<SEC-DOCUMENT>0000949377-13-000222.txt : 20130703
<SEC-HEADER>0000949377-13-000222.hdr.sgml : 20130703
<ACCEPTANCE-DATETIME>20130703095213
ACCESSION NUMBER:		0000949377-13-000222
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20130703
DATE AS OF CHANGE:		20130703
EFFECTIVENESS DATE:		20130703

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:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-04875
		FILM NUMBER:		13951284

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEFA14A
<SEQUENCE>1
<FILENAME>e24100_defa14a.htm
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        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 3.1pt 0 0.7pt; text-align: center"><B>As filed with the Securities
        and Exchange Commission on July 3, 2013<BR>
        <BR>
        </B></P>
        <P STYLE="font: 10pt/normal Times New Roman, Times, Serif; margin: 0 3.1pt 0 0.7pt; text-align: center"><B>UNITED STATES</B></P></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SECURITIES AND EXCHANGE COMMISSION</B></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Washington, D.C. 20549</B></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SCHEDULE 14A</B></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>(Rule 14a-101)</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>INFORMATION REQUIRED IN PROXY STATEMENT</B></FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>SCHEDULE 14A INFORMATION</B></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proxy Statement Pursuant to Section 14(a) of</FONT><BR>
<FONT STYLE="font: 10pt Times New Roman, Times, Serif">the Securities Exchange Act of 1934 (Amendment No. &nbsp;&nbsp;&nbsp;&nbsp;)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed by the Registrant&nbsp;&nbsp; </FONT>[X]<FONT STYLE="font: 10pt Wingdings"></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filed
by a Party other than the Registrant [ ]&nbsp;</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check the appropriate box:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%"> [ ]</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Preliminary Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Wingdings"> </FONT> [ ]</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"> </FONT>[ ]<FONT STYLE="font: 10pt Wingdings"></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive Proxy Statement</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Wingdings"> </FONT> [X]</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Definitive Additional Materials</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Wingdings"></FONT> [ ]</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Soliciting Material Pursuant to &sect;240.14a-12</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>ROYCE VALUE TRUST, INC.</B></FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name of Registrant as Specified In Its Charter)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="border-bottom: black 1pt solid; padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">N/A</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; text-align: center; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(Name of Person(s) Filing Proxy Statement, if other than the Registrant)</FONT></TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD COLSPAN="4" STYLE="padding-right: 3.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Payment of Filing Fee (Check the appropriate box):</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%"> </FONT>[X]<FONT STYLE="font: 10pt Wingdings"></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">No fee required.</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Wingdings"> </FONT> [ ]</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Title of each class of securities to which transaction applies:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Aggregate number of securities to which transaction applies:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined):</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Proposed maximum aggregate value of transaction:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(5)</FONT></TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Total fee paid:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%"> [ ]</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Fee paid previously with preliminary materials.</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Wingdings"></FONT> [ ]</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing.</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(1)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Amount Previously Paid:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(2)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Form, Schedule or Registration Statement No.:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Filing Party:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%"><FONT STYLE="font: 10pt Times New Roman, Times, Serif">Date Filed:</FONT></TD></TR>
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    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="padding-left: 0.7pt; line-height: 115%">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: black 1pt solid; padding-right: 1.1pt; padding-left: 0.7pt; line-height: 115%">&nbsp;</TD></TR>
</TABLE>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: left"><font size="5">ROYCE VALUE TRUST, INC.</font></P>



<div STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">June 28, 2013</div>

<br>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Dear Fellow Stockholder:</P>





