 1940 Act declares it against the public interest when investment
companies are &#147;organized, operated, managed or their portfolio securities are selected&#148; in the interest of, among others,
the investment company&#146;s officers, directors, investment adviser, or affiliated persons thereof. &nbsp;As explained above, the
Transaction is being proposed to benefit Value Trust and its stockholders. &nbsp;In this regard there seems to be no greater
potential for abuse in the Transaction than in the transactions with &#147;fully-owned subsidiaries&#148; permitted by
Rule&nbsp;17a-3 or the transactions with certain kinds of affiliates permitted by Rule&nbsp;17a-6. &nbsp;The Transaction also
comports with the policies underlying Rule&nbsp;17a-8 under the 1940 Act, which exempts from</P>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>15-31</B></P>
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<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:0px; font-size:12pt">Section&nbsp;17(a) &#147;a merger,
consolidation, or purchase or sale of substantially all of the assets involving registered companies which may be affiliated
persons, or affiliated persons of an affiliated person, solely by reason of having a common investment adviser, common directors,
and/or common officers.&#148; &nbsp;As the Commission noted in the release proposing Rule&nbsp;17a-8:</P>


<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; padding-right:48px; font-size:12pt">When a merger
involves investment companies which are affiliated persons exclusively by virtue of having a common investment adviser, directors
and/or officers, <U>no person who is responsible for evaluating and approving the terms of the transaction on behalf of the various
participating investment companies would have a significant personal financial interest in influencing these terms</U>.
&nbsp;Nonetheless, the Commission... &nbsp;believes that any such exemptive rulemaking pertaining to such transactions should be
conditioned upon the board of directors, including a majority of specified disinterested directors, of each participating investment
company making certain determinations to ensure that the interests of the investment companies and their stockholders regarding such
a transaction are not compromised. &nbsp;(emphasis added).</P>
<P style="line-height:26pt; ; margin:0px; font-size:12pt"><U>See</U> Investment Company Act Release No.&nbsp;10866 (October&nbsp;3,
1979). &nbsp;While Value Trust and Global Trust will be affiliated briefly because of Value Trust&#146;s ownership of Global Trust,
the only potential affiliation after the distribution will be of the kind discussed above, <U>i.e.</U>, a commonality of investment
adviser,  directors, and  officers.<SUP>4</SUP><FONT style="font-size:12pt"> &nbsp;&nbsp;Consequently, the Transaction should be
exempted, having met the same conditions as apply to transactions covered by Rule&nbsp;17a-8. &nbsp;To that end, the Board of each
of Value Trust and Global Trust, including a majority of the Disinterested Directors of each Board, has each determined:</FONT></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(1)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">that participation in the
Transaction is in the best interests of Value Trust or Global Trust, as applicable; and</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(2)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">that the interests of the existing
stockholders of Value Trust or Global Trust, as applicable, will not be diluted as a result of its effecting the transactions; and
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; text-indent:48px; font-size:12pt">(3)</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:96px; font-size:12pt">such findings, and the basis upon
which the findings were made, will be recorded fully in the minute book of Value Trust or Global Trust, as applicable.</P>

<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">______________</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>4</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">In 2002, the Commission amended Rule 17a-8 to permit funds to
merge with other affiliated funds without regard to the reason for their affiliation. &nbsp;See Investment Company Act Release No.
25666 (July 18, 2002). </P>



<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>16-31</B></P>
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<P style="line-height:26pt; margin:0px; margin-bottom:16px; font-size:12pt">Finally, the distribution of the shares of Global Trust
presents no greater potential for abuse than other pro&nbsp;rata distributions, which are excluded from Section&nbsp;17(a) by
Rule&nbsp;17a-5.</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:96px; text-indent:-48px; font-size:12pt">B.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:96px; font-size:12pt"><U>Section 17(d) and Rule 17d-1
</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:144px; text-indent:-48px; font-size:12pt">1.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:144px; font-size:12pt"><U>Approval of the Transaction
Pursuant to Rule 17d-1</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Applicants request that an order be issued pursuant to
Section&nbsp;17(d) of the 1940 Act and Rule&nbsp;17d-1 thereunder. &nbsp;Rule&nbsp;17d-1(b) provides that in determining whether to
grant such an order, the Commission will consider whether the participation of the investment company in the joint transactions
&#147;is consistent with the provisions, policies and purposes of the 1940 Act and the extent to which such participation is on a
basis different from or less advantageous than that of other participants.&#148;</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Applicants submit that the Transaction meets the standards
for an order pursuant to Rule&nbsp;17d-1 for much the same reasons as discussed above with respect to the request for exemption from
Section&nbsp;17(a). &nbsp;The Transaction has been proposed in order to benefit the common stockholders of Value Trust as well as
Global Trust. &nbsp;In addition, although the advisory fee for Global Trust will be different from Value Trust, and may at times be
higher than Value Trust, neither the Adviser nor any other affiliated person of Value Trust or Global Trust will receive additional
fees solely as a result of the Transaction. &nbsp;Although it is possible to argue that the creation of Global Trust may benefit the
Adviser by providing it with a higher advisory fee, Applicants submit that such result does not supply a benefit that could not have
otherwise been achieved through an initial public offering of a global equity securities
fund<SUP>5</SUP><FONT style="font-size:12pt"> and that such benefit is both marginal and hypothetical in view of the fact that the
assets of Value Trust to be contributed to Global Trust pursuant to the Transaction represent only approximately 7.5% of</FONT></P>

