<SEC-DOCUMENT>0000949377-11-000365.txt : 20110816
<SEC-HEADER>0000949377-11-000365.hdr.sgml : 20110816
<ACCEPTANCE-DATETIME>20110816161152
ACCESSION NUMBER:		0000949377-11-000365
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20110816
DATE AS OF CHANGE:		20110816

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/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13880-01
		FILM NUMBER:		111040152

	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/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13880-02
		FILM NUMBER:		111040151

	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/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	812-13880
		FILM NUMBER:		111040150

	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/A
<SEQUENCE>1
<FILENAME>d28533.htm
<DESCRIPTION>40-APP/A
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2>BEFORE THE</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>SECURITIES AND EXCHANGE COMMISSION</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>WASHINGTON, D.C. 20549</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Royce Value Trust, Inc. <BR>
Royce Global Value Trust, Inc. <BR>
Royce &amp; Associates, LLC</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Amended and Restated Application for an Order
<BR>
pursuant to Section 12(d)(1)(J) of the Investment Company Act of 1940 granting
an exemption <BR>
from Section 12(d)(1)(A) thereof, Section 17(b) of the Investment Company Act
of 1940 <BR>
granting an exemption from Section 17(a) thereof, and pursuant to<BR>
Section 17(d) of the Investment Company Act of 1940 and <BR>
Rule 17d-1 thereunder approving certain transactions</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>File No. 812-13880</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Please send all communications to:</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Frank P. Bruno, Esq. <BR>
Sidley Austin LLP <BR>
787 Seventh Avenue <BR>
New York, New York 10019-6018</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Page 1 of 33 sequentially numbered pages
(including exhibits) <BR>
As filed with the Securities and Exchange Commission on August 16, 2011</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2>BEFORE THE<BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
WASHINGTON, D.C. 20549</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="116%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=364 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=42 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH=434 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>In the Matter of:</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 <TD ROWSPAN=10>
 <P ALIGN=JUSTIFY><FONT SIZE=2>Amended and Restated Application for an Order pursuant to Section
 12(d)(1)(J) of the Investment Company Act of 1940 granting an exemption from
 Section 12(d)(1)(A) thereof, pursuant to Section 17(b) of the Investment
 Company Act of 1940 granting an exemption from Section 17(a) thereof, and
 pursuant to Section 17(d) of the Investment Company Act of 1940 and Rule
 17d-1 thereunder approving certain transactions.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>ROYCE VALUE TRUST, INC.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>ROYCE GLOBAL VALUE TRUST,</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>INC.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>ROYCE &amp; ASSOCIATES, LLC</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>745 Fifth Avenue</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>New York, NY 10151</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>File No. 812-13880</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<DIV STYLE="Line-height:24pt">
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 amended and restated application for an order
of the Securities and Exchange Commission (the &#147;Commission&#148;), (i) pursuant to
Section 12(d)(1)(J) of the Investment Company Act of 1940, as amended (the
&#147;1940 Act&#148;), granting an exemption from Section 12(d)(1)(A) thereof, (ii)
pursuant to Section 17(b) of the 1940 Act, granting an exemption from Section
17(a) thereof, and (iii) pursuant to Section 17(d) of the 1940 Act and Rule
17d-1 thereunder, approving certain transactions, to permit (a) the
contribution of a segment of Value Trust&#146;s assets (which is anticipated to
consist largely or exclusively of cash, short-term fixed income instruments and
unappreciated equities) having a value of approximately $100 million to Global
Trust, a Maryland corporation formed on February 14, 2011 and wholly owned by
Value Trust, and (b) the subsequent distribution by Value Trust of all of the
shares of common stock of Global Trust to Value Trust common stockholders at an
anticipated rate of one Global Trust share of </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>2-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1><B>&nbsp;</B></FONT></P>

<P><FONT SIZE=2>common stock
for every seven (7) shares of common stock held of Value Trust. The
contribution of such Value Trust assets to Global Trust and the subsequent
distribution of Global Trust shares of common stock to Value Trust common
stockholders are together referred to herein as the &#147;Transaction.&#148;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>I.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><U>Description
 of Applicants </U></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value
Trust commenced operations on November 26, 1986 and is registered under the
1940 Act as a closed-end diversified management investment company. Value
Trust&#146;s investment goal is long-term capital growth. 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
million to $2.5 billion, that the Adviser believes are trading significantly
below its estimate of their current worth. The Fund may also invest up to 35%
of its assets in non-convertible debt. No more than 25% of the Fund&#146;s assets
may be invested in the securities of issuers headquartered outside the United
States. As of June 30, 2011, Value Trust&#146;s net assets attributable to common
stockholders approximated $1.371 billion. As of June 30, 2011, 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Global
Trust was incorporated in Maryland on February 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. 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;) and a
registration statement on Form N-2 on June 8, 2011.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. Prior to the effectiveness of the Proxy Statement/Prospectus
under the 1933 Act, Value Trust will </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>3-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>purchase
approximately 10,000 shares 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 at
least $100,000 initial net asset value (the &#147;Seed Capital Shares&#148;), in order to
satisfy the requirements of Section 14(a) of the 1940 Act. Value Trust will
represent that the Seed Capital Shares will be sold only pursuant to a
registration statement under the 1933 Act or an applicable exemption therefrom.
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. All of the eight directors of Value Trust also are
directors (&#147;Directors&#148;) of the eight member board of directors of Global Trust.
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 2(a)(19) of the 1940 Act (the &#147;Independent Directors&#148;). All
of the principal officers of Value Trust hold the same offices with Global
Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment goal of Global Trust is long-term growth of capital. 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. The Adviser bases this
assessment chiefly on balance sheet quality and cash flow levels. 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 market capitalizations up to $10
billion. 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 </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>4-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>securities of
companies located in at least three countries outside of the United States. 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. 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. countries. Global Trust may also invest up to 20% of
its net assets in U.S. and non-U.S. non-convertible debt. 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. 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. In selecting securities for Global Trust,
the Adviser will use a bottom-up, value approach. The Adviser will primarily
focus on company-specific criteria rather than on political, economic or other
country-specific factors. Global Trust does not expect to purchase or sell
foreign currencies to hedge against declines in the U.S. dollar or to lock in
the value of any foreign securities that it purchases. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Adviser, a Delaware limited liability company, is an investment advisory firm
whose predecessor was organized in February 1967. The Adviser is a registered
investment adviser under the Investment Advisers Act of 1940 and as of December
31, 2010, provided investment advisory services to five management investment
companies with 35 portfolios, including three closed-end management investment
companies.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>II.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><U>The
 Transaction </U></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Value Trust determined that an investment in foreign securities could
provide attractive opportunities for capital growth as well as the benefits of
non-U.S. geographic </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>5-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>diversification.
The Board determined 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 million to Global Trust, in exchange for shares of common
stock of Global Trust. It is anticipated that the contributed assets will
consist largely or exclusively of cash, short-term fixed income instruments and
unappreciated equities. All the shares of common stock of Global Trust will
then be distributed by Value Trust to its common stockholders. 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 distribution record date that
will produce a total distribution of approximately $100 million. Based on the
net asset valuation of the fund as of June 30, 2011, a contribution of assets
with a value of approximately $100 million would result in a distribution of
one (1) share of Global Trust for every seven (7) shares of Value Trust common
stock.<SUP>1</SUP></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No
fractional shares of Global Trust common stock will be issued as part of the
distribution. The fractional shares to which holders of Value Trust common
stock would otherwise be entitled will be aggregated and an attempt to sell
them in the open market will be </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>1</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The distribution ratio
 will be the number of issued and outstanding shares of Value Trust common
 stock at the time of the Transaction divided by the number of issued and
 outstanding shares of Global Trust common stock. As of June 30, 2011, there
 were 66,094,525 shares of Value Trust common stock issued and outstanding,
 and it is expected that Global Trust will issue 9,442,075 shares of common
 stock at a share price of $10.59 per share. Thus, the current distribution
 ratio is 7 to 1. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>6-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>made at then
prevailing prices on behalf of such holders, and such holders will receive
instead a cash payment in the amount of their pro rata share of the total sales
proceeds. The shares may be sold by the distribution agent, Computershare Trust
Company, N.A., at a discount or a premium to net asset value; therefore, a
stockholder may receive less or more than the net asset value for any such
fractional shares. Thus, assuming a distribution ratio of one (1) share of
Global Trust common stock for every seven (7) shares of Value Trust common
stock, a person who holds a number of shares of Value Trust common stock that
is not an even multiple of seven (7) will receive the appropriate number of
shares of Global Trust common stock and a check for his or her pro rata share
of the proceeds from sales of fractional share interests. A holder of fewer
than seven (7) shares of Value Trust common stock will receive no shares of
Global Trust common stock in the distribution but will be entitled only to his
or her pro rata share of the proceeds from sales of fractional share interests.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stockholder
approval of the Transaction will be sought at a special meeting of Value Trust
stockholders anticipated to be held in the Fall of 2011. Stockholders of Value
Trust will not vote unless and until the Commission issues an order granting
the requested relief. The Proxy Statement/Prospectus seeking stockholder
approval of the Transaction is expected to be sent to each stockholder in the
early Fall of 2011. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
investment goals of Global Trust and Value Trust are substantially similar. The
investment goal of Global Trust is long-term growth of capital. The investment
goal of Value Trust is long-term capital growth. Unlike Value Trust, Global
Trust may invest 100% of its net assets in non-U.S. 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. As a result, Global Trust over time may be expected to experience </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>7-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>different
investment results than Value Trust. 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 structures for Value Trust and Global Trust will be
different. 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>2</SUP> In contrast
to Global Trust, Value Trust has a fulcrum fee determined by Fund performance
that causes Value Trust&#146;s annual fee to adjust up to 0.50% either above or
below the base advisory fee. 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. For this reason,
the annual advisory fee for Global Trust may be higher or lower than that of
Value Trust.<SUP>3</SUP> 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
Trust&#146;s advisory fee will be based on a percentage of the Fund&#146;s average daily
net assets. Application will be made to list Global Trust&#146;s shares of common
stock for trading on the New York Stock Exchange. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>2</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>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 &#147;performance period&#148;). The base fee for
 each month is increased or decreased at the rate of 1/12 of 0.05% for each
 percentage point that the investment performance of Value Trust exceeds, or
 is exceeded by, the percentage change in the investment record of the S&amp;P
 600 SmallCap Index for the performance period by more than two percentage
 points. The performance period for each such month is a rolling 60-month
 period ending with such month. The maximum increase or decrease in the base
 fee for any month may not exceed 1/12 of 0.5%. 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. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>3</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>For the three years ended
 December 31, 2010, the fee for Global Trust would have been higher than that
 of Value Trust. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>8-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<FONT SIZE=2><FONT SIZE=2><BR CLEAR=ALL>
</FONT></FONT>
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Value Trust determined that 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Value Trust, including all of its Independent Directors, concluded
that the Transaction will result in the following benefits to Value Trust
stockholders: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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: (a) retaining their shares in
both Value Trust and Global Trust; (b) selling their Global Trust shares and
retaining their Value Trust shares; or (c) selling their Value Trust shares and
retaining their Global Trust shares. 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. 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 fund since there will be no underwriting discounts or
commissions. The Transaction will not result in an increase in the aggregate
net assets of Value Trust and Global Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
As a globally diversified Fund, Global Trust will afford stockholders the
opportunity to seek the capital appreciation opportunities presented by foreign
securities exposure. 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. Global Trust also has
a non-fundamental policy of investing no more than 35% of its net </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>9-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>assets in
securities of companies headquartered in &#147;developing countries.&#148; 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. 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Value Trust determined not to change the non-fundamental investment
restrictions of Value Trust in a manner that would transform Value Trust into a
global fund because, in their view, many Value Trust investors likely wish to
retain their investment in a closed-end fund that invests primarily in U.S.
small-cap stocks. Further, the fulcrum fee of Value Trust adjusts according to
Value Trust&#146;s performance against the S&amp;P 600 SmallCap Index (the &#147;S&amp;P
600&#148;). If Value Trust were to change its non-fundamental investment policies to
allow a substantially greater percentage of its assets to be invested in
foreign securities, then the S&amp;P 600 might no longer be an appropriate
benchmark upon which to base the performance portion of the fulcrum fee. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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. 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. 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 </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>10-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2>fixed income instruments and unappreciated equities
contributed to Global Trust exceeds Value Trust&#146;s cost of such short-term fixed
income instruments and unappreciated equities and no significant excess is
expected. 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board of Value Trust, including all of the Independent 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&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 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.
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. 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. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>III.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Relief Requested</U> </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>11-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
hereby request an order (i) pursuant to Section 12(d)(1)(J) of the 1940 Act
granting an exemption from Section 12(d)(1)(A) of the 1940 Act, (ii) pursuant
to Section 17(b) of the 1940 Act granting an exemption from Section 17(a) of
the 1940 Act, and (iii) pursuant to Section 17(d) of the 1940 Act and Rule
17d-1 thereunder approving certain transactions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Section 12(d)(1)(A)</U></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P style="line-height:24pt"><FONT SIZE=2>Section 12(d)(1)(A) of the 1940 Act places
 limitations on the ability of a registered investment company to acquire the
 securities of any other investment company and on the ability of any
 investment company to acquire the securities of a registered investment
 company. Specifically, the Section provides that:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;It
 shall be unlawful for any registered investment company (the &#147;acquiring
 company&#148;) and for any company or companies controlled by such acquiring
 company to purchase or otherwise acquire any security issued by any other
 investment company (the &#147;acquired company&#148;) and for any investment company
 (the &#147;acquiring company&#148;) and any company or companies controlled by such
 acquiring company to purchase or otherwise acquire any security issued by any
 registered investment company (the &#147;acquired company&#148;), if the acquiring
 company and any company or companies controlled by it immediately after such
 purchase or acquisition own in the aggregate-</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)
 More than three per centum of the total outstanding voting stock of the
 acquired company;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)
 Securities issued by the acquired company having an aggregate value in excess
 of five per centum of the value of the total assets of the acquiring company;
 or</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)
 Securities issued by the acquired company and all other investment companies
 (other than treasury stock of the acquiring company) having an aggregate
 value in excess of 10 per centum of the value of the total assets of the
 acquiring company.</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
proposed Transaction may be viewed as technically violating the above
provisions even though the initial shares held by Value Trust will be Seed
Capital Shares and Value Trust will own other shares of common stock of Global
Trust for only a momentary period of time. At the time of the purchase of Seed
Capital Shares and at the time of the transfer of Value Trust&#146;s assets in
return for shares of common stock of </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>12-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>