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify;
text-indent: 0.5in">I invite you to a special stockholder meeting of Royce Value Trust
Inc. (&#147;Value Trust&#148;) to be held on September 5, 2013.  At the meeting, stockholders will
be asked to approve a proposal to contribute a portion of Value Trust&#146;s assets to a
newly-organized, closed-end management investment company, Royce Global Value Trust, Inc.
(&#147;Global Trust&#148;), and to distribute to common stockholders of Value Trust shares of
common stock of Global Trust (the &#147;Transaction&#148;).  The enclosed Proxy
Statement/Prospectus describes the proposal in detail.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align:
justify; text-indent: 0.5in">Although Value Trust and Global Trust have the exact same
investment objective of long-term growth of capital, Value Trust invests primarily in
U.S. domiciled small-cap companies while Global Trust will invest primarily in companies
located outside the U.S. and may invest up to 35% of its assets in the securities of
companies headquartered in &#147;developing countries.&#148;  For some time, we have been attracted
to the opportunities for long-term capital growth presented in the international markets,
particularly in small-cap stocks. To enable Value Trust&#146;s stockholders to participate
more directly in these opportunities, we are proposing to contribute approximately $100
million of Value Trust&#146;s assets to Global Trust.  If approved, each Value Trust
stockholder would receive one share of Global Trust for the number of whole common shares
of Value Trust owned on the distribution record date that will produce a total
distribution of approximately $100 million. This would result in a distribution of one
share of Global Trust for every seven shares of Value Trust common stock that you own.
The $100 million target size (approximately 8% of Value Trust&#146;s current net assets) was
established to satisfy New York Stock Exchange listing standards and to seek to ensure
that Global Trust has sufficient assets to conduct its investment program while
maintaining an expense ratio that is competitive with those of other global small-cap
value funds.  </P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:
justify; text-indent: 0.5in">No commission or other sales charge would be imposed on you
in connection with the Transaction.  In addition, Royce &#038; Associates, LLC, the investment
adviser to each of Value Trust and Global Trust, will bear all out-of-pocket costs
incurred in connection with the Transaction. Global Trust expects to distribute its net
investment income and net realized capital gains, if any, on an annual basis, with its
first distribution anticipated at year-end 2013.</P>



<div STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:
justify; text-indent: 0.5in">Stockholders will also be asked to approve a proposal to
amend a Value Trust investment restriction.  The amended restriction will expressly
permit the </div>
<br clear="all" style="page-break-before:always;">

<!--page-->




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:
justify;">Transaction, and will permit the distribution of Global
Trust common stock without violating the prohibition on Value Trust underwriting
securities of other issuers.  In addition, the amended investment restriction will give
Value Trust greater flexibility to invest in restricted securities.</p>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:
justify; text-indent: 0.5in">The consummation of the Transaction is contingent upon
stockholder approval of both the Transaction and the amended investment restriction.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:
justify; text-indent: 0.5in">We believe the Transaction represents an attractive
opportunity for Value Trust stockholders, and we urge you to carefully consider the
merits of the proposals.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:
justify; text-indent: 0.5in">The Value Trust Board has determined that the proposed
Transaction is in the best interests of Value Trust and its common stockholders, and
unanimously recommends that you vote &#147;FOR&#148; the proposed Transaction.  The Value Trust
Board also unanimously recommends that you vote &#147;FOR&#148; the proposed amendment to the
investment restriction.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:
justify; text-indent: 0.5in">The enclosed materials explain this proposal in more detail
and I encourage you to review them carefully.  As a stockholder, your vote is important,
and we hope that you will respond today to ensure that your shares will be represented at
the Special Meeting.  You may authorize a proxy to vote your shares by using one of the
methods below by following the instructions on your proxy card:</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt">&bull;</TD><TD STYLE="text-align: justify">By touch-tone telephone;</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></TD><TD STYLE="text-align: justify">By internet; or</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 54pt"></TD><TD STYLE="width: 27pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></TD><TD STYLE="text-align: justify">By returning the enclosed proxy card in the postage-paid envelope.</TD></TR></TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You may also vote

in person at the Special Meeting.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align:
justify; text-indent: 0.5in">If you do not vote using one of these methods, you may be
called by Broadridge Financial Solutions, Inc. (&#147;Broadridge&#148;), our proxy solicitation
firm, to authorize a proxy to vote your shares.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;
text-indent: 0.5in">If you have a question, need assistance in voting or would like to
speak with a live representative, please call Broadridge at 1-855-325-6675.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As always, we appreciate

