<SEC-DOCUMENT>0000949377-13-000070.txt : 20130306
<SEC-HEADER>0000949377-13-000070.hdr.sgml : 20130306
<ACCEPTANCE-DATETIME>20130306163050
ACCESSION NUMBER:		0000949377-13-000070
CONFORMED SUBMISSION TYPE:	40-APP/A
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20130306
DATE AS OF CHANGE:		20130306

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:		13669921

	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:		13669920

	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:		13669919

	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>e23133a.htm
<TEXT>
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<p align="center"><font face="Times New Roman" size="2">BEFORE THE</font></p>
<p align="center"><font face="Times New Roman" size="2">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p align="center"><font face="Times New Roman" size="2">WASHINGTON, D.C. 20549</font></p>
<p align="center"><font face="Times New Roman" size="2">Royce Value Trust, Inc.<br>
Royce Global Value Trust, Inc.<br>Royce &#038; Associates, LLC</font></p>
<p align="center"><font face="Times New Roman" size="2">Third Amended and Restated
 Application for an Order<br>pursuant to Section 12(d)(1)(J) of the Investment Company
 Act of 1940<br>granting an exemption from Section 12(d)(1)(A) and Section 12(d)(1)(C)
 thereof,<br>pursuant to 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 face="Times New Roman" size="2">File No. 812-13880</font></p>
<p align="center"><font face="Times New Roman" size="2">Please send all communications
 to:</font></p>
<p align="center"><font face="Times New Roman" 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 face="Times New Roman" size="2">Page 1 of 37 sequentially
 numbered pages (including exhibits)<br>As filed with the Securities and Exchange
 Commission on March 6, 2013</font></p>
<p><font face="Times New Roman" size="1"><br>NY1 8506166v.10</font></p>



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<p align="center"><font face="Times New Roman" size="2">BEFORE THE<br>SECURITIES
 AND EXCHANGE COMMISSION<br>WASHINGTON, D.C. 20549</font></p>
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<td valign="middle" rowspan="17" align="left"><div align="justify"><font face="Times New Roman" size="2">
Third 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)
 and Section 12(d)(1)(C) 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></div></td>
</tr>
<tr>
<td width="3%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="42%" valign="bottom" align="left"><font face="Times New Roman" size="2">In the Matter of:</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">ROYCE VALUE
 TRUST, INC.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">ROYCE GLOBAL
 VALUE TRUST, INC.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">ROYCE &#038;
 ASSOCIATES, LLC</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">745 Fifth
 Avenue</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York,
 NY 10151</font></td>
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<td valign="bottom" align="left"><font face="Times New Roman" size="2">File No. 812-13880</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
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<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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
 &#038; Associates, LLC (the &#147;Adviser&#148; and together with Value Trust and
 Global Trust, the &#147;Applicants&#148;) hereby submit this second 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) and Section 12(d)(1)(C) 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/or unappreciated common stock and unappreciated preferred stock
 (together, such unappreciated common stock and such unappreciated preferred stock
 are referred</font></p>
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<p><font face="Times New Roman" size="2">to herein as &#147;Unappreciated Equity
 Securities&#148;<sup>1</sup>)) 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 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</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="3" valign="bottom"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
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<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>1</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Unappreciated
 Equity Securities, as such term is used herein, are common stock and preferred stock
 whose value at the time of the Transaction (as defined herein) are less than or
 equal to their cost basis for tax purposes. Appreciated equity securities are common
 stock and preferred stock whose value at the time of the Transaction are greater
 than their cost basis for tax purposes.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">If any equity
 securities are contributed in connection with the Transaction, Unappreciated Equity
 Securities, rather than appreciated equity securities, would be contributed because
 the contribution of Unappreciated Equity Securities would not result in a negative
 tax effect on stockholders of either Value Trust or Global Trust. Global Trust would
 acquire the Unappreciated Equity Securities in the Transaction with the same or
 a higher tax basis (the cost basis) than the value of such securities at the time
 of the Transaction. Value Trust would recognize no gain or loss on the contribution,
 and Global Trust would recognize no gain or loss until the disposition of the securities.