<P><FONT SIZE=2>Global Trust, Value Trust will acquire greater than 3%
of the voting stock of Global Trust (Value Trust will acquire 100% of such
voting stock) and the value of Value Trust&#146;s holdings of Global Trust common
stock will exceed 5% of Value Trust&#146;s Assets for a momentary period. As of June
30, 2011, the $100 million of Global Trust common stock represents
approximately 7.3% of Value Trust&#146;s total assets. While there may be some
change in the net asset valuation of Value Trust relative to the $100 million
Global Trust common stock prior to the Transaction, it is anticipated that it
is likely that Value Trust will exceed the permissible limits of Section
12(d)(1)(A) in purchasing Seed Capital Shares and making the above acquisition.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is an argument that, notwithstanding the foregoing, the proposed Transaction
should be treated as excepted from the restrictions of 12(d)(1) by Subsection
(D) thereof. Subsection (D) excepts from those restrictions, among other
things, any securities received as a result of a plan of reorganization of any
company.<SUP>4</SUP> However, the Transaction does not fall literally within
the definition of a &#147;reorganization&#148; under Section 2(a)(33) of the 1940 Act.
That Section defines a reorganization as: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(A) a reorganization under the supervision of a
 court of competent jurisdiction; (B) a merger or consolidation; (C) a sale of
 75 per centum or more in value of the assets of a company; (D) a restatement
 of the capital of a company, or an exchange of securities issued by a company
 for any of its own outstanding securities; (E) a voluntary dissolution or
 liquidation of a company; (F) a recapitalization or other procedure or
 transaction which has for its purpose the alteration, modification, or
 elimination of any of the rights, preferences, or privileges of any class of
 securities issued by a company, as provided in its charter or other
 instrument creating or defining such rights, preferences, and privileges; (G)
 an exchange of securities issued by a company for outstanding securities
 issued by another company or companies, preliminary to and for the purposes
 of effecting or consummating any of the foregoing; or (H) any exchange </FONT></P>
 </TD>
 </TR>
</TABLE>

<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD width="5%" VALIGN=TOP>
 <P><FONT SIZE=2><SUP>4</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Specifically, Section 12(d)(1)(D) provides that
 &#147;[T]he provisions of this paragraph (1) shall not apply to a security
 received as a dividend or as a result of an offer of exchange approved
 pursuant to section 11 or of a plan of reorganization of any company (other
 than a plan devised for the purpose of evading the foregoing provisions).&#148; </FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>13-33
</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;of securities by a company which is not an
 investment company for securities issued by a registered investment company.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exemptive
relief is being requested because the exception is not literally applicable to
the Transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Section 17(a)</U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
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. Section 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>5</SUP> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
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) 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) any
person directly or indirectly controlling, controlled by or under common
control with, such other person . . .&#148; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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% of Global Trust&#146;s
voting </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD width="5%" VALIGN=TOP>
 <P><FONT SIZE=2><SUP>5</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>As relevant here, Section 17(a) provides that: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)
 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; </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)
 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), . . .</FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>* * * *</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>14-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>securities until the consummation of the Transaction.
Global Trust may similarly be considered an affiliated person of Value Trust
since it is anticipated that 100% of Global Trust&#146;s voting securities will be
owned by Value Trust. 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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
17(a) may be considered to prohibit the Transaction because of the above
affiliations. That is, in the absence of an exemption under the rules adopted
by the Commission under Section 17(a) or an exemptive order, Section 17(a)(1)
would prohibit Value Trust&#146;s sale to Global Trust of a portion of Value Trust&#146;s
assets and Global Trust&#146;s sale to Value Trust of securities issued by Global Trust.
</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Section 17(d) and Rule 17d-1</U></FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Section
17(d) of the 1940 Act and Rule 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. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Section 17(d) of the 1940 Act provides as follows:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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 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. . . .</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Rule 17d-1 provides, among other things, as follows:</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No affiliated person of or principal underwriter
 for any registered investment company (other than a company of the character
 described in Section 12(d)(3)(A) and (B) of the Act) and no affiliated person
 of such a person or principal underwriter, acting as principal, shall
 participate in, or effect any </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>15-33
</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>





<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
explained above, Global Trust and Value Trust may be viewed as affiliated
persons of each other. Applicants request an order pursuant to Rule 17d-1 to
the extent that the participation of Applicants in the Transaction may be
deemed to constitute a prohibited joint transaction. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>IV.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><U>Justification for the Requested Relief</U>
 </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>Applicants submit that the requested order would meet
all applicable statutory standards. Set forth below is a discussion of each
section of the 1940 Act relevant to this Application. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Section 12(d)(1)</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
are requesting an exemption pursuant to Section 12(d)(1)(J) of the 1940 Act
from the provisions of Section 12(d)(1) of the 1940 Act, as described above.
Section 12(d)(1)(J) provides that: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
 Commission, by rule or regulation, upon its own motion or by order upon
 application, may conditionally or unconditionally exempt any person,
 security, or transaction, or any class or classes of persons, securities, or
 transactions from any provision of this subsection, if and to the extent that
 such exemption is consistent with the public interest and the protection of
 investors. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
submit that the requested exemption from Section 12(d)(1) meets the Section
12(d)(1)(J) standards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transaction is consistent with the public interest in that, as explained above
in connection with the description of the proposal, it is intended to result in
a benefit to Value </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>16-33
</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>

<P><FONT SIZE=2>Trust&#146;s present common stockholders, as well as to
future common stockholders of both Value Trust and Global Trust. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
addition, the Transaction is consistent with investor protection. The
provisions of Section 12(d)(1) are based primarily on Congress&#146; concern that:
&#147;(1) there is a danger of control by [a] fund holding company of portfolio
companies of underlying mutual funds and, (2) there is a layering of costs to
investors in terms of duplication of administrative expenses, sales charges and
advisory fees.&#148; H.R. Rep. No. 1381, 91st Cong., 2d Sess. 10 (1970). Section
1(b)(2) of the 1940 Act declares it against the public interest when, among
other things, investment companies are &#147;organized, operated or managed, or
their portfolio securities are selected, in the interest of&#133;other investment
companies&#133;&#148; Section 1(b)(4) similarly declares it against the public interest
to unduly concentrate control of investment companies through pyramiding. <U>See
also, Report of the Securities and Exchange Commission on the Public Policy
Implications of Investment Company Growth,</U> H.R. Rep. No. 2337, 89th Cong.
2d. Sess. 311-324 (1966). Applicants submit, however, that none of these harms
exist in the present situation. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
is no danger of control over Global Trust by Value Trust or of a layering of
costs to stockholders of Value Trust. Indeed, ownership of Global Trust by
Value Trust (other than the Seed Capital Shares) will exist for only an
instant. In addition, the Transaction involves no layering of costs to
stockholders, since Global Trust will not incur any advisory, administrative,
transfer agency, custody or similar fees until after completion of the
Transaction. In these respects, the proposed Transaction is of a similar (if
not identical) nature to the types of transactions which Congress itself saw
fit to except from Section 12(d)(1) through the enactment of Subsection (D)
thereof. </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>17-33
</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<U>Section 17(a)</U> </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
are requesting an exemption pursuant to Section 17(b) of the 1940 Act from the
provisions of Section 17(a) of the 1940 Act in order to permit Applicants to
effect the Transaction. Section 17(b) authorizes the Commission to issue such
an exemptive order if three conditions are met: </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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; </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the proposed transaction is consistent with the general purposes of the 1940
Act. Applicants submit that the Transaction satisfies the above conditions. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
terms of the Transaction, including the consideration to be paid or received,
are fair and reasonable and involve no element of overreaching. The proposed
sale by Value Trust of a portion of its assets to Global Trust in exchange for
the shares of common stock 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 value calculation for Value Trust. As
noted above, it is anticipated that such assets will consist largely or
exclusively of cash, short-term fixed income instruments and unappreciated
equities and thus will pose no issues with respect to valuation. Similarly,
Global Trust shares distributed by Value Trust in the Transaction will be
valued based on the fair value of Global Trust&#146;s assets. &#147;Value&#148; for those
purposes will be determined in accordance with the provisions of Section
2(a)(41) of the 1940 Act and Rule 2a-4 thereunder. 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 </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>18-33
</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>Board
of Value Trust. Value Trust undertakes that fair value will be determined
separately by a majority of the Independent Directors of Value Trust and Global
Trust as set forth in Section 2(a)(19) of the 1940 Act. 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. In addition, since it is
anticipated that the contributed assets will consist largely or exclusively of
cash, short-term fixed income instruments and unappreciated equities, it is not
expected that material brokerage commissions or other expenses will be incurred
as a result of the Transaction. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 stockholders of Global Trust. 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. 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. Such Proxy Statement/Prospectus
will describe the investment goals and policies of Value Trust and of Global
Trust, the management of Global Trust, and the terms of the Transaction. Thus,
the Transaction, when effected, will be consistent with the prior disclosure
provided to Value Trust stockholders regarding Global Trust. Moreover, Value
Trust&#146;s stockholders will have the opportunity to vote on the Transaction after
having received all material disclosure concerning the Transaction. </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>19-33
</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Transaction also is consistent with the general purposes of the 1940 Act. </FONT></P>

<P><FONT SIZE=2>Section 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. As explained above, the Transaction is being proposed to
benefit Value Trust and its stockholders. 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 17a-3 or the transactions with
certain kinds of affiliates permitted by Rule 17a-6. The Transaction also comports
with the policies underlying Rule 17a-8 under the 1940 Act, which exempts from
Section 17(a) 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. As the Commission noted in the
release proposing Rule 17a-8: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>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>. Nonetheless, the
 Commission... 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. (emphasis added)<SUP>6</SUP> </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>The Transaction should be exempted, having met the
same conditions as apply to transactions covered by Rule 17a-8. To that end,
the Board of each of Value Trust and Global Trust, including a majority of the
Independent Directors of each Board, has each determined: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD COLSPAN=2 VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD width="6%" VALIGN=TOP>
 <P><FONT SIZE=2><SUP>6</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>See Investment Company Act Release No. 10866
 (October 3, 1979). 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. See Investment Company Act Release No. 25666 (July 18, 2002). </FONT></P>
 </TD>
 </TR>

</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>20-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
that participation in the Transaction is in the best interests of Value Trust
or Global Trust, as applicable; and </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
making this determination, the Boards of each of Value Trust and Global Trust
considered the following factors for their respective Fund: (i) the fees or
expenses that will be borne directly or indirectly by the Fund in connection
with the Transaction; (ii) the effect of the Transaction on annual Fund
operating expenses and stockholder fees and services; (iii) changes in the
Fund&#146;s investment objectives, restrictions and policies that will result from
the Transaction; (iv) direct and indirect federal income tax consequences of the
Transaction to the Fund&#146;s stockholders; (v) the potential benefits to the
stockholders of the Fund as a result of the proposed Transaction; (vi) the
terms and conditions of the proposed Transaction; (vii) the expenses that are
anticipated to be incurred on an ongoing basis by the stockholders of the Fund;
(viii) whether stockholders of the Fund will have the same stockholder services
or gain the benefit of additional stockholder services, or whether existing
services will be scaled back or eliminated as a result of the Transaction; (ix)
anticipated asset levels of the Fund and future prospects of the Fund; (x) the
identity of the portfolio managers of the Fund; and (xi) alternatives to the
Transaction, such as conducting an underwritten initial public offering for a
new fund similar to Global Trust or changing the non-fundamental investment
restrictions of Value Trust in a manner that would transform it into a global
fund. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally,
the distribution of the shares of Global Trust presents no greater potential
for abuse than other pro rata distributions, which are excluded from Section
17(a) by Rule 17a-5. </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>21-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Section 17(d) and Rule 17d-1 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Approval of the Transaction Pursuant to Rule 17d-1 </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
request that an order be issued pursuant to Section 17(d) of the 1940 Act and
Rule 17d-1 thereunder. Rule 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;</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Board has determined that the Transaction meets the standards for an order
pursuant to Rule 17d-1 for much the same reasons as discussed above with
respect to the request for exemption from Section 17(a). The Transaction has
been proposed in order to benefit the common stockholders of Value Trust as
well as Global Trust. 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. Although it is possible to argue that the creation of Global Trust
may benefit the Adviser by providing it with a higher advisory fee in certain
circumstances, the Board has determined 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>7</SUP> 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 7.3% of Value Trust&#146;s net assets attributable to common
stock and preferred stock prior to the Transaction, as of June 30, 2011, and,
as discussed above, the advisory fee paid </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>7</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>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. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>22-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>by Value Trust
under certain circumstances may be higher than that paid by Global Trust. 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. Thus, the participation by Value Trust
and Global Trust in the Transaction is on a basis no less advantageous than
that of the Adviser. 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. 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. 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. 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><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 participant. 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>8</SUP> The shares of common
stock of Global Trust will be distributed to Value Trust&#146;s common stockholders
on the same basis, leaving such stockholders in the same investment </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>8</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Net asset value for the
 Value Trust is, and net asset value for Global Trust will be, calculated on a
 daily basis. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>23-33</B></FONT></P>