your support.</P>



<div STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 3in">Sincerely,<BR>

<BR>

<BR>

<BR>

Charles M. Royce</div>






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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 7pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 100%; border-top: black 1pt solid; border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">Please vote now.&nbsp; Your vote is important.</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: justify">To avoid the wasteful and unnecessary expense of further solicitation, we urge you to indicate your voting instructions on the enclosed proxy card, date and sign it and return it promptly in the envelope provided, or record your voting instructions by telephone or via the internet, no matter how large or small your holdings may be.&nbsp; If you submit a properly executed proxy but do not indicate how you wish your shares to be voted, your shares will be voted &ldquo;FOR&rdquo; each of the proposals.&nbsp; If your shares are held through a broker, you must provide voting instructions to your broker about how to vote your shares in order for your broker to vote your shares at the Special Meeting.</TD></TR>

</TABLE>

<br><br>


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<TR STYLE="vertical-align: top">

    <TD STYLE="width: 100%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold; text-align: center">IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE SPECIAL MEETING OF STOCKHOLDERS

 TO BE HELD ON SEPTEMBER 5, 2013<br><br>THE NOTICE, PROXY STATEMENT AND PROXY CARD FOR THE FUND ARE AVAILABLE AT WWW.PROXYVOTE.COM.</TD></TR>

</TABLE>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">QUESTIONS &amp; ANSWERS</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">We recommend that

you read the complete Combined Prospectus/Proxy Statement. For your convenience, we have provided a brief overview of the issue

to be voted on.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;Why is a stockholder meeting being held?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">A:&#9;You are being asked to consider

and vote upon a proposal to contribute a portion of the assets of Royce Value Trust, Inc., a Maryland corporation (&ldquo;Value

Trust&rdquo;) (such contributed assets are anticipated to consist largely or exclusively of cash, short-term fixed income instruments,

unappreciated common stock and unappreciated preferred stock) to a newly-organized, diversified, closed-end management investment

company, Royce Global Value Trust, Inc., a Maryland corporation (&ldquo;Global Trust&rdquo;), and to distribute to common stockholders

of Value Trust approximately $100&nbsp;million of Value Trust&rsquo;s assets in the form of shares of common stock of Global Trust.

The contribution of such Value Trust assets to Global Trust and the subsequent distribution of the Global Trust&rsquo;s common

stock to Value Trust common stockholders is referred to as the &ldquo;Transaction&rdquo;. If the proposed Transaction is approved

and completed, Value Trust common stockholders will become common stockholders of Global Trust, and will also remain common stockholders

of Value Trust. Please refer to the Combined Prospectus/Proxy Statement for a detailed explanation of the proposed Transaction

and more complete description of Global Trust.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You are also being

asked to consider and vote upon a proposal to amend an investment restriction of Value Trust, which currently prohibits (i)&nbsp;underwriting

the securities of other issuers, and (ii)&nbsp;investing in restricted securities unless such securities are redeemable shares

issued by money market funds registered under the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;). The

amended restriction will allow Value Trust to act as an underwriter, as defined under the Securities Act of 1933, in the limited

circumstances of selling portfolio securities and in connection with mergers, acquisitions, spin-off transactions (such as the

Transaction) and other reorganization transactions involving Value Trust. This proposal will facilitate the Transaction by clearly

providing that the Transaction does not violate the investment restrictions of Value Trust. It will also remove the restriction

on Value Trust&rsquo;s ability to invest in restricted securities.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The consummation

of the Transaction is contingent upon stockholder approval of both the Transaction and the amended investment restriction.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;How does the Board of Directors suggest that I

vote?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A:&#9;After careful

consideration, the Board of Directors of Value Trust (the &ldquo;Value Trust Board&rdquo;) has determined that the proposed Transaction

will benefit the common stockholders of Value Trust, and unanimously recommends that you cast your vote &ldquo;<B>FOR</B>&rdquo;

the proposed Transaction. The Value Trust Board also unanimously recommends that you vote &ldquo;<B>FOR</B>&rdquo; the proposed

amendment to the investment restriction.</P>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;How will the Transaction affect Value Trust stockholders?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A:&#9;If stockholders

of Value Trust approve the proposed Transaction, approximately $100&nbsp;million of Value Trust&rsquo;s assets will be contributed

to Global Trust, and Value Trust will distribute to its common stockholders, approximately $100&nbsp;million of shares of common

stock of Global Trust. Holders of Value Trust common stock will then hold shares of both Value Trust and Global Trust. The aggregate

net asset value of your Value Trust common stock and the common stock of Global Trust you receive in the Transaction, together

with any cash received in lieu of fractional shares, will equal the aggregate net asset value of the shares of Value Trust you

own immediately prior to the Transaction (assuming you have not sold or otherwise disposed of your shares of Value Trust common

stock prior to the distribution record date).</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;Who will advise Global Trust?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A:&#9;Royce &amp;