 No tax effect would be recognized at the time of the contribution of such securities
 in the Transaction, and there would be no overall increase in the tax recognized
 at the disposition. If appreciated equity securities were contributed by Value Trust
 to Global Trust in the Transaction, Value Trust would recognize a gain at the time
 of the Transaction upon the distribution of the Global Trust Common Stock to Value
 Trust stockholders, and Global Trust would take the original, lower cost basis in
 the securities, which would result in a larger gain or smaller loss upon a disposition
 of the securities than it would have if it were able to use a value basis at the
 time of the Transaction. In effect, the contribution of appreciated equity securities
 would result in double taxation with respect to the appreciated equity securities.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">It is contemplated
 that the Board of Directors of each of Value Trust and Global Trust will consider
 the following factors, among any others determined to be appropriate at the time,
 in determining that contributing Unappreciated Equity Securities in the Transaction
 would be appropriate and would be an element of the Transaction: (i) only Unappreciated
 Equity Securities consistent with Global Trust&#146;s investment goal, policies
 and restrictions would be contributed; (ii) it would be more cost efficient to contribute
 such Unappreciated Equity Securities than for Value Trust to sell the Unappreciated
 Equity Securities in the open market and Global Trust to purchase the same securities
 in the market, incurring transaction costs; (ii) at the time of the Transaction,
 Global Trust will have no portfolio holdings, and the transfer of foreign securities
 would provide it with an initial portfolio of securities with no transaction costs
 incurred, and would reduce Value Trust&#146;s portfolio holdings in foreign securities,
 since as a result of the Transaction, it may otherwise exceed its target level for
 holdings in foreign securities; (iii) including Unappreciated Equity Securities
 would reduce the amount of cash and short-term fixed income securities needed for
 the Transaction, reducing transaction costs that would be incurred if Value Trust
 needed to sell portfolio holdings to raise cash to contribute to Global Trust in
 the Transaction; and (iv) the contribution of Unappreciated Equity Securities would
 have no immediate tax consequences on the Funds and their stockholders.</font></td>
</tr>
</table>
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<p><font face="Times New Roman" size="2">Global Trust shares of common stock to Value
 Trust common stockholders are together referred to herein as the &#147;Transaction.&#148;</font></p>
<p><font face="Times New Roman" size="2">I.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Description of Applicants</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Value Trust,
 a Maryland corporation, 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 December 31, 2012, Value
 Trust&#146;s net assets approximated $1,082 million. Value Trust redeemed all of
 its outstanding preferred stock on November 15, 2012, and currently has no preferred
 stock outstanding. As of December 31, 2012, none of the directors 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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
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<p><font face="Times New Roman" 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 principal officers of Value
 Trust hold the same offices with Global Trust. All of the eight directors on the
 board of directors of Value Trust are directors of the eight-member board of directors
 of Global Trust (each such governing body, a &#147;Board&#148; and together, the
 &#147;Boards&#148;). Six of the eight directors, or 75%, of each Board, 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;).</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 face="Times New Roman" size="2">Page 5 of 37</font></p>
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<p><font face="Times New Roman" 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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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, 2012, provided investment
 advisory services to five management investment companies with 34 portfolios, including
 three closed-end management investment companies.</font></p>
<p><font face="Times New Roman" size="2">II.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>The Transaction</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
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<p><font face="Times New Roman" 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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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, 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/or Unappreciated Equity Securities.<sup>2</sup> Any
 Unappreciated Equity Securities contributed to Global Trust will be consistent with
 Global Trust&#146;s investment goal, policies and restrictions. 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 shares of common stock 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 Value Trust as of December 31,
 2012, a contribution of assets with a value of approximately $100 million</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>2</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Certain of
 the Unappreciated Equity Securities held by Value Trust at the time of the Transaction
 and contributed in the Transaction may have been initially sold pursuant to public
 offerings registered under the 1933 Act. However, since it is anticipated that most
 of the Unappreciated Equity Securities would have been issued by non-U.S. companies,
 they may not have been sold pursuant to public offerings in the United States registered
 under the 1933 Act. Nevertheless, the Unappreciated Equity Securities to be contributed
 in the Transaction, if any, would be publicly traded either in the United States
 or in markets outside of the United States and would be considered liquid securities
 at the time of the Transaction. The contribution or sale of most of the Unappreciated
 Equity Securities by Value Trust to Global Trust in the Transaction would be exempt
 from registration under the 1933 Act pursuant to Section 4(1) thereof (a transaction