<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">______________</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>5</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">The Global Trust investment advisory fee is consistent with
that charged by the Adviser for the open-end international and global funds that it advises. </P>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>17-31</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
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<PAGE>


<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">Value Trust&#146;s net assets attributable to common stock
and preferred stock prior to the Transaction, as of December 31, 2011, and, as discussed above, the advisory fee paid by Value Trust
under certain circumstances may be higher than that paid by Global Trust. &nbsp;In addition, by creating Global Trust through the
Transaction, Value Trust is effectively enabling its common stockholders to receive securities without the costs associated with a
public offering. &nbsp;Thus, the participation by Value Trust and Global Trust in the Transaction is on a basis no less advantageous
than that of the Adviser. &nbsp;The costs of organizing Global Trust and effecting the distribution of Global Trust&#146;s shares to
Value Trust common stockholders, including the fees and
expenses of counsel and accountants and printing, listing and registration fees, will be borne by the Adviser. &nbsp;The Adviser
will also bear the costs of soliciting Value Trust stockholders&#146; approval of the Transaction and the costs incurred in
connection with this Application. &nbsp;Under such arrangement, the shares of Global Trust will have the same net asset value as the
amount of the distribution to the stockholders rather than a net asset value several cents per share less than that amount.
&nbsp;The absence of any discrepancy between these amounts in Global Trust&#146;s shares may support the pricing of such shares on
the New York Stock Exchange.</FONT></P>




<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Finally, the Transaction will not place any of Value
Trust, Global Trust, or existing stockholders of Value Trust in a position less advantageous than that of any other such person.
&nbsp;Value Trust&#146;s assets transferred to Global Trust (and the shares of common stock received in return) will be based on
their fair value as computed on the day of the transfer in accordance with the requirements of the 1940 Act and pursuant to
valuation procedures adopted by the Board of Value Trust.<SUP>6</SUP><FONT style="font-size:12pt"> &nbsp;&nbsp;The shares of common
stock of Global Trust will be distributed as a dividend to Value Trust&#146;s common stockholders on the same basis, leaving such
stockholders in the same</FONT></P>

<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">______________</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>6</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">Net asset value for the Value Trust is, and net asset value
for Global
Trust will be, calculated on a daily basis.</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>18-31</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
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<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:0px; font-size:12pt">investment posture immediately
following the Transaction as before, subject only to changes in market price of the underlying assets subsequent to the Transaction.
</FONT><FONT style="font-size:12pt"><SUP>7</SUP></FONT></P>



<P STYLE="line-height: 14pt; margin-top: 0px; margin-bottom:-18.667px; padding-left: 48px; text-indent: -48px; font-size: 12pt; text-align: left">V.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt"><U>Applicable Precedent</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Commission has granted relief similar to that sought
here on several occasions, including three times to Gabelli Funds, LLC.<SUP>8</SUP><FONT style="font-size:12pt"> &nbsp;Most
recently, on June&nbsp;28, 2007 The Gabelli Equity Trust Inc. (the &#147;Equity Trust&#148;) effected a substantially similar
transaction by contributing approximately $70&nbsp;million of the net assets of the Equity Trust to The Gabelli Healthcare and
Wellness<SUP>RX</SUP></FONT><FONT style="font-size:12pt"> Trust (the &#147;Healthcare Trust&#148;) in exchange for common shares of
the Healthcare Trust, of which the Equity Trust owned 100% of the voting securities prior to the consummation of the transaction.
&nbsp;Shares of the Healthcare Trust were then distributed to stockholders of the Equity Trust as dividends, as in the current
Transaction. &nbsp;Both the Equity Trust and the Healthcare Trust were non-diversified closed end management investment
companies, and each had as their primary investment objective long-term growth of capital. The Trusts had a common investment
advisor, Gabelli Funds, LLC. &nbsp;The Healthcare Trust and the Equity Trust had overlapping boards.</FONT></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">The Equity Trust, the Healthcare Trust and Gabelli Funds,
LLC as joint applicants obtained an order under Section&nbsp;17(b) of the 1940 Act granting an exemption for the distribution from
Section&nbsp;17(a) and pursuant to Section&nbsp;17(d) and Rule&nbsp;17d-1 thereunder granting approval of certain potential joint
transactions.<SUP>9</SUP><FONT style="font-size:12pt"> &nbsp;The only significant differences between the Transaction</FONT></P>

<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">______________</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>7</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">It is not anticipated that the valuation procedures to be
adopted by Global Trust will differ from those adopted by the Value Trust. &nbsp;The assets under consideration for transfer by the
Value Trust to Global Trust would be valued in the same manner under either procedures.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>8</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">See Investment Company Act Release No. 23840 (May 14, 1999);
Investment Company Act Release No. 20502 (August 25, 1994); and Investment Company Act Release No. 27823 (May 22, 2007). &nbsp;The
relief sought and the transaction structure proposed &nbsp;by Applicants is similar to that approved in the above cited orders. </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:19.2px; text-indent:-19.2px"><SUP>9</SUP></P>
<P style="margin-top:0px; margin-bottom:6.667px; padding-left:19.2px">See Investment Company Act Release No. 27823 (May 22, 2007) .
</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>19-31</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
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<PAGE>