<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>posture
immediately following the Transaction as before, subject only to changes in
market price of the underlying assets subsequent to the Transaction.<SUP>9</SUP></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>V.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><U>Applicable
 Precedent </U></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Commission has granted relief similar to that sought here to Gabelli Funds, LLC
and the closed-end family it advises (the &#147;Gabelli Funds&#148;) on three separate
occasions.<SUP>10</SUP> Most recently, on June 28, 2007 The Gabelli Equity
Trust Inc. (&#147;Equity Trust&#148;) effected a substantially similar transaction by
contributing approximately $70 million of the net assets of Equity Trust to The
Gabelli Healthcare and Wellness<SUP>RX</SUP> Trust (&#147;Healthcare Trust&#148;) in
exchange for common shares of Healthcare Trust, of which Equity Trust owned
100% of the voting securities prior to the consummation of the transaction.
Shares of Healthcare Trust were then distributed to stockholders of Equity
Trust, as in the current Transaction. Both Equity Trust and Healthcare Trust
were non-diversified closed end management investment companies, and each had
as their primary investment objective long-term growth of capital. Healthcare Trust
and Equity Trust had a common investment adviser, Gabelli Funds, LLC, and
overlapping boards. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity
Trust, Healthcare Trust and Gabelli Funds, LLC as joint applicants obtained an
order under Section 17(b) of the 1940 Act granting an exemption for the
distribution from Section 17(a) and pursuant to Section 17(d) and Rule 17d-1
thereunder granting approval of certain potential joint transactions.<SUP>11</SUP>
Identical relief was sought and obtained in connection with the two earlier
Gabelli Funds transactions. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>9</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The valuation procedures
 adopted by Global Trust do not differ from those adopted by the Value Trust.
 The assets under consideration for transfer by Value Trust to Global Trust
 will be valued in the same manner under either procedures. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>10</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><U>See</U> Investment Company Act Release No. 20502
 (August 25, 1994); Investment Company Act Release No. 23840 (May 14, 1999);
 and Investment Company Act Release No. 27823 (May 22, 2007). The relief
 sought and the transaction structure proposed by Applicants is similar to
 that approved in the above cited orders. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>11</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2><U>See</U> Investment Company Act Release No. 27823
 (May 22, 2007) . </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>24-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There
are several differences between the Transaction and each of the three Gabelli
Funds transactions, though none that would effect a determination under Section
17(a) or Section 17(d) and Rule 17d-1. In each of the three Gabelli Funds
transactions, the legacy company and the new company had the same investment
advisory fee while, as discussed above, the investment advisory fee for Value
Trust and Global Trust are different. Further, in each of the three Gabelli
Funds transactions one of the funds paid the costs relating to the transaction,
while in the Transaction the Adviser will pay costs relating to the Transaction.
Another difference between the Transaction and the Gabelli Funds transactions
is that each newly-formed Gabelli Fund created in each transaction had a
fundamental investment policy to concentrate in one or more industries. In the
Transaction, the distinction between Value Trust and Global Trust is not by
industry concentration, but rather that Value Trust cannot have a greater than
25% exposure to non-U.S. securities whereas Global Trust must have a greater
than 65% exposure to non-U.S. securities.</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None
of the Gabelli Funds transactions requested an exemption from Section 12(d)(1)
of the 1940 Act pursuant to 12(d)(1)(J), presumably because each Gabelli Funds
transaction relied on a no-action letter granted to Gabelli Equity Trust on April
1, 1994 from the Office of Chief Counsel of the Commission&#146;s Division of
Investment Management stating that it would not recommend enforcement action to
the Commission under Section 12(d)(1) if the Equity Trust proceeded with the
transaction described therein (the &#147;Gabelli Letter&#148;). Because the facts of the
Transaction are not identical to the facts in the Gabelli Letter in that, as
discussed above, the investment advisory fee for Value Trust and Global Trust
are different, Applicants are not relying on the Gabelli Letter. However, in
Sci/Tech Holdings, Inc., et al. 1940 Act Releases Nos. 18390 (November 1, 1991)
(notice of application) and 18423 (November 27, 1991) </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>25-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>(order)(&#147;Sci/Tech&#148;),
Sci/Tech requested an exemption from, among other things, Section 12(d)(1) of
the 1940 Act pursuant to Section 6(c) of the 1940 Act.<SUP>12</SUP> Sci/Tech involved the transfer by an
open-end investment company of a portion of its assets to a newly-formed,
wholly-owned registered investment company and the subsequent distribution of
the shares of the new company to shareholders of the parent company. As in Sci/Tech, because Value Trust&#146;s
ownership of Global Trust (other than Seed Capital Shares) will exist for only
a moment of time, there is no danger of control by one fund over another fund
or the layering of costs to stockholders. </FONT></P>

<P><FONT SIZE=2>There are
several differences between the Transaction and Sci/Tech, though none that
effect a determination under Section 12(d)(1)(J) of the 1940 Act. The purpose
of the Sci/Tech transaction was to divide the company into two parts, with each
resultant company investing in a specific sector: after the distribution, the
legacy company would be primarily invested in the healthcare sector, and the
new company would be invested primarily in the technology sector. A further difference is that in Sci/Tech,
the advisory fees charged to both the parent company and the new company would not
exceed that which was being charged to Sci/Tech before the distribution. Finally, in the Sci/Tech precedent, after
the distribution, the shareholders were allowed to exchange shares between the
parent company and the new company without incurring any transaction costs,
though such an exchange privilege is common in the case of open-end funds. </FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>VI.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><U>Procedural
Matters </U></FONT></P>
 </TD>
 </TR>
</TABLE>
<BR><BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="15%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="80%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR> <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><SUP>12</SUP></FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>The Sci/Tech order was
 granted pursuant to Section 6(c), but since Section 12(d)(1)(J) became part
 of the 1940 Act in 1996, Section 12(d)(1) orders are granted pursuant to this
 provision. </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>26-33 </B></FONT></P>



<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Rule 0-2(f) under the 1940 Act, Applicants state that their addresses are as
indicated on the cover page of this Application. Applicants further state that all written or oral communications
concerning this Application should be directed to: </FONT></P>

<div style="line-height:12pt">
<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Frank
P. Bruno, Esq. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sidley Austin LLP
<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;787 Seventh Avenue <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, New York
10019-6018 <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 839-5540 </FONT></P>
</div>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Applicants
desire the Commission to issue an order pursuant to Rule 0-5 under the 1940 Act
without conducting a hearing. </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant
to Rule 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.
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.
As required under Rule 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: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><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 12(d)(1)(J) of the
 Investment Company Act of 1940 (the &#147;1940 Act&#148;) granting an exemption from
 Section 12(d)(1)(A) thereof, Section 17(b) of the 1940 Act granting an
 exemption from Section 17(a) thereof and pursuant to Section 17(d) of the
 1940 Act and Rule 17d-1 thereunder approving certain transactions to the
 extent 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 to the Fund&#146;s common stockholders; and be it
 further </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><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 </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>27-33 </B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>any and all
 steps deemed by them necessary or desirable to carry out the purpose and
 intent of the foregoing resolutions. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following
resolutions were adopted by the Board of Global Trust and remain in full force
and effect: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><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 12(d)(1)(J) of the Investment Company Act of 1940 (the &#147;1940 Act&#148;)
 granting an exemption from Section 12(d)(1)(A) thereof, Section 17(b) of the
 1940 Act granting an exemption from Section 17(a) thereof and pursuant to
 Section 17(d) of the 1940 Act and Rule 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 to Value
 Trust&#146;s common stockholders; and be it further </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><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. </FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
verifications required by Rule 0-2(d) under the 1940 Act are attached to this
Application as Exhibits A-1, A-2 and A-3.
The proposed notice of the proceeding initiated by the filing of the
Application pursuant to Rule 0-2(g) under the 1940 Act is attached to this
Application as Exhibit B. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="95%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>VII.</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><U>Conclusion </U></FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
the basis of the foregoing, Applicants respectfully request that the order
sought by this Application be issued pursuant to Section 12(d)(1)(J) of the
1940 Act granting an exemption from Section 12(d)(1)(A) thereof, Section 17(b)
of the 1940 Act granting an exemption from Section 17(a) of the 1940 Act, and
pursuant to Section 17(d) of the 1940 Act, and Rule 17d-1 thereunder, approving
certain transactions. Applicants
believe that the terms of the requested </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>28-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<P><FONT SIZE=2>order are
consistent with the standards enumerated in Sections 12(d)(1)(J), 17(b) and
17(d) of the 1940 Act and
Rule 17d-1 thereunder. </FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>29-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1><B>&nbsp;</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="54%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="38%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Dated:
 August 15, 2011</FONT></P>
 </TD>

 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ROYCE VALUE
 TRUST, INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ W. Whitney George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>W. Whitney
 George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice
 President</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ROYCE GLOBAL
 VALUE TRUST, INC.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ W. Whitney George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>W. Whitney George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice President</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ROYCE &amp;
 ASSOCIATES, LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ W. Whitney George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Name:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>W. Whitney George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Title:&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Vice
 President</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT SIZE=2><B>30-33</B></FONT></P>
</DIV>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Exhibit A-1</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>VERIFICATION</FONT></P>

<P><FONT SIZE=2>State of New
York &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;:ss.:
</FONT></P>

<P><FONT SIZE=2>County of New
York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

<P><FONT SIZE=2>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. 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. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ W. Whitney George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>W. Whitney George</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscribed
and sworn to before me, undersigned Notary Public, this 15<SUP>th</SUP> day of
August, 2011. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ Ann M. Dennehy</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ann M. Dennehy</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>My Commission
expires: </FONT></P>

<P><FONT SIZE=2>[Notary Stamp]
</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>31-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Exhibit A-2</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>VERIFICATION</FONT></P>

<P><FONT SIZE=2>State of New
York &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;:ss.:
</FONT></P>

<P><FONT SIZE=2>County of New
York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

<P><FONT SIZE=2>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. 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. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ W. Whitney George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>W. Whitney George</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscribed
and sworn to before me, the undersigned Notary Public, this 15<SUP>th</SUP> day
of August, 2011. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ Ann M. Dennehy</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ann M. Dennehy</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>My Commission
expires: </FONT></P>

<P><FONT SIZE=2>[Notary Stamp]
</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>32-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>Exhibit A-3</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>VERIFICATION</FONT></P>

<P><FONT SIZE=2>State of New
York &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;)</FONT></P>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;:ss.:
</FONT></P>

<P><FONT SIZE=2>County of New
York&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;) </FONT></P>

<P><FONT SIZE=2>The
undersigned, being duly sworn, deposes and says that he is the Vice President
of such entity and that he has duly executed
the foregoing attached application for and on behalf of Royce &amp;
Associates, LLC pursuant to the general authority vested in him as such
officer. 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. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ W. Whitney George</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>W. Whitney George</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscribed
and sworn to before me, the undersigned Notary Public, this 15<SUP>th</SUP> day
of </FONT></P>

<P><FONT SIZE=2>August, 2011. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0>
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>By:&nbsp;</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid">
 <P><FONT SIZE=2>/s/ Ann M. Dennehy</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Ann M. Dennehy</FONT></P>
 </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2>My Commission
expires: </FONT></P>

<P><FONT SIZE=2>[Notary Stamp]
</FONT></P>

<P ALIGN=RIGHT><FONT SIZE=2><B>33-33</B></FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>