 by a person other than an issuer, underwriter or dealer), and the contribution or
 sale of the remaining Unappreciated Equity Securities would be able to be made without
 registration under the 1933 Act pursuant to Rule 144A thereunder (a sale by one
 Qualified Institutional Buyer (as defined in Rule 144(a)(iv)) to another Qualified
 Institutional Buyer).</font></td>
</tr>
</table>
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<p><font face="Times New Roman" size="2">would result in a distribution of one (1)
 share of Global Trust for every seven (7) shares of Value Trust common stock.<sup>3</sup></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 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>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>3</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Since historically
 the initial public offering price per share of many closed-end funds has been $10
 per share, it was determined that an initial share price for Global Trust should
 be in the $10 range. Also, it was determined that only whole shares of Global Trust
 common stock would be issued and distributed for whole shares of Value Trust common
 stock. To arrive at the estimated price per share, the value of the assets to be
 contributed to Global Trust by Value Trust, approximately $100 million, was divided
 by 70,275,231, the number of shares of Value Trust common stock issued and outstanding
 as of December 31, 2012, which equals $1.42. This gives an approximate value per
 share of Value Trust to be distributed (in common stock of Global Trust) to Value
 Trust common stockholders. The number of whole shares of Value Trust that would
 result in a price for Global Trust shares that would be as close as possible to $10
 per share was determined to be seven (7) shares of Value Trust common stock for
 one (1) share of Global Trust common stock, which would result in an estimated per
 share price of approximately $9.96 (<i>i.e.</i>, $1.42 multiplied by seven (7) equals
 approximately $9.96 per share). Utilizing the foregoing methodology, the exact price
 per share of Global Trust will be determined by the Board of Global Trust or a duly
 appointed committee of the Board immediately prior to the Transaction.</font></td>
</tr>
</table>
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<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Although the
 Applicants do not necessarily believe it to be the case, it is possible that Value
 Trust&#146;s activities in the Transaction may be deemed to be underwriting shares
 of Global Trust&#146;s common stock. Value Trust has a fundamental investment restriction
 stating that it will not &#147;[u]nderwrite the securities of other issuers, or
 invest in restricted securities unless such securities are redeemable shares issued
 by money market funds registered under the 1940 Act&#148; (the &#147;Restriction&#148;). Accordingly, Value Trust&#146;s activities in the Transaction may be deemed
 to be in violation of the Restriction.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Value Trust&#146;s fundamental investment restrictions, including the Restriction, cannot be
 changed without the affirmative vote of the holders of a majority of the Fund&#146;s
 outstanding voting securities,<sup>4</sup> which means that the Restriction may
 not be changed without approvals of the holders of a majority of the Value Trust&#146;s outstanding shares of common stock. Value Trust intends to seek shareholder
 approval to amend the Restriction to state that Value Trust may not:</font></p>
<p style="margin-left:80px; text-indent:0px;"><font face="Times New Roman" size="2">Underwrite the securities of other issuers,
 except insofar as the Fund may be deemed an underwriter under the Securities Act
 of 1933, as amended, in selling portfolio securities and in connection with mergers,
 acquisitions, spin-off transactions and other reorganization transactions involving
 the Fund.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">The Applicants
 will not rely on the order requested in this Application until the amendment to
 the Restriction is approved by the affirmative vote of the holders of a majority
 of Value Trust&#146;s outstanding voting securities, as described above.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>4</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Defined for
 this purpose and under Section 2(a)(42) of the 1940 Act as the lesser of (i) 67%
 or more of the relevant shares of capital stock of Value Trust present or represented
 at a meeting of stockholders, at which the holders of more than 50% of the outstanding
 relevant shares of capital stock are present or represented, or (ii) more than 50%
 of the outstanding relevant shares of capital stock of Value Trust.</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 9 of 37</font></p>
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<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Stockholder
 approval of the Transaction will be sought at a special meeting of Value Trust stockholders
 anticipated to be held in the late spring or early summer of 2013. 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 spring of 2013.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 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>5</sup> In contrast to Global Trust,</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>5</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" 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&#038;P 600 SmallCap Index
 for the performance period by more than two percentage points. The performance</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2"><i>(continued
 on next page)</i></font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 10 of 37</font></p>
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<p><font face="Times New Roman" size="2">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>6</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>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">The Board
 of Value Trust determined that the proposed Transaction will benefit the common
 stockholders of Value Trust.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Times New Roman" size="2"><i>(continued
 from previous page)</i></font></td>
</tr>
<tr>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><sup>6</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">For the three