<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:0px; font-size:12pt">and the Gabelli Funds transaction are
that the Gabelli Funds had the same investment advisory fee while, as discussed above, the investment advisory fee for Value Trust
and Global Trust are different, and that one of the funds involved in the Gabelli transaction paid the costs relating to the
transaction, while the Adviser will pay costs relating to the Transaction.</FONT></P>



<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">VI.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt"><U>Procedural Matters</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Pursuant to Rule&nbsp;0-2(f) under the 1940 Act,
Applicants state that their addresses are as indicated on the cover page of this Application. &nbsp;Applicants further state that
all written or oral communications concerning this Application should be directed to:</P>
<P style="line-height:14pt; margin-top:8px; margin-bottom:16px; padding-left:48px; font-size:12pt">Frank P. Bruno, Esq.<BR>
Sidley Austin LLP<BR>
787 Seventh Avenue<BR>
New York, New York 10019-6018<BR>
(212) 839-5540</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Applicants desire the Commission to issue an order
pursuant to Rule&nbsp;0-5 under the 1940 Act without conducting a hearing.</P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">Pursuant to Rule&nbsp;0-2(c)(1) under the 1940 Act, each
of Value Trust, Global Trust, and the Adviser states that under the provisions of its Articles of Incorporation and By-laws or
similar documents, responsibility for the management of its affairs and business is vested in its Board. &nbsp;Each of Value Trust,
Global Trust and the Adviser represents that the person who signed this Application has been authorized to sign and file this
Application in its name and on its behalf. &nbsp;As required under Rule&nbsp;0-2(c)(1) of the 1940 Act, the following resolutions
were adopted by the Board of Value Trust and remain in full force and effect:</P>
<P style="line-height:14pt; margin-top:6px; margin-bottom:18px; padding-left:48px; padding-right:48px; font-size:12pt"><B>RESOLVED,
</B> that the proper officers of Royce Value Trust, Inc. (the &#147;Fund&#148;) be, and each of them hereby is, authorized to
prepare and file with the Securities and Exchange Commission (the &#147;SEC&#148;) on behalf of the Fund, as such officers deem
appropriate, an application for an order, and any amendment thereto, pursuant to Section&nbsp;17(b) of the Investment Company Act of
1940 (the &#147;1940 Act&#148;) granting an exemption from Section&nbsp;17(a) thereof and pursuant to Section&nbsp;17(d) of the 1940
Act and Rule&nbsp;17d-1 thereunder approving certain transactions to the extent</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>20-31</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
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<PAGE>


<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; padding-right:48px; font-size:12pt">necessary to
permit the Fund to contribute a portion of its assets to Royce Global Value Trust, Inc. (&#147;Global Trust&#148;) and subsequently
distribute all the shares of Global Trust as a dividend to the Fund&#146;s common stockholders; and be it further</P>

<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; padding-right:48px; font-size:12pt"><B>RESOLVED,
</B> that the proper officers of the Fund, with advice of counsel, be, and each of them hereby is, authorized and directed to take
any and all such further action to execute any and all documents, agreements, and instruments and to take any and all steps deemed
by them necessary or desirable to carry out the purpose and intent of the foregoing resolutions.</P>
<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">The following resolutions were adopted
by the Board of Global Trust and remain in full force and effect:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; padding-right:48px; font-size:12pt"><B>RESOLVED,
</B> that the proper officers of Royce Global Value Trust, Inc. (the &#147;Fund&#148;) be, and each of them hereby is, authorized to
sign and file with the Securities and Exchange Commission (the &#147;SEC&#148;) on behalf of the Fund, as such officers may deem
appropriate, an application for an order, and any amendment to that application, pursuant to Section&nbsp;17(b) of the Investment
Company Act of 1940, as amended (the &#147;1940 Act&#148;) granting an exemption from Section&nbsp;17(a) thereof and pursuant to
Section&nbsp;17(d) of the 1940 Act and Rule&nbsp;17d-1 thereunder approving certain transactions, to the extent necessary to permit
Royce Value Trust, Inc. (&#147;Value Trust&#148;) to contribute a portion of its assets to the Fund and subsequently distribute all
the shares of common stock of the Fund as a dividend to Value Trust&#146;s common stockholders; and be it
further</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; padding-right:48px; font-size:12pt"><B>RESOLVED,
</B> that the proper officers of the Fund, with advice of counsel, be, and each of them hereby is, authorized and directed to take
any and all such further action to execute any and all documents, agreements and instruments and to take any and all steps deemed by
them necessary or desirable to carry out the purpose and intent of the foregoing resolutions.</P>
<P style="line-height:26pt; margin:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">The verifications required by
Rule&nbsp;0-2(d) under the 1940 Act are attached to this Application as Exhibits A-1, A-2 and A-3. &nbsp;The proposed notice of the
proceeding initiated by the filing of the Application pursuant to Rule&nbsp;0-2(g) under the 1940 Act is attached to this
Application as Exhibit B.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px; padding-left:48px; text-indent:-48px; font-size:12pt">VII.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; padding-left:48px; font-size:12pt"><U>Conclusion</U></P>
<P style="line-height:26pt; margin:0px; text-indent:48px; font-size:12pt">On the basis of the foregoing, Applicants respectfully
request that the order sought by this Application be issued pursuant to Section&nbsp;17(b) of the 1940 Act granting an exemption
from Section&nbsp;17(a) of the 1940 Act, and pursuant to Section&nbsp;17(d) of the 1940 Act, and Rule&nbsp;17d-1 </P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>21-31</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<PAGE>