Associates, LLC (&ldquo;Royce&rdquo;) will be the investment adviser to Global Trust.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;Will I have to pay any commission or other similar

fee in connection with the Transaction?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A:&#9;No, you will

not pay any commission or other similar fee in connection with the Transaction. Also, Royce has agreed to pay the out-of-pocket

costs of the Transaction.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;How do operating expenses paid by Global Trust

compare to those payable by Value Trust?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A:&#9;The total

operating expense ratio of Global Trust is expected to be higher than the total operating expense ratio of Value Trust due to the

different asset levels of the Funds and the different advisory fee structure of the Funds, and due to the fact that custodial fees

and other fixed fees are generally higher for funds primarily investing in foreign securities.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q: &#9;Will I have to pay any federal taxes as a result

of the Transaction?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A:&#9;Provided that

Value Trust, as is expected, does not contribute securities with significant unrealized appreciation to Global Trust, the Transaction

is not currently expected to increase significantly the total amount of taxable distributions received by the Value Trust stockholders

for the year ending December&nbsp;31, 2013, and is not expected to result in the recognition of significant taxable gain by Value

Trust.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">An amount equal

to the fair market value of the Global Trust common stock distributed to a Value Trust common stockholder plus the amount of any

cash in lieu of fractional shares of Global Trust common stock distributed to a Value Trust common stockholder (but no greater

sum) will be treated as a dividend up to the amount of Global Trust&rsquo;s current and accumulated earnings and profits that is

allocated to the distribution and will be taxable to the Value Trust common stockholder as a distribution of ordinary income, long-term

capital gain or a combination of both. To the extent that the fair market value of the Global Trust common stock and cash <B><I>exceeds</I></B>

the amount of earnings and profits allocated to such distribution, the excess (if any) will first be treated as a non-taxable return

of capital, reducing the Value Trust common stockholder&rsquo;s tax basis in its Value Trust common stock, and, to the extent that

the fair market value of the Global Trust common stock and cash then remaining <B><I>exceeds</I></B> the Value Trust common stockholder&rsquo;s

basis in its Value Trust common stock, such excess (if any) will be </p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">taxable as gain realized from a deemed sale of Value Trust

common stock. Each Value Trust common stockholder will take a fair market value tax basis in the Global Trust common stock received

and will have a holding period for the Global Trust common stock that begins on the day following the date of the distribution.

In addition to the other information necessary to file tax returns, Value Trust will provide stockholders with information on the

amount of the distribution to be treated as ordinary income, long-term capital gain or a combination of both.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q.&#9;Will the Global Trust common stock be listed on

an exchange?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A.&#9;It is expected

that the Global Trust common stock will be listed on the New York Stock Exchange. Global Trust is newly organized and has no operating

history or history of public trading. There can be no assurance as to the depth or quality of the market for Global Trust common

stock.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;What if I sell my shares of common stock of Value

Trust before the Transaction takes place?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A:&#9;The Value

Trust Board is expected to declare a distribution (the &ldquo;Distribution&rdquo;) of all the outstanding Global Trust common stock

payable to the holders of record of Value Trust common stock as of the close of business on a date (the &ldquo;Distribution Record

Date&rdquo;) to be determined, together with the payable date for the Distribution (the &ldquo;Distribution Date&rdquo;), by the

Value Trust Board promptly following stockholder approval of the Transaction. If you sell your shares of common stock of Value

Trust before the Distribution Record Date and are no longer a stockholder of Value Trust as of the close of business on the Distribution

Record Date, you will not receive shares of Global Trust pursuant to the Transaction. If you sell your shares of common stock of