 years ended December 31, 2012, the fee for Global Trust would have been higher than
 that of Value Trust.</font></td>
</tr>
</table>
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<p><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">2.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">3.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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&#038;P 600 SmallCap Index (the &#147;S&#038;P 600&#148;). If Value Trust were
 to change its non-fundamental investment policies to allow a</font></p>
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<p><font face="Times New Roman" size="2">substantially greater percentage of its
 assets to be invested in foreign securities, then the S&#038;P 600 might no longer
 be an appropriate benchmark upon which to base the performance portion of the fulcrum
 fee.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">The Board
 of Global Trust, including the Independent Directors, in determining the advisory
 fee for Global Trust, considered the fact that a fulcrum fee structure similar to
 that used by Value Trust was not proposed for Global Trust due to the difficulty
 in selecting an appropriate international smaller cap benchmark. They also noted
 that Global Trust will be able to invest all of its assets in non-U.S. securities
 and that Value Trust only invests up to 25% of its assets in such securities, as
 well as the fact that the advisory fee to be paid by Global Trust is consistent
 with the fee charged by the Adviser for open-end international and global funds
 that it manages. Additionally, the Board, including the Independent Directors, noted
 that providing investment advisory services to Global Trust, which will invest a
 significant portion of its assets in non-U.S. small cap securities, is expected
 to be considerably more labor intensive and time consuming than providing investment
 advisory services to funds that invest primarily in non-U.S. larger capitalization
 securities.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Shortly before
 the date of the Transaction, the Adviser will review with the Boards of Global Trust
 and Value Trust, including the Independent Directors, the Unappreciated Equity Securities,
 if any, it recommends contributing in the Transaction, the methodology used by the
 Adviser in selecting Unappreciated Equity Securities to be contributed to Global
 Trust and those to be retained by Value Trust, the cost basis and current fair market
 value of each Unappreciated Equity Security to be contributed, the aggregate amount
 of Unappreciated Equity Securities to be contributed and the percentage of Value
 Trust&#146;s entire portfolio and of its unappreciated common stock and preferred
 stock that the Unappreciated Equity Securities to be contributed constitute,</font></p>
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<p><font face="Times New Roman" size="2">and the percentage of Global Trust&#146;s
 portfolio that the Unappreciated Equity Securities will constitute. The Adviser
 also will review with the Boards, including the Independent Directors, and the Boards
 will consider, the potential impact, if any, of the contribution of the selected
 Unappreciated Equity Securities on the aggregate management fee in respect of Value
 Trust and Global Trust to be paid to Royce. The Boards of Global Trust and Value
 Trust, including a majority of the Independent Directors will approve the contribution
 of the Unappreciated Equity Securities by Value Trust to Global Trust, including
 the methodology for selecting Unappreciated Equity Securities to be contributed,
 and the deliberations of the Boards in this regard will be set forth in the minutes
 of the Funds.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">In selecting
 Unappreciated Equity Securities to be contributed to Global Trust in the Transaction,
 the Adviser will select only Unappreciated Equity Securities that are consistent
 with Global Trust&#146;s investment goal, policies and restrictions. Consequently,
 it is anticipated that most of the Unappreciated Equity Securities contributed in
 the Transaction will be foreign securities. The Adviser, in selecting Unappreciated
 Securities to be contributed to Global Trust, will, in the exercise of its fiduciary
 responsibilities, act in a manner it believes to be in the best interests of both
 Funds.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 14 of 37</font></p>
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<p><font face="Times New Roman" size="2">will exceed Value Trust&#146;s cost of those
 shares only to the extent that the value of the short-term fixed income instruments
 and Unappreciated Equity Securities, if any, contributed to Global Trust exceeds
 Value Trust&#146;s cost of such short-term fixed income instruments and Unappreciated
 Equity Securities 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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">The Board
 of Value Trust, including all of the Independent Directors, has considered the tax
 consequences of the Transaction and has determined 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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
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<p><font face="Times New Roman" size="2">III.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Relief Requested</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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) and Section 12(d)(1)(C) 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 style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" size="2">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Section 12(d)(1)(A) and Section 12d(1)(C)</u></font></p>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" 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>
<p style="margin-left:50px; text-indent:50px;"><font face="Times New Roman" size="2">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>
<p style="margin-left:50px; text-indent:50px;"><font face="Times New Roman" size="2">(i) More than
 three per centum of the total outstanding voting stock of the acquired company;</font></p>
<p style="margin-left:50px; text-indent:50px;"><font face="Times New Roman" size="2">(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>
<p style="margin-left:50px; text-indent:50px;"><font face="Times New Roman" size="2">(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>