<P style="line-height:26pt; margin:0px; text-indent:0px; font-size:12pt">thereunder, approving certain transactions.
&nbsp;Applicants believe that the terms of the requested order are consistent with the standards enumerated in Sections&nbsp;17(b)
and 17(d) of the 1940 Act and Rule&nbsp;17d-1 thereunder.</P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>22-31</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
<HR style="margin-top:9.6px; margin-bottom:9.6px" noshade size=1.333>
<PAGE>


<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=265.733></TD><TD width=52.867></TD>
<TD width=32.867></TD><TD width=274.467></TD></TR>
<TR><TD valign=top width=265.733><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Dated: &nbsp;March
11, 2011</P>
</TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=307.333 colspan=2>
<P style="line-height:14pt; margin-top:0px; margin-bottom:26px; font-size:12pt">ROYCE VALUE TRUST, INC.</P>
</TD></TR>
<TR>
<TD valign=top ><P>&nbsp;</P></TD>
<TD valign=top ><P>&nbsp;</P></TD>
<TD valign=top ><P>&nbsp;</P></TD>
<TD valign=top ><P>&nbsp;</P></TD>
</TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P style="line-height:14pt; margin:0px; font-size:12pt">By:</P>
</TD><TD style="border-bottom:1px solid #007F7F" valign=top width=274.467><P style="line-height:14pt; margin:0px;
font-size:12pt">/s/ John D. Diederich</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P>&nbsp;</P></TD><TD valign=top width=274.467><P style="line-height:14pt; margin:0px; font-size:12pt">Name: John D. Diederich</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P>&nbsp;</P></TD><TD valign=top width=274.467><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px;
font-size:12pt">Title:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:40px; text-indent:48px; font-size:12pt">Vice President</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD>
<TD valign=top width=307.333 colspan=2><P style="line-height:14pt; margin-top:16px; margin-bottom:16px; font-size:12pt">ROYCE GLOBAL
VALUE TRUST, INC.</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P style="line-height:14pt; margin:0px; font-size:12pt">By:</P>
</TD><TD style="border-bottom:1px solid #007F7F" valign=top width=274.467><P style="line-height:14pt; margin:0px;
font-size:12pt">/s/ John D. Diederich</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P>&nbsp;</P></TD><TD valign=top width=274.467><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px;
font-size:12pt">Name:</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">John D. Diederich</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P>&nbsp;</P></TD><TD valign=top width=274.467><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px;
font-size:12pt">Title:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:40px; text-indent:48px; font-size:12pt">Vice President</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD>
<TD valign=top width=307.333 colspan=2><P style="line-height:14pt; margin-top:16px; margin-bottom:16px; font-size:12pt">ROYCE &amp;
ASSOCIATES, LLC </P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P style="line-height:14pt; margin:0px; font-size:12pt">By:</P>
</TD><TD style="border-bottom:1px solid #007F7F" valign=top width=274.467><P style="line-height:14pt; margin:0px;
font-size:12pt">/s/ John D. Diederich</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P>&nbsp;</P></TD><TD valign=top width=274.467><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px;
font-size:12pt">Name:</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">John D. Diederich</P>
</TD></TR>
<TR><TD valign=top width=265.733><P>&nbsp;</P></TD><TD valign=top width=52.867><P>&nbsp;</P></TD><TD valign=top width=32.867>
<P>&nbsp;</P></TD><TD valign=top width=274.467><P style="line-height:14pt; margin-top:0px; margin-bottom:-18.667px;
font-size:12pt">Title:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:40px; text-indent:48px; font-size:12pt">Vice President</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>23-31</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
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<PAGE>


<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Exhibit A-1<BR>
<BR>
VERIFICATION</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=161.867></TD><TD width=263.733></TD></TR>
<TR><TD valign=top width=161.867><P style="line-height:14pt; margin:0px; font-size:12pt">State of New York</P>
</TD><TD valign=top width=263.733><P style="line-height:14pt; margin:0px; font-size:12pt">)</P>
</TD></TR>
<TR><TD valign=top width=161.867><P>&nbsp;</P></TD><TD valign=top width=263.733>
<P style="line-height:14pt; margin:0px; font-size:12pt">:ss.:</P>
</TD></TR>
<TR><TD valign=top width=161.867><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">County of New York
</P>
</TD><TD valign=top width=263.733><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">The undersigned, being duly sworn, deposes and says
that he has duly executed the foregoing attached application for and on behalf of Royce Value Trust, Inc., that he is the Vice
President of such entity and that all actions by stockholders, directors and other bodies necessary to authorize deponent to execute
and file such application have been taken. &nbsp;The undersigned further states that he is familiar with such application and the
contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</P>
<P style="line-height:14pt; margin-top:32px; margin-bottom:-18.667px; padding-left:315.6px; text-indent:-27.6px; font-size:12pt">By:
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-0px; padding-left:315.6px; font-size:12pt"><U>/s/ John D. Diederich<BR>
</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:315.6px; text-indent:0px; font-size:12pt">John D.
Diederich</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Subscribed and sworn to before me,
undersigned Notary Public, this 10<SUP>th</SUP> day of March, 2011.</P>
<P style="line-height:14pt; margin-top:32px; margin-bottom:-18.667px; padding-left:315.6px; text-indent:-27.6px; font-size:12pt">By:
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-0px; padding-left:315.6px; font-size:12pt"><U>&nbsp;/s/ Ann M. Dennehy
<BR>
</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:315.6px; text-indent:0px; font-size:12pt">Notary Public
</P>
<P style="line-height:26pt; margin:0px; font-size:12pt">My Commission expires:<BR></P>
<P style="line-height:26pt; margin:0px; font-size:12pt">[Notary Stamp]</P>
<P style="margin:0px"><BR>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>24-31</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
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<PAGE>