Value Trust after the Distribution Record Date, you will receive the shares of common stock of Global Trust that you would have

received had you continued to hold such shares of Value Trust. However, it is anticipated that shares of Value Trust will trade

with &ldquo;due bills&rdquo; from a date two business days prior to the Distribution Record Date through the Distribution Date,

and any Value Trust stockholder who sells shares of Value Trust common stock during that period will also be selling the right

to receive shares of Global Trust in connection with the Value Trust common stock sold.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;How do I authorize my proxy?</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A:&#9;You may authorize

a proxy to vote your shares by mail, telephone or internet or vote in person at the special stockholders meeting. To vote by mail,

please mark your vote on the enclosed proxy card and sign, date and return the card in the postage-paid envelope provided. To authorize

a proxy to vote your shares by telephone or over the internet, please have the proxy card in hand and call the telephone number

or go to the website address listed on the proxy card and follow the instructions.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;When will the Transaction occur?</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">A:&#9;Subject

 to the receipt of stockholder approval of both the Transaction and the amended investment restriction, the opening

 of any required foreign sub-custody accounts, and prevailing market conditions, the Transaction is expected to

 occur in September or October 2013.</P>


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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt">Q:&#9;Whom do I contact for further information?</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">A:&#9;You can contact

your financial adviser for further information. You may also call Royce Funds at 1-800-221-4268 or visit our website at www.roycefunds.com

where you can send us an email message by selecting &ldquo;Contact Us&rdquo;. You may also call Broadridge, our proxy solicitor, at 1-855-325-6675.<br></P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: justify; text-indent: 0.5in">Important additional

information about the proposal is set forth in the accompanying Combined Prospectus/Proxy Statement. Please read it carefully.</P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: center">ROYCE VALUE TRUST, INC.<BR>

745 Fifth Avenue<BR>

New York, NY 10151<BR>

(800) 221-4268</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">NOTICE OF SPECIAL MEETING OF STOCKHOLDERS</p>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: center">TO BE HELD ON SEPTEMBER 5, 2013</P>


<br>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">To the Stockholders:</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">This is to notify

you that a Special Meeting of Stockholders (the &ldquo;Special Meeting&rdquo;) of Royce Value Trust, Inc., a Maryland corporation

(&ldquo;Value Trust&rdquo;), will be held at the offices of Value Trust, 745 Fifth Avenue, New York, New York 10151 on

 Thursday, September 5, 2013, at 11:00 a.m. (Eastern time), for the following purposes:</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt 0.5in; text-align: justify">1.&#9;To consider and vote upon

a proposal to contribute a portion of Value Trust&rsquo;s assets (which is anticipated to consist largely or exclusively of cash,

short-term fixed income instruments, unappreciated common stock and unappreciated preferred stock) having a value of approximately

$100&nbsp;million (approximately 8.4% of Value Trust&rsquo;s net assets as of March&nbsp;31, 2013), to a newly-organized, diversified,

closed-end management investment company, Royce Global Value Trust, Inc. (&ldquo;Global Trust&rdquo;), and to distribute to common

stockholders of Value Trust shares of common stock of Global Trust (&ldquo;Global Trust Common Stock&rdquo;) (&ldquo;<B>Proposal

1</B>&rdquo;); and</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">2.&#9;To consider and vote upon

a proposal to amend an investment restriction of Value Trust, which currently states that Value Trust may not &ldquo;[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 [Investment Company Act of 1940, as amended],&rdquo; to state that Value Trust may not &ldquo;[u]nderwrite

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&rdquo; (&ldquo;<B>Proposal 2</B>&rdquo;).</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">The Board of Directors

of Value Trust has set the close of business on Monday, June 24, 2013 as the record date for determining those stockholders entitled to vote

at the Special Meeting or any postponement or adjournment thereof, and only holders of record at the close of business on that

day will be entitled to vote.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">IMPORTANT</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>To save Value

Trust the expense of additional proxy solicitation, please mark your instructions on the enclosed Proxy, date and sign it and return

it in the enclosed envelope (which requires no postage if mailed in the United States), even if you expect to be present at the