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<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Section 12(d)(1)(C)
 of the 1940 Act places limitations on the ability of an investment company to acquire
 the securities of a registered closed-end investment company. Specifically, the
 Section provides that:</font></p>
<p style="margin-left:50px; text-indent:50px;"><font face="Times New Roman" size="2">It shall be
 unlawful for any investment company (the &#147;acquiring company&#148;)
 and any company or companies controlled by the acquiring company to purchase or
 otherwise acquire any security issued by a registered closed-end investment company,
 if immediately after such purchase or acquisition the acquiring company, other investment
 companies having the same investment adviser, and companies controlled by such investment
 companies, own more than 10 per centum of the total outstanding voting stock of
 such closed-end company.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 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 December 31, 2012, the $100 million of Global
 Trust common stock represents approximately 9.2 % of Value Trust&#146;s net 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.
 In addition, since Global Trust is a registered closed-end investment company, the
 proposed Transaction can be viewed as technically violating Section 12(d)(1)(C),
 since it will own 100% of the voting stock of Global Trust, which is a</font></p>
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<p><font face="Times New Roman" size="2">closed-end investment company, prior to
 the distribution of the Global Trust Shares to Value Trust common stockholders in
 connection with the consummation of the Transaction.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">There is an
 argument that, notwithstanding the foregoing, the proposed Transaction should be
 treated as excepted from the restrictions of Section 12(d)(1)(A) and Section 12(d)(1)(C)
 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>7</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>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" 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 of securities
 by a company which is not an investment company for securities issued by a registered
 investment company.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Exemptive
 relief is being requested because the exception is not literally applicable to the
 Transaction.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>7</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" 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></td>
</tr>
</table>
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<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Section 17(a)</u></font></p>

<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>8</sup></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Applicants
 are concerned that Value Trust may be viewed as an affiliated person of Global Trust
 under Section 2(a)(3) because Value Trust will own 100% of Global Trust&#146;s voting
 securities until the consummation of the Transaction. 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>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="bottom" align="left"><font face="Times New Roman" size="2"><sup>8</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">As relevant
 here, Section 17(a) provides that:</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">(1)&#160;&#160;&#160;&#160;&#160;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></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">(2)&#160;&#160;&#160;&#160;&#160;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></div></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom" align="center"><font face="Times New Roman" size="2">* * * *</font></td>
</tr>
</table>
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<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Section 17(d) and Rule 17d-1</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" size="2">Section 17(d) of the 1940 Act provides as
 follows:</font></p>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" 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>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" size="2">Rule 17d-1 provides, among other things,
 as follows:</font></p>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" size="2">(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 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</font></p>
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<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" size="2">manager of any underwriting syndicate or
 other group in which such registered or controlled company is a participant and
 receiving compensation therefor.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
<p><font face="Times New Roman" size="2">IV.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Justification for the Requested Relief
</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" 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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">A.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Section 12(d)(1)(A) and Section 12(d)(1)(C)</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Applicants
 are requesting an exemption pursuant to Section 12(d)(1)(J) of the 1940 Act from
 the provisions of Section 12(d)(1) and Section 12(d)(1)(C) of the 1940 Act, as described
 above. Section 12(d)(1)(J) provides that:</font></p>
<p style="margin-left:50px; text-indent:50px;"><font face="Times New Roman" size="2">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>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Applicants
 submit that the requested exemption from Section 12(d)(1)(A) and Section 12(d)(1)(C)
 meets the Section 12(d)(1)(J) standards.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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
 Trust&#146;s present common stockholders, as well as to future common stockholders
 of both Value Trust and Global Trust.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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</font></p>