<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Exhibit A-2<BR>
<BR>
VERIFICATION</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=161.867></TD><TD width=263.733></TD></TR>
<TR><TD valign=top width=161.867><P style="line-height:14pt; margin:0px; font-size:12pt">State of New York</P>
</TD><TD valign=top width=263.733><P style="line-height:14pt; margin:0px; font-size:12pt">)</P>
</TD></TR>
<TR><TD valign=top width=161.867><P>&nbsp;</P></TD><TD valign=top width=263.733>
<P style="line-height:14pt; margin:0px; font-size:12pt">:ss.:</P>
</TD></TR>
<TR><TD valign=top width=161.867><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">County of New York
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD><TD valign=top width=263.733><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">The undersigned, being duly sworn, deposes and says
that he has duly executed the foregoing attached application for and on behalf of Royce Global Value Trust, Inc., that he is the
Vice President of such entity and that all actions by stockholders, directors and other bodies necessary to authorize deponent to
execute and file such application have been taken. &nbsp;The undersigned further states that he is familiar with such application
and the contents thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</P>
<P style="line-height:14pt; margin-top:32px; margin-bottom:-18.667px; padding-left:315.6px; text-indent:-27.6px; font-size:12pt">By:
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-0px; padding-left:315.6px; font-size:12pt"><U>/s/ John D. Diederich<BR>
</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:315.6px; text-indent:0px; font-size:12pt">John D.
Diederich</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">Subscribed and sworn to before me, the undersigned Notary
Public, this 10th day of March, 2011.</P>
<P style="line-height:14pt; margin-top:32px; margin-bottom:-18.667px; padding-left:315.6px; text-indent:-27.6px; font-size:12pt">By:
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-0px; padding-left:315.6px; font-size:12pt"><U>/s/ Ann M. Dennehy<BR>
</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:315.6px; text-indent:0px; font-size:12pt">Notary Public
</P>
<P style="line-height:26pt; margin:0px; font-size:12pt">My Commission expires:</P>
<P style="line-height:26pt; margin:0px; font-size:12pt">[Notary Stamp]</P>
<P style="margin:0px"><BR>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>25-32</B></P>
<P style="line-height:9pt; margin:0px; font-size:7pt"></P>
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<PAGE>




<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Exhibit A-3<BR>
<BR>
VERIFICATION</P>
<TABLE style="font-size:10pt" cellspacing=0><TR height=0 style="font-size:0"><TD width=161.867></TD><TD width=263.733></TD></TR>
<TR><TD valign=top width=161.867><P style="line-height:14pt; margin:0px; font-size:12pt">State of New York</P>
</TD><TD valign=top width=263.733><P style="line-height:14pt; margin:0px; font-size:12pt">)</P>
</TD></TR>
<TR><TD valign=top width=161.867><P>&nbsp;</P></TD><TD valign=top width=263.733>
<P style="line-height:14pt; margin:0px; font-size:12pt">:ss.:</P>
</TD></TR>
<TR><TD valign=top width=161.867><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">County of New York
</P>
</TD><TD valign=top width=263.733><P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">)</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">The undersigned, being duly sworn, deposes and says
that he has duly executed &nbsp;the foregoing attached application for and on behalf of Royce &amp; Associates, LLC, that he is the
Secretary of such entity and that all actions by members, directors and other bodies necessary to authorize deponent to execute and
file such application have been taken. The undersigned further states that he is familiar with such application and the contents
thereof, and that the facts therein set forth are true to the best of his knowledge, information and belief.</P>
<P style="line-height:14pt; margin-top:32px; margin-bottom:-18.667px; padding-left:315.6px; text-indent:-27.6px; font-size:12pt">By:
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-0px; padding-left:315.6px; font-size:12pt"><U>/s/ John E. Denneen<BR>
</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:315.6px; text-indent:0px; font-size:12pt">John E.
Denneen</P>
<P style="line-height:14pt; margin:0px; text-indent:48px; font-size:12pt">Subscribed and sworn to before me, the undersigned Notary
Public, this 10<SUP>th</SUP> day of March, 2011.</P>
<P style="line-height:14pt; margin-top:32px; margin-bottom:-18.667px; padding-left:315.6px; text-indent:-27.6px; font-size:12pt">By:
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:-0px; padding-left:315.6px; font-size:12pt"><U>/s/ Ann M. Dennehy<BR>
</U></P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:32px; padding-left:315.6px; text-indent:0px; font-size:12pt">Notary Public
</P>
<P style="line-height:26pt; margin:0px; font-size:12pt">My Commission expires:</P>
<P style="line-height:26pt; margin:0px; font-size:12pt">[Notary Stamp]</P>
<P style="margin:32px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>