</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>img01.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img01.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D
M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,
M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\``$0@`J0**`P$1``(1`0,1`?_$`(H``0`"`@,!````````
M```````$!0,&`@<(`0$!`````````````````````!```00!`P($`@4'!PH$
M!P```@`!`P0%$1(&(1,Q(A0'05%A,B.T%7&!0G06-@B14F(S<R0T<H*RTK.4
M-55U-Z&Q)1?1DF.31%0X$0$`````````````````````_]H`#`,!``(1`Q$`
M/P#U2@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@BY7)5\9C+>1L,9
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M_1U9!70\]@L9N'%U<=8GWQP26)Q.!GA:R`F!/"4C3&#,;;S`'$>OR?0(\7/[
MHRYMKW'K5.O@83FMV"FJR,6V)I@$!CE(M3!]6U;1OB@EQ<^Q,E_)4.S,-K&7
MJU"0"86[GJCCC":-]?-&)R[2^+.S]/#4-BDM5HWD:24`>(.[*Q$S;8^OG+7P
M'ROU^A!@FR^*@N14IKD,=R=F*&N1BQDQ.["["[Z]79V9!+0$!`0$!`0$!`0$
M&I^Z7[DV_P!8H_?H4%KROD<7'L,>3EA>PPR0PC$TD4.I3R#$.LDQ1QBS.?5R
M)!K5GW9HQXW'VXL><DE^6S!VCMTH8P*IIW-+$DPP2-J738;_`!^3H-FQ?(HK
MTYUW@*&>.E6O2COCD%AM/(P@QQD0DX]E]79]/#1T%)<]S\-3H17IJMEX)(L;
M8/8(D0190I&$B%BUTA:(BDT^'AJ@FW.;58RF@I4Y\A?&V]*K4@>)GG)JT=HI
M!.0PC&,8Y6U(B;K^5M0ML-DSR5`+4E2:C+N():MC9O`@=Q?S1D8$+Z:B0D[.
MR"<@("`@("`@(*[D>;AP6!R&9FADL18^`[!P0LSR&T8Z[08G%MS^#:N@I,I[
MCXFGC9+\$)VHQ@I6(VWQ0,37[!U@$CF.,8R`XWW[W;3\J#C7]Q*Q8U[MBA)&
M3UK=J&&&>M:[GHRC%X@D@D.-Y)'F%A;=^71!;8+DU3-.358I!8:M:T3GMT9[
M8D;1/H[^<&'S?E9!70^XF&.&24XIHWIP3SY>)V%SI/`7;[4PB[_:2&SM&(Z[
MF;<W31W#!<]Q6Q^/NV,IAK>/M58&MPTYSK:SPO*,.X90E.$'$Y!WL9-MUU\$
M&*E[J862G+9OPOCPKV8JUF0[%6:"-IHRE&1YX)9(MK#&^YM=S?+JR#:,/DBR
M5".[Z:6H$VI0Q6&89'CU\AD&KN&]O-M+JWQ9GZ()J`@("`@("`@("`@("`@(
M"`@("`@("`@("`@("`@("`@("`@((^2IE=H3U1L2U2F!P&S`[#+&[^!`[L[:
MM]+:(-5Q?MT%61K-B\TMQ[U>]*4%>.K"3UA,0;LQOM8B:1]YZZET^#,R#!4]
MM;?X<^.R6;.Y4KU+-/&1A7"'L-:B*%Y#=B)Y3&,W%O!NK]$&3(<%S^1QU*"_
MG*]FYC[+SUIY,=&46QX"@>,X"E<2?SN3%KT06S<6>:G@H;MD)9\):&V,D,`0
M1F0Q2PL(Q,Y-&S#-\'^"#GR7B6/Y%+1;)23/3I'),U6&66OOF(.V!O+"4<GD
M`C;1GT?=U\$%*?MO-%1AI8[-SU(!IOBK&Z,)RDH"9E#$)2=0DA"5P&3KJWBS
MN@DY'@(W,K4L/D"''5)*\T5(H8SEC.KLV-7M/]K"!=MMXMKNZ]6W.@GWN)P6
MX>0Q%8(6Y!&T4KL+/VF:NT&H_/HVO5!!N>WE&S<CN^KEBM194<J,@,S:CK$Y
MUB;]*,WK@7S9V9_@@M,I@;%VU:DCM###=I/1L1O%O+3[3:8'O'1V>7JSB^J#
M'%Q>.3(AD<C.]JS'#!"P1]R&!WKRG+&;Q-(8D3/)TW:Z.VK(+Q`0$!`0$!`0
M$!`0:G[I?N3;_6*/WZ%!:<LX^6?PQ8\9QK2=V&>.62$;`,4$HRLQQ&XB8OLT
M=M4&L2^UL_I:;0Y2!KE:>S8E.;'PRUB>T(`0Q5=PA$P]IG;1WZZN_B@MK'#L
MD8//5S14LF5>G6*S!7C:)VJ/-KK`[N.PVLOY-?*[,[.@^1>W]&*2H\=J3MU(
M\9%&!,).XXON[-S].LC3>;I\$$6I[:18ZK,&+R<M:R-Z6[CISC"8:\<T`5WJ
M/&?]9`T<;,S.[$VC:/T07'#N*4^,8DL?5(2[LTEF9XXHZ\7=ETW=N&)A",.G
M06_.[OU07B`@("`@("`@KN18:/-X*]B9)7A"]"4)2BS.XL;::LSH-<RGMI6M
M39J:I=>N^7DISM!+"%BO#-4G*P1-$3CN&<RU,7?QU?XH,\?!)9*6,@O7HCEQ
ME]KH25*D=2,XVZO`40D8[2+0B+XZ(+7C7&J^!BO1PS%,UVW+;\[,W;&1VVPC
MI^C&S:"@Q3\0QUEL^$Y$4?(7![3`S`0;(`@9Q-OTF[;$SOX.@K9N`V<A#8;.
MYB3)V)(@K0R%!%$`5QGCG,7B#RF<KPBQD_3IT$4'VS[:8*=Y:Q!&^%FO0Y)\
M,4$15FGC`ADT!VTVRNXF[:="9W^*"\X_ARP^,#'>JDMP5R(:A3=9`@U^SB(]
M7<^V/E8GZNS-KUZH+)`0$!`0?"(1%R)V86;5W?HS,R#6;GNA[;4K/I;?*L3!
M8UT>([M=B9_#JSGT06L_)>.P8<\W+DZH8<&9SR+S1^G9G)A9^[KLZD[-XH+)
MG9V9V?5GZLZ`@B93+8S%5'N9*S'5K,[#W9286W$^C"WS=_DR#G'D*4CQ=N8#
M[T3V(G9]6*)MOG9_#3SL@B8CE'',P$QXK)UKHUV8I^Q*)[&)M6<F9^C.S='^
M*#)9SV%JXH,O8O0Q8N08SCND;-$0S:=MQ/P??N;;\T"#D&$GBKS17H2BMQR3
M5CWLS21PZ=PQU\6#7S?)!+KV(+->.Q`8RP3`,D4@OJ)`3:B3/\6=G08`R^*D
MK6K(6X2KTCDCN2B8N,1P_P!:,CL_E</TF?P0+&6Q=:.S)8MQ1!3!I;9&8BT0
M$SN)'J_1GT?1!`L<UXE6QM;)V,M6BQ]PG&K:.1ACD(7VD(N_Q8NFGS03`SV'
M.0(QMQN4M5[T?7H]9G9GFU\-OF;J@4L[A;SUFI7H++W*_K*G:D$^[6U%N\&U
MWW!J8^9NG5!)*Y5"W'3*8!M3`<L4#DV\HXW$3)A\787D%G?Z60?8K->4Y@BD
M$SKGVYQ%V=P-Q$]I?)]IB_Y'00L/R+`YH)3Q&0@OC`[#,\$@R;')M1W;7Z:_
M#YH+%`0$!`0$!`0$!`0$$?(!;.C.-.P%6RX/VK,L?=",OYQ1[H]S-\MS(.M;
MO.N;4.-XZ^9U[D]Y[5T)(J,FOH(&%X2D@&<NT$@DQ23;WV,0^5W0;13O\EFY
ML50,A5LX0*K6[$(5G&2)I_+6`;'>)C<G"0W?M-Y6;YH(N7Y+R*IRP:^^"M@P
MEKP=TZ\DX2O.X,8R68I-*LC/(S`,D6TNGF\W0*S!<HYUE+65[>ND37QQ\4F,
MDBK/)6F.*`?6O9)I-VSKI&VO7PT09,_SW-'C9;^"#;7UQM>,O3%;E]1>,3E`
M8AEAWO%"8>75O,7T:(#\UY-C1P,F0C[]:T]V;,E-3.C8AJUWC$90@>6QIVWE
MWGJ3ZAJ[:.@Y-G>:9(>.6<?DZ-2OF9IJ\H'2.QH\(6)FD`VL1=#&`1TT^G7X
M($7N/DBR9XU\=/O'.OBVO-7+T?IVDV]9M_\`6;>G^5\$$SGGN+3XOE\12ELU
M81LEWKXV389/2]P*_P!@VHZGW)F/X^4"02WY'F!RAX;9$^0?)!'&6TF'\.*/
MU#S.VOUF`2AU\-^CZ?!!JF)YUS>?C.7S,W26''R6:`6,9+5JM-NTC_O'J97F
M#\@B[MUZ>""YA]P+]BZ]<(8H98),76R%8V<CALVKDU>S'N9VU9AC$HRTZL[%
MX.@Q<KYER2K9.IBVTD;+/08H:9WY>R.."V_V(S0:OW"T<MW1O@@W+`S79\-3
MFO$16Y(A*9S@>J6Y^O6!SE>-_P"CO=!/0$!`0$!`0$&I^Z7[DV_UBC]^A02N
M>YG)X?CI6\8W]]*Q6@CT@>T3-/.$9.,`G"\A;2?1M[(-(O>XO+H\7CW9BAMO
M/?CR!1XJ:S8:.F(&!'1&P)PN0R,3_:'TTT^L@V/"\PSEFB4MZ*"*8<&&59@Z
MB\AG,PET,V8"","VL3Z:Z;G01CYAR9LECY92KU<1)%2>:5ZTL\9RVF!Y1DL1
M2_W0AWMV^Y$XOJVI=>@?"YCR>#)9'UA5X:PA>?'5BK2[9/2A(<1170E.&8B&
M/=)&X@0]=/JN@Q\;Y;RR7%1W,GO(Y[6-@`;&-/'LP7)A"5PW6+'<T$NC]-/I
MU067->1\AQ>0B:@4,&-@KO8N63K2W="W.S#,,$@2P1;1=^[VS;Q_F]0W",QD
MC$Q=B$V8A(7U9V=M=6?XL@Y("`@("`@J.896UB.*Y;*5-OJ:52:>'>!2#O`'
M<=0%Q(NOZ+/U0:<7/<[CN-Y:]DK$+;)*]7#Y2_1L8B$[-HGC=I:]D^YVX'VF
M1ZLQ-JS>""^XQS-L_/B9:KQE1R.,ENF0>9VGBFCA(!+73:)$;?F00;7*>2Q^
MJS<<E3\#I9'\-DQCQ2%:,1LC4.5IVD81/N.Y!'VNHZ==7U8,ON1[@UN(QXYS
MGK0G8D.:<;1,.ZG69BL-%YAUE?>+`WS=!<8S+7,E<SM:&2(!IRQ14+#"YMI-
M4BG8S;<V_P`\OP=NG\J#6:7(.:UL;=GO7J5ZR63'#4&"G)6BCE*PT'?F_O$S
MD.A:[&V]>F[J@V+CN1S#Y'(8;+S06[=`*\PW:T90#)'9[C,)PD<VPQ*$OTWU
M9V?H@OT!`0$!!Y:Y5GLY[S^]DWMU5R$M#A&%*1\F-4MI66K.PS$;MT+=*31@
MSZBS>;35!WWAO:KVWPV-''4.-X\*K#L-I*\<QFWA]I)(QF;_`.4[H//'\3OL
MOC>-8N'E/$Q+'8B>U%%FL-"1#58S+[*<(F?:/F\KMX:NVFG5!ZG*[3IT8Y[D
M\=:!A!GEF,0!G=F9FW$[,@B_M5Q?_G%'_>8?]9!0<UR&!R^("O4R6/EM13!-
M`;Y)J4D1@Q,TL4\32N)CN\'%V=M6=!]I9+'B-`LAR#'6K<.,.G=M-8A'N6#[
M3E(PL[:,3QDZ"HX\]:,ZTV6RN%KR8_$_A%9JEP9CE8FCW232&,.@L\+;(V%]
M-2?5!&8>_P"W>.XY:R>(BO8ML='&5;+%&TP4"B<R:P$82P$?;?;M%]/F@L<E
M!QK,<5Q^+R&3H#8JV()3[F4*T7:"9N^#VCV32=ZLYQEN;JQ;7Z(-EN\IP0T)
MQQ^7QK7&B-JC2V8FB:3:_;W[7=]N[371O!!I&$P]+&XO-XF3E>.MU<QCQB><
MI(8S"]VBADE<`+0QD'81.Y;M6^E!),ZF1Q6?+,7,)+<RL5>&/'!D7&#;6'H1
M61$)0(I"(A<0U'0?B@FP6:LO$*N,R'(J$V1CM5YSEDNQRZ107@L#&4VD;R$,
M(,&]P;<_5T'W-38>]R2>_%FL<->7"6<:+E:BW-//*!B[LSOY=!?5T%3Q/#8G
M`<MAR`<@Q;X.'$G4AI#8!CAMSS0RV.WUV]@RAWLW1V(BZ:::!=YO+5"Y5B<U
MC,GB;$52K;IVHK%\8"9K4M:1C!Q"9BV^F?ROIX^*#GCLW4IY_+D^1Q)XG)3M