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<p><font face="Times New Roman" size="2">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...other investment companies...&#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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">B.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Section 17(a)</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
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<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">The terms
 of the 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. The
 proposed contribution by Value Trust of a portion of its assets to Global Trust
 in exchange for shares of common stock of Global Trust will be based on the value
 of such assets computed as of the close of trading on the New York Stock Exchange
 (generally 4:00 p.m.) on a business day to be selected by the Board of Value Trust
 (the &#147;Valuation Date&#148;), in the same manner as for purposes of the daily
 net asset value calculation for Value Trust. The Transaction will occur after the
 close of trading on the New York Stock Exchange on the Valuation Date. As noted
 above, it is anticipated that such assets will consist largely or exclusively of
 cash, short-term fixed income instruments and/or Unappreciated Equity Securities
 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
 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 contributed 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 pursuant to valuation policies and procedures
 adopted by the Board of Value Trust, including the Independent Directors. Since
 market quotations will exist for the Unappreciated Equity</font></p>
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<p><font face="Times New Roman" size="2">Securities, if any, to be contributed by
 Value Trust to Global Trust, such securities will be valued at market value. The
 operation of the valuation policies and procedures of Global Trust with respect
 to the assets being contributed to Global Trust will be identical to the operation
 of the valuation policies and procedures 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/or Unappreciated
 Equity Securities, it is not expected that material brokerage commissions or other
 expenses will be incurred as a result of the Transaction.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">The Transaction
 also is consistent with the general purposes of the 1940 Act. Section 1(b)(2) of
 the 1940 Act declares it against the public interest when investment companies</font></p>
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<p><font face="Times New Roman" size="2">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. 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>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">(1)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;that
 participation in the Transaction is in the best interests of Value Trust or Global
 Trust, as applicable; and</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">(2)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">(3)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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</font></p>
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<p><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">C.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Section 17(d) and Rule 17d-1</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 of Value Trust 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>9</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
 9.2% of Value Trust&#146;s net assets prior to the Transaction, as of</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>9</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" 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></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 26 of 37</font></p>
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<p><font face="Times New Roman" size="2">December 31, 2012, and, as discussed above,
 the advisory fee paid 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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 contributed to Global Trust (and the shares of common
 stock received in return) will be based on their value as computed as of the close
 of trading on the New York Stock Exchange (generally 4:00 p.m.) on the Valuation
 Date in accordance with the requirements of the 1940 Act and pursuant to valuation
 procedures adopted by the Board of Value Trust.<sup>10</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 posture</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>10</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" 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></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 27 of 37</font></p>
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<p><font face="Times New Roman" size="2">immediately following the Transaction as
 before, subject only to changes in market price of the underlying assets subsequent
 to the Transaction.<sup>11</sup></font></p>
<p><font face="Times New Roman" size="2">V.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Applicable Precedent</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>12</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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>13</sup> Identical relief was sought
 and obtained in connection with the two earlier Gabelli Funds transactions.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>11</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" 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 Fund&#146;s procedures.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><sup>12</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2"><sup>13</sup></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>See</u>
 Investment Company Act Release No. 27823 (May 22, 2007).</font></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 28 of 37</font></p>
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<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">None of the
 Gabelli Funds transactions requested an exemption from Section 12(d)(1) of the 1940
 Act pursuant to Section 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 <u>Sci/Tech Holdings, Inc., et al.</u> 1940 Act
 Releases Nos. 18390 (November 1, 1991) (notice of application) and 18423 (November
 27, 1991)</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 29 of 37</font></p>