<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>26-31</B></P>
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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt" align=center>Exhibit B<BR>
<BR>
FORM OF PROPOSED NOTICE</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">SECURITIES AND EXCHANGE COMMISSION</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Investment Company Act Release
No.&nbsp;812-_______________</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">Royce Value Trust et&nbsp;al.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Agency</U>: &nbsp;Securities and Exchange
Commission (&#147;Commission&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Action</U>: &nbsp;Notice of application for an
order pursuant to Section&nbsp;17(b) of the Investment Company Act of 1940 (the &#147;Act&#148;) granting an exemption from
Section&nbsp;17(a) thereof, and pursuant to Section&nbsp;17(d) of the Act and Rule&nbsp;17d-1 thereunder approving certain
transactions.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Applicants</U>: &nbsp;Royce Value Trust, Inc.
(&#147;Value Trust&#148;), Royce Global Value Trust, Inc. (&#147;Global Trust&#148;), and Royce &amp; Associates, LLC (&#147;the
Adviser&#148;).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Summary of Application</U>: &nbsp;Applicants seek
an order to permit Value Trust to transfer a portion of its assets to Global Trust, a newly formed, wholly-owned subsidiary that is
a registered closed-end management investment company, and to distribute to Value Trust&#146;s common stockholders the common stock
issued by Global Trust.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Filing Date</U>: &nbsp;The application was filed
on March 17, 2011.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Hearing or Notification of Hearing</U>: &nbsp;An
order granting the application will be issued unless the Commission orders a hearing. &nbsp;Interested persons may request a hearing
by writing to the Commission&#146;s Secretary and serving applicants with a copy of the request, personally or by mail.
&nbsp;Hearing requests should be received by the Commission by 5:30&nbsp;p.m. on _____, 2011, and should be accompanied by proof of
service on applicants in the form of an affidavit or, for lawyers, a certificate of service. &nbsp;Hearing requests should state the
nature of the writer&#146;s interest, the reason for the request, and the issues contested. &nbsp;Persons who wish to be notified of
a hearing may request notification by writing to the Commission&#146;s Secretary.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Addresses</U>: &nbsp;Secretary, SEC, 100 F
Street, NE, Washington, DC 20549. &nbsp;Applicants, c/o&nbsp;Frank P. Bruno, Esq., Sidley Austin LLP, 787 Seventh Avenue, New York,
NY 10019.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>For Further Information, Contact</U>:
&nbsp;________, Senior Counsel, at (202)&nbsp;551-____, or ________, Branch Chief, at (202)&nbsp;551-____ (Division of Investment
Management, Office of Investment Company Regulation).</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Supplementary Information</U>: &nbsp;The
following is a summary of the application. &nbsp;The complete application may be obtained via the Commission&#146;s website by
searching for the file number, or for an applicant using the Company name box, at http://www.sec.gov/search/search.htm, or by
calling (202)&nbsp;551-8090.</P>


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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Applicants&#146; Representations</U>:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust is
a closed-end
diversified management investment company registered under the Act. &nbsp;Global Trust was incorporated in Maryland on
February&nbsp;14, 2011, and
filed a notification of registration on Form N-8A on March 11, 2011, to register under the Act as a closed-end diversified
management investment
company. &nbsp;Global Trust filed a registration statement under the Securities Act of 1933 on Form N-14 on March 16, 2011.
&nbsp;Global Trust
will file a registration statement under the Act on Form N-2 on or before June 9, 2011. &nbsp;Application will be made to list
Global Trust&#146;s
shares for trading on the New York Stock Exchange. &nbsp;The Adviser is registered as an investment adviser under the Investment
Advisers Act of 1940
and serves as the investment adviser to Value Trust and Global Trust.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to the
effectiveness of the proxy statement/prospectus under the 1933 Act, Value Trust will purchase one (1)&nbsp;share of common stock of
Global Trust. &nbsp;This share will be issued in consideration of Value Trust&#146;s contribution to Global Trust of the $10 initial
net asset value. &nbsp;Value Trust will also contribute $99,990 of initial capital for shares of common stock of Global Trust, after
the receipt of the requested exemptive relief and before the distribution of Global Trust common stock to holders of Value trust
common stock pursuant to the Transaction, in order to satisfy the requirements of Section&nbsp;14(a) of the Act. &nbsp;All of the
eight directors of Value Trust also are directors of the eight member board of directors of Global Trust. &nbsp;All of the principal
officers of Value Trust hold the same offices with Global Trust.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of
directors (the &#147;Board&#148;) of Value Trust has approved, subject to the requested relief and subsequent stockholder approval,
the contribution of a segment of Value Trust&#146;s assets having a value of approximately $100&nbsp;million to Global Trust in
exchange for additional shares of common stock of Global Trust, which together with the 10,000 shares to be held by Value Trust will
constitute all of the shares of common stock of Global Trust. &nbsp;It is anticipated that the contributed assets will consist
largely or exclusively of cash and short-term fixed income instruments. &nbsp;All the shares of common stock of Global Trust will
then be distributed by Value Trust to its common stockholders. &nbsp;Each Value Trust common stockholder would receive one share of
Global Trust for the number of whole common shares of Value Trust owned on the dividend record date that will
produce a total dividend of approximately $100&nbsp;million. &nbsp;At current net asset valuation, this would result in a dividend
of one share of Global Trust for every seven (7)&nbsp;shares of Value Trust common stock. &nbsp;The contribution of Value Trust
assets to Global Trust and the subsequent distribution of Global Trust shares to Value Trust common stockholders are referred to as
the &#147;Transaction.&#148;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Board,
including all of its directors who are not &#147;interested persons&#148; as defined by section 2(a)(19) of the Act (the
&#147;Disinterested Directors&#148;), concluded, among other things, that the Transaction will result in the following benefits to
Value Trust stockholders: &nbsp;(a)&nbsp;common stockholders will receive shares of an investment company with a different
risk-return profile than Value Trust; (b)&nbsp;common stockholders will acquire Global Trust shares at a much lower cost than is
typically the case for a newly-organized closed-end equity fund since there will be no underwriting discounts or commissions; and
(c)&nbsp;common stockholders will be able to seek capital appreciation opportunities and global diversification presented by Global
Trust expanded foreign securities exposure.</P>