M9"SZ\6G`FJPP;'AV;7;=#KKW/!_!!PX7#P_CN/B8\[6LY(ZU:O;LRWAF;;6%
MV".+>3;(Q*0W%F9O%!N56W5MP#8JS!8@/79+$3&#Z/H^A"[MXH,J`@("`@("
M`@("`@X3P13P202CNBE%PD'JVHDVCMT^A!59/B/',G4J5+M(9:U!F"K&Q&&T
M&9A>/4"%RC(19B`M1+3JSH+"OCJ5>S8M00C'/:V-.;>)-$.T&_S1^2"OM\0X
MW<S$>8L4A/(1N!=W<8B11?U921B31R%'IY",7<?@@QX[A/',;E"RE*"6*V9R
MR%_>;)1;IW<I':`I'A;<Y._0$&2UQ#CEG%RXN2FPT9K#W#BB.2%^^\G>>1CC
M(#$M_7HZ#EC>*8+'#`-:N3^F[S0E/--8(6L;>ZVZ8Y"=BV#T=T&2AQS!T*F.
MJ4Z805L2[OCH@U88=P%&^UM?YDA-^=!S'`X@0<!K"PE:]>[:O_B=V_N^/CNZ
MH.<V'QDTER2:N,AY"$:UQRU?N0BQLT;]?J_:EX?-`APV,ANQ78X!:W#7:G'.
M[NY-`Q,6S5W?XMK\T%12]O.(TAL!7IR-%9B.":`[-J2%XY"8B$8I)2C'JW3:
MS:?!!-N<2XW<ER,UFA%)+EHX8LC)U8I1JN10;G9V\T;D[B3=6^?1D$2;@'$Y
M<9!C2I$-6M,5F)XY[$<O>,7`I"G"09C(A)V=R-]4%QC<=4QM&&C48QK0-MC:
M2224M-=>IRD9EX_%T$E`0$!`0$!`0:G[I?N3;_6*/WZ%!?YG"XW,T#H9&)YJ
MID!N(F<1,49,8$)QD!BXD+/JSH(^+XM@,6T#4:C1%6>4HI'(SDW3[>Z1F9$1
MD>P=2)W?H@B6N`</M05H)L:#PT^XU<!*0&8)3[DD1;"'=$1=>V6H?0@S7.&<
M9N96+*V*`%>B[>DC$8"3POK$\D8DT<CQO]1S%]OP0<0X1Q4+]F^./!K-H91F
M?<;A]NSM,01N7;`I-7WD`LY?%T$6#VXXA#0GH!5G>I9:)I(SN7#T].;'$\9'
M,11N)-X@[(,DWM]Q">&I%/0>8:0%'"4DTYF\9&YO%*9&YS1N3Z[)'(?H0;$S
M,S,S-HS=&9D!`0$!`0$&"]1JWZ<U.W&TU6P#QS1%KH0DVCL^B!8H5+$]:>>-
MI):9O+6)]?(9`4;DS>&NPR;\Z"GO\$XM?G">>H8S1R2RB<%BQ7??.0G+KV9(
M]6,P8G9^FO5!FEX=QF7,MF9*$99$3&7NZEM>4&VC*46O;>46;1I''<WS06!8
MV@5TKQPB5HX?3%*75WAW.6S1^FCD_7YH*FIP3B]3)PY*K5."W`$<<;QV+`Q[
M88FAC8HFD[1[8V8?,+H+";`8:>A;Q\U2.6E>,Y;<!MN$SD+<1/K\=W7IX/X(
M/F%P&(PE8Z^-K]D)"[DI.1R22'HS;I)9'.0WT9FU(GZ(+!`0$!`0>%>-\LL>
MSW\0>8GS,,DE/U5JKD&!O.]6U(TL<T;/X_H'I\6Z(/:G&N6<;Y/C0R>`R,&1
MI2,S]R`V)Q=_T3'ZP%_1)F=!GSN!P^>Q<V*S-2.]CI]KS5IFU`MA,8ZM]!"S
MH(G+&SPX,VX_CZ>2R#$#1U,A(\4#@S^9W(1D?5F\.B#S[Q3W^YERCF<G#\9P
M;##F82G"9IK#C$#UG=I-3:,O!QTZ,@[QS]+D,/'Z\V"P.*MYXNWZJI:/LUQ9
MP=Y=DHQD1:'HPZCU9!TEP/WWYES?DUKC>'X3A`R5.*6:=K-@@!AAD&,V8AA/
M5]QL@VCD'NAROA`#<YU[<P!@W-@ES&&GBMA$Y/HV^(XXR'7X.3BWP\4'9G$<
MQP;EV#@S?'QJW<?/JS&,0L0&WUHY`=F(#'XLZ#J+WD]W^4^VF3A&YP[$6<3D
M)9QQ5H9G[AA`XZ]T.WY"TD%^FK(.PO;"]R#DN$BS'(^.8O%U;\$%K%A5/OR%
M',+F_>8HQ8'VN+MH[^*#=/P?$?\`Z-?_`.T'_P`$'2'O+[J\K]M;,=BSP_#V
M\)=GDAQMH9G[Q,`L7VL?:T%W9_@[H+3C7(?=GD7'\?G<?PSC;4<E`%FNTMR0
M38)&U;<+5WT?\Z"JN^Z'/,#SOCG&>4\#QE&MR&Y%4@R->;OQ.TD@@;@[`WF#
M=KM+1T%A[V>XG*?;AVR4'#L;DN,R&$,=]SVRA*0:NTT;1^5G)G87U=!E]D?<
M'.>Y$!Y:?C6'HX"(Y:\LD4O<M#8`0(6>)XV9A)C\7)!>>[V?S?"\'-R#$<>Q
M-_$487ER16Y.Q*).8@`Q",9,>N[XNR"3[59'D?)\$V9Y/Q:A@X+8138R"-^[
M,<9L3N4P$`]O5MKBVNO7KH@O^"QQQXN]'&+``Y7)L("S,S-ZV7HS,@V)`0$!
M`0$!`0$!`04'N`=D.$9TJLLL%AJ4_:FKDX2@3@[,49#U8F^#L@Z^Y-E\_'3S
MF/R5DZ\V*#"UY[DLUBI6FCDR$FMGO5W8XVF@VM,\;ZL[.WAH@SU;DPX+&/BL
MBUB'*S6<)--CKUR]''/<>,HYAGLD<HG"$9]?T=>B#:?;Z;)VPOR7Y9C*B4>(
MVRD3[CH,0RSMJ_5Y3DZE\=$%/)!RZO!R.*O=L67X]"=?"L#F<\C68QL%)*Q:
M]^:",^U%KKKIJ_F)!59"W%+B<O#P_)W;V,DI1M8GFM7)&CO':B`1&R9//&9Q
ME)W@C)MFC=!?Q#"+<YQ56SC\>8AG8LQ4"KCK%N]8IC#+!(XS/:G>6>2*5V=R
M#HS$&W^D@[`X3DZ<V%J0E/.^2D[SW(+QL]IK$1LUH3%O*VR0V;0/(S..WRNR
M#3KN4Y'C\Q?)Y[4^,R7)*52'1R+TAA-4\HZ=6KV(MXDWU6+_`"W0;'@J68'E
MUZC8O2RXC#Z6<>#F;R2%?WOLG-W^T"MM)HVZ]";7J+.@L?<!KW[&Y>2C;FIV
M8:LLH35]&EU`'+:+NQ;=VFFK=?EH@U7,W[P\["&&W9;,>HJ#B\>TDHUY,>4!
M/:D*%G[1LTF[<9-J+L+:MJVH0>/V[EOB_(GQ>6O.X8B":W;.626:'+=N<KD4
M;V.YVC\L>X`;0'?RL+H,^=R.9BY3@HX)I9K=F#'%4A:S/"P"\^EXBKLSQ6M\
M+^9RU[;-KY=6<@[10$!`0$!`0$!!J?NE^Y-O]8H_?H4$SG=BW!Q]Y(998*_J
M*[9&Q7W=Z.F\PM8.-P9S9VCUU(>HMJ[=60:D%^PYX8.#79<A4+*3`$N3L69:
MAQ_A\A$$=A^[++&)MJSDY,Q]&?IT#`.1YDV,D)Y9?Q5J^?>4:SR2@Q192(!>
M`9&U,HX'/LLX_0S()+YO%U\!EH^&V\CF9K?IZE5BGDL"-NRYB?I[%LV=I0CU
MDD%Y&$-K?5=W01"S5LL+C*7)3O8NACI;=++R2V#@E*6$!?'^KN5#D<`F@/>9
MB>CGHSN_@X*N7@GQ6'+DUNYC>.]NX(61NV]);$=EAK[[P!4G,'AU>'>P[_CN
M?1W#>^%39";C%*2^4ISDTG;DLCLG.!I2:N<HNPNTA0['+5F?7Q07:`@("`@(
M""KY2<P<;R903S5I6K2;+-:-YIHW<7;>$;=2<?'1NOR0=:T<W:/C60QF%>YD
M)\A:@IP6,=?EMCME`CMG3LY`HCCDBAC-R$I78#<='U?1!*@S_+)K&&R;A:"Y
MB,=<'.X75B[YU[$,,W0'('F8/MH7$GU^JSZ$@GY(LQ?]J./-6FE/(7VQ`R22
M36*Y2=Z2+N=V:%QG!B9WW.SZH*KD?'.5Q_A6.H0^IL5,;>M6*39;+1@<O?AV
M]NP,C32GH3L(ROHW@VC(.5ODW(8SP-S'-?S&+P5*K8S&2B[<03>I81G*S#)*
M$A%%68I=H`;L;MKU0<PR?(ZF8CCDL6K&-RO)CCK2,YEZ;LRDQ5R=O_QYH@W!
MKT8F)OTA0<\+DZ1U)B')Y.7EST;;YRF\LY1P3C&1?:PG]G68)&VP/$P[FT^L
MW5!%CRLD7(L05G(6I[LD6,&''>HMUY])(XN\<,#,=:Y$3DY3$;,0Z%YFT%!9
M8K(0OF':2_>DYP\]T)<4TL[UFB'N]CNUR?L1UMC1N$HLSD^GF=W=D#AE^"7+
M8AL;D;]W)2Q2/RVO:DGD&&1H=?M8IO)6D:QH(!&PZCKT=FU0=E("#K'WC]A.
M+>Y4(6IC+&\@KAVZV5B%BW`VKM'/'JW<!G?IU9V^#_!!Y=Y#[%>]_MG<+,8?
MOS00:O\`BN$ED<F!NOVD0[9F;YZBX_2@WWV;_BVRC9&M@O<(@GJSDT46>$6C
MDB)WT;U("S`0?,Q9G;XZ_`/68DQ,Q"^K/U9V\'9!XS_A_P#_`.GLU_:Y?_;$
M@]F(/&_\*G_??D/ZI?\`O<2#U]E<70RV,M8S(0C8HW8C@LPFVHE'(+B3/^9T
M'D/^&?-7N&>]N8X#-,14+LMNF\9/T]31<RCE9M=-2",A_.WR0;'_`!R?X+AW
M]I?_`-&N@[\]K_\`MKQ7_I%'[N"#9T'FS^-[]TN-_K\O^Q0=N>R'_:'B/_2Z
MW^@R")++Q/W!YC;Q%B"?U?MWDZ5V&T!BP':.(I!'IJ[B&FTQ?XH-JY?Q?&<J
MXSD>/9,-U+(PE#(_BX._4)!_I`3,3?2R#R+[#\FRGM-[Q7^#\C+LT<C.U"RY
M=(QL,_\`=+(ZO]21BTU_FDSOX(.]>?D///<O$^W<?VN"PG;SG+M.HGM?^Y4S
M_M"?>0_S?R(.W69F9F9M&;HS,@U_A/\`P[(?]6R?WV5!L"`@("`@("`@("`@
M((XY''E:&H-F)[1Q]X*[&+R/%KIO8-=SC]/@@6<CCZL$EBS:B@KQ$P2S2F(`
M).[,S$1.S,_5D&898S=V$V)V9G=F=G=F?P_E081R&/([`#9B<Z>CVQ8Q=XF=
MMS=QM?)Y>O5!Q_%<7VJTWK(.S<)AJ2=P-LI$VHM&^NAN_P`-$'V_D\;CH1FR
M%N&G"1,`R6)!B%R?JPLYNS:]/!`:QCI+_9:6$[\,>[ML0O*$4CMUV_682<6Z
M_'1!C_&\+Z/UWKZWHM_;]5WH^UOW;=N_7;NW=--?%!-0$!`0$!`0$!`0$!`0
M$&I^Z7[DV_UBC]^A0;-<NTZ5<[-R>.M6CT[DTQC&`ZOHVI$[,W5!QBR./EIM
M>BM0R4B;<-H9!*)VUTU8V?;X_2@S-+&\CQ,;=UF8G#5MS"[NS/I\GT=`CECD
M#?&8F&KMN%V=M1?1VU;Y.VB#!/D\;7I^NGMPQ4G9G:T<@C%H7U7WN^WK\.J"
M0!B8L8.Q"3,XDSZL[/X.SH/J`@("`@("`@.[,SN[Z,W5W=!&JY3&6X0GJVX;
M$,AO$$L4@&)&WB#$+NSET\$&0K540(RF!@`VC,G)F9C=V%A=]?'5V;1!]*S6
M`I!*4!*(&DE%R9G$'UT(ODWE?K]"#'+DL=#9AJRVH8[5EG>O`4@C)(S>.P7?
M4OS(,C6JSMJTP:,?:=]S?UFNFS_*U^"`5JL+3.4P,U?K.[DS-&VW=Y_YOEZ]
M?@@R>*`@("`@(*7B?,,'RJC9NX>4I8*EN:A/O%P<9ZY;9!T?\O1!=(/*7\8W
MMCQ_'T:/-\77"G=M6VIY2.)F$)RDC.0)G%NF]NV[$_Z6O7P0=[^R=ZW>]IN*
M6KAO)8/'0B<A?6)@;8+O_FBR#S3_``__`/\`3V:_M<O_`+8D'LQ!XW_A4_[[
M\A_5+_WN)![(0>*>`QEEOXO;-FEYX8\SE+!G\&CC&9G?^7H@W/\`CD_P7#O[
M2_\`Z-=!WY[7_P#;7BO_`$BC]W!!LZ#S9_&]^Z7&_P!?E_V*#:O:CVQI9/VM
MXU:/D'(*I6L;"3Q5<I8AB#>'A'&+[09O@S(.?L)[>Y#@_+/<'&3-:GQ\ENG+
MCLE;%]UD#CDD)^X[,TA`\FTW;XH.YD'EW^-3AF.CHX7FM?[+)/8;&6MO3N@\
M9S1&[M^E'VR;\C_0@[)_AHPI0^W47)KUD[V>Y5*>0RE^7K(;B111`[O\`$/Y