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<p><font face="Times New Roman" 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>14</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 style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">There are
 several differences between the Transaction and Sci/Tech, though none that affect
 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. Additionally,
 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. Finally, Sci/Tech involved open-end investment companies, not closed-end
 investment companies, so no exemption from Section 12(d)(1)(C), as the Applicants
 are requesting hereby, was necessary.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="1" color="#000000" noshade width="20%" align="left"></td>
</tr>
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2"><sup>14</sup></font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" 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></td>
</tr>
</table>
<p align="right"><font face="Times New Roman" size="2">Page 30 of 37</font></p>
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<p><font face="Times New Roman" size="2">VI.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Procedural Matters</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" size="2">Frank P. Bruno, Esq.<br>Sidley Austin LLP
<br>787 Seventh Avenue<br>New York, New York 10019-6018<br>(212) 839-5540</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">Applicants
 desire the Commission to issue an order pursuant to Rule 0-5 under the 1940 Act
 without conducting a hearing.</font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" 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) and Section 12(d)(1)(C) 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>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" 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>
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<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" 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>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">The following
 resolutions were adopted by the Board of Global Trust and remain in full force and
 effect:</font></p>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" 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) and Section 12(d)(1)(C) 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>
<p style="margin-left:50px; text-indent:0px;"><font face="Times New Roman" 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>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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>
<p><font face="Times New Roman" size="2">VII.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<u>Conclusion</u></font></p>
<p style="margin-left:0px; text-indent:50px;"><font face="Times New Roman" size="2">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) and Section 12(d)(1)(C) 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</font></p>
<p align="right"><font face="Times New Roman" size="2">Page 32 of 37</font></p>
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<p><font face="Times New Roman" size="2">terms of the requested 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 face="Times New Roman" size="2">Page 33 of 37</font></p>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Dated: March 6, 2013</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
ROYCE VALUE TRUST, INC.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="5%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="2%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="40%"><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td style="border-bottom:solid black 1px;" valign="bottom" align="left"><font face="Times New Roman" size="2">/s/ John
 D. Diederich</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name: John
 D. Diederich</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title: Vice
 President</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
ROYCE GLOBAL VALUE TRUST, INC.</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">By:</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td style="border-bottom:solid black 1px;" valign="bottom" align="left"><font face="Times New Roman" size="2">/s/ John
 D. Diederich</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Name: John
 D. Diederich</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Title: Vice
 President</font></td>
</tr>
<tr>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<p align="right"><font face="Times New Roman" size="2">Page 34 of 37</font></p>
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<br clear="all" style="page-break-before:always;">
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<p align="center"><font face="Times New Roman" size="2">Exhibit A-1</font></p>
<p align="center"><font face="Times New Roman" size="2">VERIFICATION</font></p>
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<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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<p><font face="Times New Roman" 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
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 the facts therein set forth are true to the best of his knowledge, information and
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<p align="right"><font face="Times New Roman" size="2">Page 35 of 37</font></p>
<hr size="3" color="gray" noshade>
<br clear="all" style="page-break-before:always;">
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<p align="center"><font face="Times New Roman" size="2">Exhibit A-2</font></p>
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<p><font face="Times New Roman" 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>
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<p align="right"><font face="Times New Roman" size="2">Page 36 of 37</font></p>
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<p align="center"><font face="Times New Roman" size="2">Exhibit A-3</font></p>
<p align="center"><font face="Times New Roman" size="2">VERIFICATION</font></p>
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<p><font face="Times New Roman" size="2">The undersigned, being duly sworn, deposes
 and says that he is the Chief Operating Officer of such entity and that he has duly
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<p align="right"><font face="Times New Roman" size="2">Page 37 of 37</font></p>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