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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value Trust
does not expect that it will recognize significant taxable gain on its contribution of cash and securities to Global Trust in
exchange for shares of common stock of Global Trust. &nbsp;Global Trust has been advised by counsel that the distribution of shares
of Global Trust to the common stockholders of Value Trust likely will be a taxable event for Value Trust stockholders to some extent
and a taxable event for Value Trust, but only to the extent that the value of Global Trust shares distributed exceeds Value
Trust&#146;s cost of such shares. &nbsp;Value Trust does not anticipate recognizing any significant taxable gain on its distribution
of Global Trust shares because Value Trust does not expect the value of Global Trust shares to exceed significantly Global
Trust&#146;s cost of those shares. &nbsp;Specifically, the value of Global Trust shares will exceed Value Trust&#146;s
cost of those shares only to the extent that the value of the short-term debt securities contributed to Global Trust exceeds Value
Trust&#146;s cost of such short-term debt securities and no significant excess is expected. &nbsp;Further, the Transaction is not
expected to increase significantly the total amount of taxable distributions received by Value Trust common stockholders for the
year in which the Transaction is consummated because Value Trust distributes to stockholders each year substantially all of its
taxable income and accordingly any taxable income included in the distribution of Global Trust shares would be distributed at some
point during the year in any event. &nbsp;The Board, including all of the Disinterested Directors, considered the tax consequences
of the Transaction and found that the benefits of the Transaction outweigh any adverse tax consequences to Value Trust and its
common stockholders. &nbsp;Stockholder approval (which includes common
stockholders and preferred stockholders voting together) of the Transaction will be sought at a special meeting of Value Trust
 stockholders anticipated to be held in June 2011. &nbsp;Stockholders of Value Trust will not vote on the Transaction unless and
until the Commission issues an order granting the requested relief.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The costs of
organizing Global Trust and effecting the distribution of Global Trust&#146;s shares to Value Trust&#146;s common stockholders,
including the fees and expenses of counsel and accountants and printing, listing and registration fees, the costs of soliciting
Value Trust&#146;s shareholders&#146; approval of the Transaction, and the costs incurred in connection with this Application are
estimated to be approximately $700,000, and will be borne by the Adviser. &nbsp;Global Trust will incur operating expenses on an
ongoing basis, including investment advisory fees and legal, auditing, transfer agency, and custodian expenses that, when aggregated
with the fees payable by Value Trust for similar services after the distribution, will likely exceed the fees currently payable by
Value Trust for those services. &nbsp;It is not expected that the Transaction will have a significant effect on
the annual expenses of Value Trust as a percentage of its assets. &nbsp;In addition, Global Trust &nbsp;will incur operating
expenses on an ongoing basis, including legal, auditing, transfer agency, and custodian expenses that, when aggregated with the fees
payable by Value Trust for similar services after the distribution, will likely exceed the fees currently payable by Value Trust for
those services. &nbsp;</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt"><U>Applicants&#146; Legal Analysis</U>:</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px;
font-size:12pt">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section&nbsp;17(a) of the Act generally prohibits sales or purchases of
securities between a registered investment company and an affiliated person. &nbsp;Section&nbsp;2(a)(3) of the Act defines an
&#147;affiliated person&#148; of another person to include (a)&nbsp;any person directly or indirectly owning, controlling, or
holding with power to vote 5% or more of the outstanding voting securities of the other person, (b)&nbsp;any person 5% or more of
whose voting securities are directly or indirectly owned controlled or held with the power to vote by the other person, and
(c)&nbsp;any person directly</P>