M7=!VR@U_A/\`P[(?]6R?WV5!L"`@("`@("`@("`@I^9!>/BF7"CKZHJLK1L/
MUG\CZL/]+373Z4&M-#7M<[I%7X_-!0K=NQ!G8(H>W9,JCQANF8VD"&.(MFW;
MYBT\&;S!"LX>SA<%D*\/'#RI39NQ/1B<([30A,'^,()I![FFI='+<[O\/%!>
M<;J>ES.-KU(YX:M7!QPVH[.G=$FD!JHRL+D/<81FUT\/R(-9Q'&<M7S&>L7\
M'+>KRQV^]4,:@PS/-=:>,:QZL<^\-2+U/U29A':SNR"LN<.Y.6!IP5,;(]B?
M\2KUSLUZAG`-V8)HYYHXY88JLKFQ/OA$F$6TV;G;0-Q]R,/=O0XV2K5NV[%5
MYO3E3:F8A8D!@C*Q'<$F>-^K.0]1;7YH*G-<;SF0S\Q5L4]6\6/MP6\B+0#5
MFELT^V,T<PNUGN=T0CV'Y6!MWCM=!`;C]SM-D?V2F;$^J;7C>RIW'+\/]+ZC
MM=SLZ=SRZ[M=OF0=E<;I6J/'<72MOK:JU((;#Z[OM(XQ$NOQZMXH+%`0$!`0
M$!`0$!`0$!!J?NE^Y-O]8H_?H4$GGU6:Q@`:.@>3:&[2L348A`SDBAM1R2,(
M2.(%Y1=]'=!I]_C/(<OCK=#&X:/%XO-7QM3XZ_MCB"O7K@)=R.L1[3L6!8F$
M?@+N75T%C@[?*<;FJ4V:PURY:GQE;'6[E-HI(FGJVIQ.8W.0"8)!,96Z.^C_
M`#Z(.%:;E`\7RO&Z&(MU<L<UV.KD9QC&GI<O2;9AD"0C=@BF[GU=>GS05Y<:
MS]+CL&)OX@K$6'OG+C2Q#03!%6FB/MC'7O,X3#$4A1$):$+;2'Z`WWA]6[5X
MS0KW:L5*S'&XG5@$0`&W/M;8)&(/MT<A$G%GU9GT07"`@("`@("`@K.3TBO\
M=R5(:[VWLUY(O2C+V"D8Q=G`979V%W;P=^GSZ(.O*7&>16Z\05:D^'!LK5G#
M(%6H5[VR*"4)))886EJDPZB`ELU=G?R]&=`R?"N:7<9+@8RCLA/DKE^SD\CM
M!I&$!&J^VH(-O:4VE'0&;[+KU0?,WQSF5^+)9Z.@XY\\%7Q\]3>`A:<O5!;@
M%]VUM",)8B?Z&\')!DY#Q[.M:O15L&UW(WK5:S1RTD%:Q",,$,8C7E*6:&6O
MVI`<F(&?YCJ3NR"3%P_DXWI+CW+(U/VD>\V(8*KPO7[S%WM_;[_]/3N?F^""
MN_9GGS5.236J,!_M7C;W=@KF3SQVR`RJ!/W'8-1A/T^H=/*/PZH.V81<80%^
MCL+,[?F0<D!`0$!!XV]FO>BOP'W`Y1C,^T@\5RN5L.5T1(AJVFE-F-V%GU$P
MT8].O1G^:#U;!SKA4^-_$X<_CCQ^W<]MK4/;9M->I;M&_.@\W>[O(LA[Z<MQ
MG!>!`5K`8R?OY3.;2:LTCML[FY]/)$#EM^)N_3IHZ#T?%)QC@O$Z-:Y=@QF%
MQ<$-**S:D&*-F`6C#<1:#N+3^5!XZ]DN7<9Q?\0N2S>2R4%/$6I<F\-^<VCA
M=II"*-W,M&;<WAJ@]G97EG&,1B8<QE,K5I8JQL[%Z>4(X3[HN8;3)V9]PMJW
MS0>-_P"&OEG&L-[QYO*Y?)UL=CK%2XT-JU(,,9/)9C,&8C=FU<6=]$'H'GO\
M0O%:>,EQ_";+<IY;<!X\91Q8E:$9";1I9#C8AVAX[6?5_P`G5@JOX;?8_(\)
M@M\FY-H_*<L&QX-6-ZT!$QD)&VK/+(3,YZ=&T9OF@ZZ_C3Y/Q[)S<<Q>.R,%
MO(8R:\.1K0FQG`1=D6&5F^J6H/T?KT0=Q^W?NU[84N`<;J6^58J"U6Q=.*>"
M2W")@80`)"0N6K.SMH[(-7QGO)C.:_Q#8'$\:NRSX'&4;S6)@(P@LV)(]7?8
M^F\8V!MI.WCKITZN&I?QH<KXW?Q>%PM')5[65H7IGO4X9!.2#2)A^U%GU!]2
MZ:H.R/:'W5]M,;[7\7H9#E&+JW:V.@CL5IK<(21F(:.)BY:L[?)T%-[G^_?'
MK.>XEQKA><&W>NYNB^2M4#W1#4[K"<)2CY2[KDVHL[]&Z_!!WR@\S_QD\MXQ
M=X=2P-/*5K&:IY>,[>/BE$YXA&O,SO(#/J/4Q\?F@WW^&KEG&;WMAQ_!T\G6
MGS-&H;W,<$@O8B89R9R./7<S>=NNGQ0=MH->X1_P[(?]6R?WV5!L*`@("`@(
M"`@("`@QV;,%6M+9L&T<$`%)+(7@(`VXG?\`(S(*<.78O\7KXIX;44EAA&*P
M=>0*_=.+O#!W7;;W.VV[3\WCT08OVZP<F-DR%$;.2B"V=$8Z<$DTAS1]3V"S
M=0%F=]_U?D_AJ%CC,[B\D0>CEW]ZM%<B?1QWP3:[#;7K^CH[?#XH*T.>8(YL
MA$(VG*@,A:M7E)K#0R=F7TVUG>79,[1OI\?HZH,1>XF`&K5L$%MFL/-WHO3R
M/)6&J?:G.R+-]D$1OM)W_-JR"PY!R:GA!JM+7LW)KLCQUZ]./O2/M%R(M-1T
M$6\7U^2#"?,L6&5O4#ALB&-B>:]D'B?TL3#$TQ"4FOUFC)GT9D$3_P!Q,)Z$
M;'IKWJ#F[#8WTLGK-=G=W]G3=L[7GW?+I];H@GY?E>-QN*J9-HY[T%\XHZ4=
M*-YI)7F%S#:/3IM9W0<2YABHHL25T+%&;,S^FJ5;,3A,TG7^M%MVQGT9M7Z:
MD+?%D'.7EF&BRA8DS-LDT\4`5=C[S[P/(,@-^E$PB3D?@VTM>K(+A`0$!`0$
M!`0$!`0:G[I?N3;_`%BC]^A07F?SE7"8TK]F*:<&DBB""L#RRG)-(,8"`-IJ
M[D3(*:Q[@U(`J,6'RQ6;832C2"HY3A'`8@1R`Q>47<VV_-!/#F.`D/"C'8<V
MY`#RXPV$MI@T;2:D[MY-6)F;=\>GB@QP<WX]/-:@BG)YJ60#%68MCL0V979@
MZ/X@6[H?AX_)T&$O<#CC8^:^!RRUZU$LE9>.(B>*`6U%C^1R:/L#Q?1W\$$C
M&<LJW2KA+1NXZ6W.5:O%>@>$S,(2G=V;4O+LC?K\T$;(<\QE22&*&E?R,TQ6
MA:*E7>8A]%,T$Q$VK:-W"9F^:##)[CXGU>.@K8_)78\K$$U&U7JD<)@8L;ON
M=QTV"7G9VZ(-K0$!`0$!!&R61IXS'V<A=D:&I4C*:>5V=]H`VKOHVKO^9!54
MN9XRR$?<KW*4TEF.F->Y6DAD[DHN4;Z$VCB0B_5G?Y/U0<,7S[C&3I4KM6R_
MIKWJ.V<@N&QZC.\S2L6FS:PZ]?AU\$&7!\PQN8L'##7N5OL^_!+;K2UXYX6=
MF[D1FS,[>9NCZ%UUTT01B]P,$6!JYJK':O5[MAZE:"M"1V"E9SZ=I]KMTC<M
M7^'7XH!>X&%]#6L0U[MFQ9*4!QL%:0[8%7)@G[D3-Y.T3LQ.[Z=6TUU9!BN^
MY&"K^G>O7O9&.>L]QY*58Y6BA8WC<I6\I`[$),XZ;FT?H@S?MYC9,H&/I4;]
M]C&N97*M=SK`-H6.-SD=QT\CL3].C(-D0$!`0$%32XEQBE0L8^KBJL=&W,=F
MU5[0/'+-*^IR&+L[$1?'5!12^R_M-+8>P?$<4\KOJ^E6)AU_R69A_P#!!M.-
MQ6+Q=4:F,IP4:@?4KUHPBC;\@@PL@YW:%&]`]>[7BM0.[.\,P#(#NW5GVDSM
MT00/V0XE_P`DH?[K#_JH)EK%8NW5"I:IP6*D>WMUY8P.,=K:#H!,XMHW@@A_
MLAQ/_DE#_=8?]5!,HXG%X]B&A3@J,7UF@C"-G_+L9D$I!63\7XS8F.>?$4I9
MY7<I)3KQ$9$_BY$XZNZ#A^R'$O\`DE#_`'6'_509J?'N/TIVL4\94K6!9V&:
M&".,V9^CLQ"+/U0<;'&.-69SGL8FE-/*^Z262O$1D_S(G%W=T&/]D.)?\DH?
M[K#_`*J#E%Q7B\4@2Q8>C'+&[%&8UHA(29]6=G8=6=D%H@K;'&.-V9SL6,33
MFGD?=)+)7B,R?YD3B[N@R4<%@\?*\U#'5JDQ#M*2"&.,G'771W!F?3H@G(.,
M<44;.T8"#.[D["S-J1/J3]/B[]70<D!`0$!`0$!`0$!!5\IQ4V6XYD<;"6V:
MU7..)WZ-O=O*Q?0[]'^A!4CBN5VN6U\M:DIOA8@%ZM"09?4UB.';*6HD\12N
M1..YVZ!T;Q=W#!DN+<H#&9"KA+]:&7)9*2Y9.<96UK2BS%")1$)@3N+>=OAK
MIH_5@L,7A[T69I6)HH8(L?BVI,-=G&$I)3`B:(7=R$(V@9AU_G(*;$\`S&+R
MV7R52[4CM71F:&R]<RDG*:=IA*]]HS2=IM8PV;?*[_D05]GVGNSX6IC!MUJT
M>MN.Y%6&S#''7N$)%#5:.8-8Q<7?MS;@<GW:-IH@V+F_$9N05:T$`8\FB:2,
MGR%7U+QC*+#W:Y,0O'*&W4?G]&B"`7MY-)G9+DAT7K=J0/4^EUO6.[5]*4=V
M7=MGB_3=G9M78?EJX5L?M;E`Q!"UZ%\Q+:CFEL$=]Q:..N];;'-ZGU3.X/J[
M/+M?ZFFU!L.4X'C;_'\'@)V"QC<1)6*2&<-[31U8BC$7;PU=W8D$#D/MG%EY
M`"OD9\33HTAIXFK1<8PB+N-*Y2,0EN;?##H(NWU?'J@E%P_*R\CK\FFO1_C%
M;96C``)H/P\F%[,&W75RDD;N,;_5<1;PW;@VU`0$!`0$!`0$!`0:G[I?N3;_
M`%BC]^A06G*^.5^18D<998#JE9K36(I1W!)'7G"8HW;^DP:(*/-^U'%<N]:K
M/3ACQ5.C9ITZL8;7@DL2QR=Z%_`7'8_\OR01+_MIE,D45VUFCK9.E5J04!HB
MT--I:9-,)R0NQ.XE.S.X"3>5F%!(L>W4TF2JY&*\T-B++%?M"P:C/5>7OC7+
MK]:.30@/X>9M/,Z"OI>TIX[CN0PF.NA'6S5">OEXY&,P.Y(SB-L-Q.XNXELD
M'71Q8=--O4+^[PN*E1HAQ.*IB[&-M'<KP21$]8REA."1C&,@)MP2:[F?Q9NB
M"KM^U.,R\%:+D3Q9!P@R#2D$;QN%K(V0L%+!J1.#1N+B.KN^GC\4%Y2X[>C/
MC\MJ>$IL-!+!-V(NU'(YQC&SQ@SZ1MY-=O@W@R#8$!`0$!`01,M3FNXRU4@F
M&"6>(HPF.,9A%R;3S1'Y3'YB_BR#4<+P')U`A>Q9JPA#D(+L>/I!*%2(8`,7
M:()9)'`I>YJ6F@MHW3Q=PCU_:GMR8X"OZ4X\=/0RU8`T:>66NU8+$;N[[#:+
M42UUW,P_S4'(^`\IMV+MB]F(8YYZ!XL)J8V8^Y%*X"4\D)S20C*$8ELV!]8M
M7?3H@#[40B/H3R5BWARNU\@45B0QL-)#`=<Q&:!X7$2'M::>&U_'<@M;7#[6
M.FHVN)G6HS4X9:A5K8230R13R#*1.0F,G=:0=VYR?=J^[YL%1>]G\3DHMN4D
MCN3#3DAAMG$W<BMS69+<E@!U<6%Y)/ZM]6T;:^K(.,WM[ERY5%GBKX6U.XTG
MDFL5YN]"=4&$_3.)[1'74@9_#XH.PT!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`
M0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!!J?NE^Y-O]8H_
M?H4%QR3,R8G&M/!`UFW/-#5IUR/MB<UB1HPWGH>T6<M2?1^GP=T&F9'W,RM'
M%VF-L7-EJ>1AQ]CTTUBS#'WA(M9(HHBL@8O&X[=CZ^.NFN@3J?N';"Q@(\C7
MA*MEH;$EK(0=^..N06(X(-8[$<<NR0Y6$B)FT+3X/J@KI_<[,GDL74K04X&O
M4:-V1IPO2ENN&8N`E6AE`6'M^,CM_(@V6+E5N2W%CO2"V1?)S4IHG)]HUH@>
M?U&NGZ4!1Z-_./1`XCS2OR&YE*X!''Z.76H02#(\U1R.()W9NH;I89&V_+1_