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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">or indirectly controlling, controlled by, or under
common control with, the other person. &nbsp;Value Trust may be viewed as an affiliated person of Global Trust under section 2(a)(3)
since Value Trust will own 100% of Global Trust&#146;s voting securities until the consummation of the Transaction. &nbsp;Global
Trust may similarly be considered an affiliated person of Value Trust since 100% of Global Trust&#146;s voting securities will be
owned by Value Trust. &nbsp;Value Trust and Global Trust also may be viewed as affiliated persons of each other to the extent that
they may be deemed to be under the common control of the Adviser and because similar persons serve as the directors and officers of
both companies. &nbsp;As a result of the affiliation between Value Trust and Global Trust, section 17(a) would prohibit the
Transaction.</P>


<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
request an exemption pursuant to section 17(b) of the Act from the provisions of section 17(a) in order to permit Value Trust to
effect the Transaction. &nbsp;Section&nbsp;17(b) authorizes the Commission to issue such an exemptive order if the Commission finds
that the terms of the proposed transaction are fair and reasonable and do not involve overreaching on the part of any persons
concerned, and the proposed transaction is consistent with the policy of each registered investment company and the general purposes
of the Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
assert that the terms of the Transaction, including the consideration to be paid or received, are fair and reasonable and do not
involve overreaching by any person concerned. &nbsp;Applicants state that the proposed sale by Value Trust of a portion of its
assets to Global Trust in exchange for the securities of Global Trust will be based on the fair value of those assets computed on
the day of the proposed transfer in the same manner as for purposes of the daily net asset valuation for Value Trust.
&nbsp;Applicants further state that such assets are anticipated to consist largely or exclusively of cash and short-term fixed
income instruments and thus will likely pose few, if any, issues with respect to valuation. &nbsp;Global Trust shares distributed by
Value Trust in the Transaction will be valued based on the value of Global Trust&#146;s assets. &nbsp;&#147;Value&#148; for those
purposes will be determined in accordance with the provisions of section 2(a)(41) of the Act and rule 2a-4 under the Act.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With respect
to the Transaction, the Board, including a majority of the Disinterested Directors, found that the participation in the Transaction
is in the best interests of Value Trust and that the interests of the existing  stockholders of Value Trust will not be diluted as a
result of the Transaction. &nbsp;These findings, and the basis upon which the findings were made, will be recorded fully in the
minutes book of Value Trust.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
state that the Transaction will be consistent with the stated investment policies of Value Trust and Global Trust as disclosed to
stockholders. &nbsp;The distribution of Global Trust shares will not initially change the position of Value Trust&#146;s
stockholders with respect to the underlying investments that they then own. &nbsp;A proxy statement/prospectus of Value Trust and
Global Trust is being used to solicit the approval of Value Trust&#146;s stockholders of the Transaction, such approval being
conditioned on the issuance of the exemptive relief Value Trust&#146;s stockholders will have the opportunity to vote on the
Transaction after having received disclosure concerning the Transaction.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
also seek an order under section 17(d) of the Act and rule 17d-1 under the Act. Section&nbsp;17(d) and rule 17d-1 prohibit
affiliated persons from participating in joint arrangements with a registered investment company unless authorized by the SEC.
&nbsp;In passing on</P>

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<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">applications for these orders, rule 17d-1 provides
that the Commission will consider whether the participation of the investment company is consistent with the provisions, policies
and purposes of the Act, and the extent to which the participation is on a basis different from or less advantageous than that of
the other participants. &nbsp;Applicants request an order pursuant to rule 17d-1 to the extent that the participation of the
applicants in the Transaction may be deemed to constitute a prohibited joint transaction. &nbsp;In addition, Applicants request an
exemption from the requirement of Rule&nbsp;17d-1 that Applicants receive an order of the Commission permitting any otherwise
prohibited joint transactions prior to submitting the Transaction to Value Trust stockholders for approval.</P>


<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
state that the Transaction will not place any of Value Trust, Global Trust, or existing stockholders of Value Trust in a position
less advantageous than that of any other of such persons. &nbsp;As noted, the value of Value Trust&#146;s assets transferred to
Global Trust (and the shares received in return) will be based on their fair value as computed on the day of the transfer in
accordance with the requirements of the Act. &nbsp;The shares of common stock of Global Trust will be distributed as a dividend to
Value Trust&#146;s common stockholders on the same basis, leaving such stockholders in the same investment posture immediately
following the Transaction as before, subject only to changes in market price of the underlying assets subsequent to the Transaction
</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
assert that the Transaction has been proposed in order to benefit the common stockholders of Value Trust as well as Global Trust.
&nbsp;Although the advisory fee for Global Trust will be different from Value Trust, and may at times be higher than Value Trust,
neither the Adviser nor any other affiliated person of Value Trust or Global Trust will receive additional fees solely as a result
of the Transaction. &nbsp;In addition, by creating Global Trust through the Transaction, Value Trust is effectively enabling its
common stockholders to receive securities without the costs associated with a public offering.</P>
<P style="line-height:14pt; margin-top:0px; margin-bottom:16px; font-size:12pt">For the Commission, by the Division of Investment
Management, under delegated authority.</P>
<P style="line-height:14pt; margin-top:32px; margin-bottom:32px; padding-left:336px; font-size:12pt">[ &nbsp;&nbsp;&nbsp;&nbsp;]<BR>
[Secretary]</P>
<P style="margin:0px"><BR></P>

<P style="line-height:14pt; margin:0px; font-size:12pt" align=right><B>31-31</B></P>
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<P style="margin:0px"><BR></P>
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