MB@V5`0$!`0$!`01,O<LTL5;N5JIWK%>$Y8:<;Z'*0"[L`OUZD_1!J-#GN4?"
M6<K<KTYJ^.G#\3*E).YQ5"%WDE*":**8#AZ$0$/F!G<>O1!D+E7,KMFC#B<=
M2C.[7LWQCORS1EZ6.6..!G[8'MDE&7<3.WE\.KZH(TONGLD,GH;*DF&CR52<
MS\;<@6)&IR:-T=QK%M)O%V=OEJ'VOS_+6>;28*..I'5BGBA)CCNG.3'6CG(F
MDCA>L/\`6:,Q2-X=4%M@.5Y'*Y4\7)0:O9QK&.=)R)PBE=V].,#N+=QI@^U9
M_P!$=-?,Z#9T!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$
M!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$&I^Z7[DV_P!8H_?H4&PY;$T<M0DH
MW0<X)'$M0(HS$P)C`P,'$@("%B$F?5G04$GMSB)*A1'>R)6SFBL/E"M&5MCK
ML31,TCZL(BTA-M8=.K_%!,BX7B>PT5V6QDW]+8HR2W97E,X+1B<@F^@Z]8QV
MO\$$/_VZQD1U"HY+)8]J=2O1$*MIP:2&IN[7=W,6\FWOJ7Q07$G'L<>3LY-F
M..[:K>CDE`W'2/5WW"WZ)^'F\>C?)!%Q'".,8:W!:Q-"*A-!7>JY5P&/NQDX
MO]MM9NX3/&SL1=?'YN@O$!`0$!`0$!!'R./J9&C/1MAW*U@'CE%G<7T?Y$+L
M0O\`)V?5D%30X9BZE'(U#FM7"RL;P7;5N<IIRBV$`@QOX"`F6W1OCKXH/F9X
M70RD].=[EZC+3A*L)4K!0.<)N#D$CBVKM]FW5G9T'&_P'C%['7,;/5?T5VI7
MH20@9#LAJ.;P=MV?4"!Y7=B9]4`>%U8\V>6KY+(5WEE">:C%8VU3..,(O-%M
M?H0QCNZ]4%K4Q5.I>O786)I\B<<EEW=W9RBC&(=&^'E!D$Q`0$!`0$!`0$!`
M0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`
M0$!`0$!!J?NE^Y-O]8H_?H4$[FN7R.)P\5O'Q%8LO=I0M6C[;'*$UJ.,XQ>5
MPC9R$G;4B;3YH-:;E7)\C?DQDCR<<.SEFHA),-6::O$..CM,`.!3P%).9.X.
M3EHVO371!%_;/E-7(TH&LQY.GCK61BRDT<0,=RK4"!WDC8.C30/8+>(="("9
MF;5F8.=7E7(,S0I>DR1P;Z$V2">C#6EL7=MDXPC@&PW9V@`B1_%]P]1^(6>4
MYIDH^`XCD.-BDR%JW+1'TT,<<<ECOS!&<8!(9!&YZOXR:#X[D$:ER'-9:G@J
M\>8:E/G'MRV;<<$;25Y*VW7'PQS@0M(#N3$\HD7D+HWZ(1(N<<C@OX^6:>*Y
MB*0Y(<U-%$S//!4M0UQNQ;==O:[CE((^5]#T\&08XN5<ER>&@LPY22M-6PU3
M*$-*O5GFN'9<V(V&PXQ]B/MMN8'%^OUFZ:AV%A,@.2PU#(@^X;M:&P);=FK2
M@QL^UW+;X^&KH)J`@("`@CY"M8LTI8*]N2C-(V@6X1C.2-]?$1F&2-_\X70:
M!B\GRC\`P86>02E:Y#<*`\I-!49ZPQQS&T<`!%'$YRO"PCW&+J[]'Z,@@9KW
M!Y5A9(JU?_UPJ]J_3FM11!H<=>O!-ZJ<0T_PW=-I!AZF0Z"+._0+^_D^45[.
M(IX_(1Y&MR&".&KEMD+=B:,'GELL`LPR!-78BC'KH;-^B70(MGD>?$K^9#*@
M,6/RK8L>/=J)VD'OA"V^1V[_`'Y1/NQ[28=''ROXH.P4!`0$!`0$!`0$!`0$
M!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$
M!`0$!!J?NE^Y-O\`6*/WZ%!M$]>O.(C/&,H@8R")LQ,QQDQ`3:_$29G9T$:[
MA,->KV:]VC7LU[A,=N*:(#&4A%A$I&)G8G809F=_D@YU<3BJ@5@JTX(`I@4=
M08HQ!H@/3<,;"S;6+:VK,@BV^*\8N4(,=;Q%.>A5?=6J25XCBC?Y@#CM'\S(
M)Q4:10Q0%7C>&!P*")P':#Q.SQN(Z:#L=FVZ>"")<XYQ^[6L5;F-JV:UN7OV
MH)88S"25F8>X8DSL1Z"S;GZH)$.,QL+1-#4AC:")Z\+!&(L$):.\8Z-T!]K>
M5NG1!#M\2XM<JTZEO#TK%7'LPT8):\1QP"+,S-$)"[`S,S=&06@B(BPBS,+-
MHS-T9F9!]0$!`0$!!#L87#V<:6+L4:\V--MI4I(@*%VUW=8W;;X]?!!]JX?$
MU`K!5I00!2$@IC'&`-")_6:-A9MK%\=$'V#%XR".O'!4ABCJ.150`!%HG-G8
MGC9F\NK$[=/F@Q'Q_!298,Q)CJQY:,=@9`H8WL"/AHTKMO\`_%!/0$!`0$!`
M0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`
M0$!`0$!`0$!`0$&I^Z7[DV_UBC]^A02^=3%7P]>TP321ULA1FG:O%+/(T06H
MWD=HX1.0F8=7?:+]$&N<AGP>6RM;(YG'7\CQV:FS8H`IW7>.Z,QM*YUQ`9HI
M2#M]J0P9FT+0FUZAKV0QG-JE3+Y1X+MNZW'Z5&]39RD.=I`M,11Z:C)9KF0$
M6U]2;<W5W%!86L?0?E&1*'&VOVN+*4SH9(*MEA&H,-5I'*WL:#L[!E8@<^OA
MIJ@SPX]OQR!VQ]YN:#E>Y:RG:G:`L=ZDB+6R_P#=R@>IY`B8M6/3R[FU08.'
M8[DF.R7%J5BO;EQIE=N^HE8W]-))'(,E:;=U82,V.'=\R']%D':J`@("`@("
M`@J^4XZ;(\=R%2N3C9.$BJD+Z.TT?GB?I_3%D&@X2MFI,Y3R%RE<AHYARY'?
M`QD=X):P211UC'Q&1XY*^D?B[QET01L;#S,<?GXLUC+E:+D58\@)4)GLSA/W
M-L@-&XQ=I_3'$/:W:EVR9GW.@^XVAFCIXR#C]4<;##G1DKW?0W8JCQ/CYVD-
M\=8ECEA!C?8_G87-]S=4''(XCDQXK)5[D<UJS+7Y%')+6AF@"1YI8.SV@WRD
M&\6?9YW?QT=!+FH\I&UFJ%R&Y9KT:V+KE<AW[[U`+<\DW:(=KO/Z<MDPCYG=
MNGUA010P%'*\2YA2AP0MAXXY+''XFJW*^MAH)69XJMIA,90\NI1@(D3].NJ"
MTSG'^.8^Y1JY/#3S<7AHN./I4:\\\45XI7.1RAK,1#(8D/;D)O*[%YA=^H4=
M[%\VJXZ_DWAN6;T7':U*Y1\\DDX2^L9V#1W$[5?=$1.SZEYF_29!VE5N0SU+
M%2$G*U2`8;`;29QD*$9!9G)FW>4VZM^3Q0=>>W=?%49,58P^,MXZ.MB2;DYG
M3MU@ELL,3@W;EC!YIF-I'W1B3Z:MKU9D$^:K2;EMJ7*XR_<S[Y"*3"W*\<_;
M"EI'HPV1T@BC#S]Z,R9SZ]"U9!N_XU1^4W]?Z7_#S_UG_P`GU/\`ZGU/I03D
M!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$
M!`0$!`0$!`0:G[I?N3;_`%BC]^A0;-;NU:@`=F1HQDDCA!WUZR2DP`/3^<1,
MR"OSG*N/X(H1REMJYSZO%&PG(;B.FXW&,3(0'5MQOY6^+H,=_FG%Z%FM6M9&
M,)+8A)"0L1Q[)7VQ&<@,4<8R/T`C)F+X()^4RV-Q59K61L!5KE)'`TDCZ,\D
MQM'&/^<9,R#!/R7!06[].:[&%K&5ANWH7UW1USW[97;3J+]HO#Y((][F?&*.
M4#%VKX173>,7!V-Q`I>D0RR,+QQ/)JVQC)MWP0<:_-N-V,O+B8;$DEV$Y(I6
M:O8[0G"SO(+S]OLZCI_/^CQ09\CRK!8[$U\M:LNU"V\;598XY9BD>8=T>R.(
M3-]P]?JH(ECGO%*U&K>L7"AKW=[U^Y!8&1QB?;(91/'W``'^L9BPM\^J"^CD
MCEC&2,F.,V8@,79Q(7;5G9V\6=!R0$!`0$!`0$!`0$!`0&$6=W9F9W?5_I?P
M0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`
M0$!`0$!`0$!`0$!`0:G[I?N3;_6*/WZ%!8\OH92YB8VQ<44]VM;J6XX)I'A`
MVKV`E(7D8)=NHB^GE=!5RU>:ADH\]5QU$KUNF-*]CIK<C!`\,TDD4L=@8"[C
M.TK[P[8_#1^B"IFX-R>B&.KX@J[2PU:]8\L%B>J<;PD1'W:K#-#;B\[]L#V[
M=7;7KJ@N>=<1R?*"ITHK[8[&PA.=B08XYI#EEC>`!8)1<&88Y9'W>+%MT0:[
ME/;OEE^GD;CV:P\BGQU6E%9<B>.9PBEAMA-H&YHYAD$VTUVFS/\`H]0L,WQ3
MEYV+U3$RQPTLC>'(?B(V3@F@/MA&<<D#0RC8C^SU%MX_!G\-4'S#<6Y#2Y+D
M)I*;O2N6KDP7&S%MXFCL[G#7&.'IMS:Z/U\?-XH(UKCO-KW$<5BK6+KPV,)-
M3>,:V5G@>Q'7A.*1VL0P1RP/U9V9M=6U;5!GR'&N63XW'%6H1Q7J\4]?4LQ=
M>U`\L@D,GKWC,[,;[=3BECTU9M'?1!O5"*S#1K16I6FM1Q`$\PBP"<@BS$3"
MW06=^NB#.@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(-3]TOW)M_K%'[]"@V
MQ`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$
M!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$!`0$&I^Z7[DV_P!8
MH_?H4&V("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@("`@("`@("`@("`@(*#GTV3AX5FYL79]'?CIS%7L[7-P)@=]682!]
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M,0@U>;;Z/0R+;N?[43?YQ_#5!0W_`'%S5?(9N$9:`O1DDB#'G%8>S5BCFAB:
M_9(2VE7()BETT#RMY2+S;0CV/<+ECXIK5$\=:&M%=G.Z,,SP78ZEJ"&,Z[#*
M_;&49B\VXVU'IN9!NW%,GD[U*V.2>([E*Y8J'-`!11R-$>@FT9G*XZB[:MO?
MJ@ND!`0$!`0$!`0$!!J?NE^Y-O\`6*/WZ%!MB`@("`@("`@("`@("`@("`@(
M"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@Q-8JO
M,T+2@\QAW&C8FW.&NF[3QV_2@36:L,9332A'&#Z'(9,(B[NW1W?P\4'-GC+4
M6=GT9M6Z/T?P05&:P/&\X6E\!DGHZ_;PS25YX6)F)V[T!QR@Q,VNF[J@S8FC
M@,30AKXX88*DY[HG8]W>D/KNWDY%(9:>+N[N@G6;-2M$\UJ6.")G;624F`6=
M^C=2T9!Q>[0[\<#V(N_*W<ABWCO(?'<(ZZNW3Q9!'AI8?'S7[P[(9;9C)?L2
M2.^KB+"#$YD^P6'P%M&Z^'5T$YMK^9M'9V\?FR#[HVFFG3P0$!`0$!`0$!`0
M$!`0:G[I?N3;_6*/WZ%!M,]B"O$4T\@PQ#]:20F$6^'5WZ(,+9/&O6]4UN%Z
MNNWOM(/;UUTTW:Z>*#.\D;.XN3,3-N=M6UV_/\B#YZB#:1=P-H,SF^YM&9VU
M9W_*@X1WJ4EDZT=B([,?62`3%S'\HL^K(,<>6Q<DDD<=R`Y(F(I0&0'(6'ZS
MDS/T9OB@RUK=6U%W:LT<\6NG<B)C'5OAJ+NR#F4L8L3D;"P-N-W=FT;YO\FZ
M(.'JZFR(^]'LG=F@+<VAN3:LP/KYM6^2#D,\!3%",@O,#,1QL[.0L7@[MXMK
MH@YH"`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(
M"`@("`@I^9>N_93+^@U]7Z27M[/K?4?7;_2VZ[?I0:NT.-L>X%)ZN!GKPU>W
M+%GX:S%'9W5'CCC:RS^2O'&6CC^D>G3IJ00KN*_"./Y&O)QR;,M/G+$M&`XB
MO"#3!_C)0,B*41U+QU=R=O#Q8+[C5;TN8QM:HU@:L&#BCMM9;;*Q#(+5>\/Z
M,FUIM6^"#5L/QS(0YOD5C(X*:Y6L1VO55&B@`)>Y<::(897(2N;X]2?O/Y--
MC::N*"KM\2Y$_'<=7J8LSF-\E!1*Q2A?T_JY0EALO"$L0T9=V[:0"XB+?58G
M9D&X<XQF7R6."++4I+%2M?:2HV)""[*4;0R!&=FO>B>+ZY]6$2TZ/KTU8*ZO
MA>00\KQ^0_#9'S7I:PV3."H^-"..L0R!#9$"LPDTI.S`!:=7?:0H*^K@>41P
M9&?DN`];"^8J7[]6M(U_U@^A:&4@BDC@8@CFV$P:=&'HWEU<.PN$T;E#B>+I
MW(WAL0P")0$[.\0]7")W9W;[,=!Z/IT07:`@("`@("`@("`@("#4_=+]R;?Z
MQ1^_0H,_N'A+6;XZ.-K#J<UVBYD\4<[!&%J,S,HI6*,V$1=W8FT04&1XK7Q!
M8AKV'_:/#TX+,4E:M3K:#;GD`AG>F#1Q/J#$&X1U'\A.Z"'5H9[!5("EPUNR
MUS&6*%>K5V3E5<[4DM:O,3FS"(0RC'O9W%MK]=--0KLOPSE%.GF;./IG8M3T
M\?C+54"\MF".L$;R1:NS.=:;<3?,7)O'1!8U,,1<CFB@X]-7S`9X[Q\@*N$4
M?H^[O/2SKOD[D.L>QM?'KT9!2<=X[=@PG(*)8NY^(V<7D8!C/%5JX$9N3L`7
M(Q:29SU9F8R\WBZ#=^%48?QNWD<;A9,!B#J0P%4E@"H\UD#,GE[`/TV`3#O)
MF<M=/!D%?R/C%\CYD52G+,.5BQQ,3OW2D>.0_4=L)2VF\<>FV)]`+H/@[H-7
MFXCR-Z6&_P#3K$T$06AQ]4JM7R69+S3Q26HC9QIQG'X]C:X::,X_50;-Q3`Y
M>GS_`"-NQ4E=Y9;YV+TL,`Q/!/,,E08+`-WY7V-M,9"=AV]&'IJ'8R`@("`@
M("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@(#^"
M##3_`,)!_9C_`.2#,@P0_P"+L?D#_P`G09T!`0$!`0$!`0$!`0$!`0$!`0$&
JI^Z7[DV_UBC]^A0;8@("`@("`@("`@("`@("`@("`@("`@("`@("#__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>img02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 img02.jpg
M_]C_X``02D9)1@`!`@``9`!D``#_[``11'5C:WD``0`$````/```_^X`#D%D
M;V)E`&3``````?_;`(0`!@0$!`4$!@4%!@D&!08)"P@&!@@+#`H*"PH*#!`,
M#`P,#`P0#`X/$`\.#!,3%!03$QP;&QL<'Q\?'Q\?'Q\?'P$'!P<-#`T8$!`8
M&A41%1H?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?'Q\?
M'Q\?'Q\?'Q\?_\``$0@`*@"6`P$1``(1`0,1`?_$`(<```(#`0$!`0``````
M``````<(!`4&``$"`P$!`````````````````````!```0,!!0,)`P<*`PD`
M`````@$#!`4`$1(&!R$Q$T%1(C(S%#0V"&%B-7&!4G2T%3>1L<%R(V.S=4<X
MT46'0I+"4W-$E!:7$0$`````````````````````_]H`#`,!``(1`Q$`/P#7
M:D:M9TKNI#>EFFKK<2I`MU9KK@H?=T0<;B-H2**<,5Z177J712Y=M@T\;T_4
MMQD7*SFK,=3JJI>]4/O)YCI\[;3:X03F3;8!1K(.KV1ZE0Z&[F>56,E5:HQD
MCRY"`DT'&G1)8S[X")$B]9%OZ5WLL#5V#K!A-5(,Z0U2WX<614'HKKCC5-;:
M><CON7#@1YQAQLF"V?LW2O`55<26#ZSY3JI+@YE&)&?>.13(#;8,(6)Q0DR2
M=;;)%&\D`MJ(O+[;!!2#4V,L5E*3!GQJ6DF&Y2J:[C*4@M/-E*5ILR)P6R05
MPMJM_6V7*E@^L^17:X_EZ6M/DN4P4EK)8=AR7B`U5I&\;#+L=P27">$E543F
MVV"WJ>7)LC.5/DL//A19+?>*K%&_AE)@J'<[UOO#%Q%QBG6X8W[EO"PSJ%5?
MHJT^F1SD/5%P(KR@YP>''.]7S5VXE#]D)"*HE^)4L%1&GYAAT6@2JK3Y3LFG
MONQJHW&%9#BB#3K+<@0!,3HN$@%L39BON2Y;!1UFD5I*3DXWH<N948@"KM-4
M'G&5=(V54GGV'`X#K2(N!P\0=9%3;8-*N4*<6H2ULH2JJ1!-)6,\/>4-0OPX
ML.+A>[8*650,R28&64I_&AS*?)FRL18@;1Q$=X02!V*33N+`NS<MZ;;K!HM.
MDJO_`*C%*K17H,]UZ6Z[$DJA.M([+=,`(A4D6X"2ZY=U@J([M6/)59IRPIPU
M.*Y,(<;1HKHG+=<;X!KL<_9W77+S6#LXT>?FX:&,-MZ''QRB>=E-/-DP2,D#
M3BMBXP:&A[0O6ZP;3NSG<>[<<^)PN'WG9Q,6'#Q-UV+EW6!,=,\YQ,D^I7,#
MV:G>[-SY4^!(F/+>C1O2$<;,RY`501%7D1;]U@=-MUMUL76C1QLT0@,511(5
M2]%14WHM@S^><BT?.=)CTVJDZVS%EL3F7&%$31V.6(=I":7+>J+LW6"/J15(
M=-H(29=+K%691X46/0>-WD>@2XSX#K!<-$3;TKK[K`'LNZS:79DJ'W?0J+G*
MI2T3$XU&D3'5`,2"IF@3541122];!O\`/H99R;3VZA(IN9JK&)'"?.ES*A([
MNVT.(G'[Y08`NY?98,)0-7M.<QH^N7\NYWJZ1L/>%A/37^'COPX\$Y;L6%;K
M!=4;4+1V=5PHM2E5[+=8<5$"!7)=4A&JJMR=(I!-[>2\MM@(<S)-`C0WY2+5
MI'`;-U&6:G43=<P"I86Q[PF(BNN1.>P!JH:VZ64VK)1JA1,YQ*N1``T]Z1,"
M0I.W<-$;6=B53Q)AY[`5\LY<H-=HS%36)7Z4KZFG<:E/J,>4&`U'IM]Y*[%=
M>FW=8)L[)-!B0I$I/O>0L=HW>[L5*HFZY@%2P-CWA,1%=<*<]@#K^M.F$>N#
M0)%#SHU7#,&AI9OS!DJ;B(H"C2SL5Y(27;+!=.9SH+39..9&U#$`12(E2H;$
M3>OC+!-R!FS3O/4"MRZ)&S)CH(H4J(].G"^X1"9(VR`RSQ&O"5+ENVV#(R]=
M](H=4*DRZ5G&/5`<1DX#LF8#Z.JJ(@*VL[%B6_8E@+F6,NT*O49BJ+$S!25>
M4T[C4I]1CR@P&H7FWWDKL6&\=NZP#:?JGD&!76:!*RUGANLR44HE/5V<C[P7
MDF-IM9N(AZ!;43DL!'J64:0S]TNMG5A&2\7&C_>50XA`D-]Y&\*O];&V/SV#
M`:^^FIO/4PLR9;>:A9D44&6P]>+$M`2X24D1<#B(B#?=<J;[M]@`4+-&O^B\
M@8<D9<&G"5P0YH=YIY^QL[R!+_W9HM@871KU0T#/$UFA5R.-%S$]<,9$)2BR
M3^BT1=(#7D`K[^15798#;(\.[^H7YK`G_HN_$7,?\M+[4W8&NS<TV]E2M-.)
MB;<@21,>="9)%L"W>ASLLW_K0?S/V`M>H33NFYQTXJBFP)5>DL.3:7)N3B";
M(XS;0OHN"*BJ<]R\E@QOI"U)GYCRG-RW57BD3<OJWW5XUO,H;R*@`JKM7A$"
MI\BHE@&FN7]U5$^MT7^*W8'*L'6!/-0O[RZ7_,:1_!9L#<U6IPJ52YE4G.<*
M%`8<DRG;E+"TR"F97"BJMPBNZP9'3_*5'B5NOYVH\SCT[.R0J@PPC7"1M!96
M\[U6]>-CQK>**BV`+^L/3%PV8NHE);49$3!&K2MI<6"]$CR+TY0+H*OM'FL!
M6T/U4B9UTV8K,^0#=1I3:L5XB5$07&`O5\N87`3'^5.2P5NCL!S->8:SJS4F
M50JN2P,KM.I<K%)CEA0T1>J3YHI+_@M@)%8^(T/Z\?V*38/UH]>H]:9?>I4M
MN8U%D.1)!M+>@/LK<XV7O"N^P2)T&%/BN0YT=N5$>3"]'>`7&S%>0A)%1;`F
M7J>T<I60:E3<T950H-.J#Z@<0"5$C2P3B`3*[Q$D151+^BJ;-FQ`;/)=9DUO
M(%%K$I+I-0ID>2__`-1U@2-?]Y;`KGHN_$7,?\M+[4W8&QS3Y9J_U*1_"*P+
M7Z'.RS?^M!_,_8&6S*;+>7:JX^F)@(<@G1YP1HE)/R6!3?1&T\N<LQ/"B\`*
M<`&7(A&^*@GY!*P1]<O[JJ)];HO\5NP.78.L"9ZK1YTCU=1&($ON,UV;2ACS
M.&+W"-6&<)\,E03PKR+8"UK#D35A[3>O&YG[O<6-#>D3(*4V/$1]AD%<=;5Y
MLB,;P%=B;]R[+`2=*U1=,LIJFY:1!N_\<+!?5BDT^L4J72JBRC\&<R<>2R6X
MFW!423\BV!&*#E7->7]6*SI#3:GPH68'PIE2?3><$523Q$YG.[XD7]8AY;`]
M--IT*F4Z+3H+2,0X;0,1F1W`VV*"(I\B)8(E8^(T/Z\?V*38%HT4UCH^5=3<
MY93S#)&)3*I6IDB!,<6YIJ5QR`@<)=@BZ(CTEV(J;=]@:@7V"91\7!5E1QHZ
MBHHX;K[\6ZZP*OKWF$]7<[T33?)!)46:>^3U4J373C-N$F!25P>BH,!BO+E5
M<*;;`RS$:EY>RY&IZ/-QH-/BA%8)TA`4!EK`.U51.J-@4GT;3H4?46OK(D-L
MH[3B1I7#$<2]Y;7HWJE^RP-;GRIQ*=DVMR)#K;>&GRR;%PT#&HL$N%+[`N'H
MDFPXS6;N\R&V,10</$,0ON1_=B5+!O\`7[5RF-Y;E9*RF]]]YOS`!06X=.7O
M!LM.]%TG%;Q824%41'?MOW)8+CT\Z2'IQDUQ*HH)7JJ0R:H0JBBT("J-L8]R
M\-%527=B5>2P`36N="?]4E'>8D-NLMRZ,AN@8D(JCC:K>2+<ER6!OIN:,M08
MKLN958D>,R*DZ\X^V(BB<ZJ5@'NBFICV>:CG:HI+)VA0ZD#5&1P1!&XPL[2W
M"5QJ./I;4OL`*S[.A/>L.FR&I#;D<*C24)X3%03"RSBO)%NV<M@;MVN4%&C5
MVH14:1%XBF\WAPW;;[UNNL&`TZU/;S?J3F^DTJ8U+RU0V800#9`,"O&CB/D#
M@[3#$%R<FS9LL!+>>99;)UXQ;;'K&:H(IR;56P)V]5*:/K/&:LIKN:3Q!9&,
M>'B6G\.['?AZ_1^6P.*TZT\V+C1BXV6T3!4(5^14L%;6/B-#^O']BDV!4&_+
MF>?)GF6H>8/B':?['L_Y?SV`6_Y*?C^7L/@/67K6!LO3-Y.<\N[P\O\`;;O^
M]_><U@G^HOR3$^">/;\Q>$[)SJ_O.;V7V!>(7C8_X;=J'9]?K)U?;S6`Y>I;
MX;0?+G;/^9>SZ@=A[WTOFL`&7_3/YK`=_3OV,GR;N7RQXOD[?W;`6<S^6JMV
M/@I'BNP[(NV_=_2]E@2]-W]-/TV#Q/\`32P&K1?\.\Y^5^R=^"^"\,?C/=Y_
M=OL`6Y/Z9V#S_P":6`U^FCQU?\K]E&\L]?K.>(]GT?GL!%UD_#2M_#NS:^,^
M`[=OM_9]'WKK`J')_3.P-KI-^'-"\!X?_*?!=<NP]W]-@OZCXRE]EXDNTZWA
+GNR]_P#X<5@__]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