Special Meeting. You may also authorize a proxy to vote your shares via telephone or the Internet by following the instructions

on the proxy card or Notice of Internet Availability of Proxy Materials; please take advantage of these prompt and efficient proxy

authorization options. The accompanying Proxy is solicited on behalf of the Board of Directors, is revocable and will not affect

your right to vote in person in the event that you attend the Special Meeting.</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 24pt 3in">By Order of the Board of Directors,<BR>

<BR>

<BR>

<BR>

John E. Denneen<BR>

Secretary</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">June 28, 2013</P>



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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">COMBINED PROSPECTUS/PROXY STATEMENT</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ROYCE VALUE TRUST, INC.<BR>

745 Fifth Avenue<BR>

New York, NY 10151<BR>

(800) 221-4268</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ROYCE GLOBAL VALUE TRUST, INC.<BR>

745 Fifth Avenue<BR>

New York, NY 10151<BR>

(800) 221-4268</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">This

Combined Prospectus/Proxy Statement is furnished to you as a stockholder of Royce Value Trust, Inc., a Maryland

corporation (&ldquo;Value Trust&rdquo;). A special meeting of stockholders of Value Trust (the &ldquo;Special Meeting&rdquo;)

will be held at the offices of Value Trust, 745 Fifth Avenue, New York, New York 10151 on Monday, September 5, 2013, at 11:00

a.m. (Eastern time), to consider the items that are listed below and discussed in greater detail elsewhere in this

Combined Prospectus/Proxy Statement. Stockholders of record of Value Trust as of the close of business on June 24, 2013 (the

&ldquo;Record Date&rdquo;) are entitled to notice of, and to vote at, the Special Meeting or any postponement or adjournments

thereof. This Combined Prospectus/Proxy Statement, proxy card and accompanying Notice of Special Meeting of Stockholders were

first sent or given to stockholders of Value Trust on or about July 3, 2013. Whether or not you expect to attend the Special

Meeting or any postponement or adjournment thereof, the Board of Directors of Value Trust (the &ldquo;Value Trust

Board&rdquo;) requests that stockholders vote their shares by completing and returning the enclosed form of proxy.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: justify; text-indent: 0.5in">The purposes of

the Special Meeting are:</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">1.&#9;To consider and vote upon

a proposal to contribute a portion of Value Trust&rsquo;s assets (which is anticipated to consist largely or exclusively of cash,

short-term fixed income instruments and unappreciated common stock and unappreciated preferred stock (together, such unappreciated

common stock and such unappreciated preferred stock are referred to herein as &ldquo;Unappreciated Equity Securities&rdquo;)) having

a value of approximately $100&nbsp;million (approximately 8.4% of Value Trust&rsquo;s net assets as of March&nbsp;31, 2013), to

a newly-organized, diversified, closed-end management investment company, Royce Global Value Trust, Inc., a Maryland corporation

(&ldquo;Global Trust&rdquo;), and to distribute to common stockholders of Value Trust shares of common stock of Global Trust (&ldquo;Global

Trust Common Stock&rdquo;) (such contribution and distribution are together referred to herein as the &ldquo;Transaction&rdquo;)

(&ldquo;<B>Proposal 1</B>&rdquo;); and</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">2.&#9;To consider and vote upon

a proposal to amend an investment restriction of Value Trust, which currently states that Value Trust may not &ldquo;[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 [Investment Company Act of 1940, as amended],&rdquo; to state that Value Trust may not &ldquo;[u]nderwrite

the securities of other issuers, except insofar as</p>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in; text-align: justify">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&rdquo; (&ldquo;<B>Proposal 2</B>&rdquo;).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The consummation

of the Transaction is contingent upon stockholder approval of both the Transaction and the amended investment restriction.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Like Value Trust,

Global Trust is a closed-end, diversified management investment company. The investment goal of Value Trust is long-term capital

growth. Value Trust may invest up to 25% of its assets in securities of companies headquartered outside the United States. The

investment goal of Global Trust is long-term growth of capital. Under normal market circumstances, Global Trust will invest at

least 80% of its net assets in equity securities, and will invest at least 65% of its net assets in the equity securities of companies

located in at least three countries outside of the United States. A company is deemed to be &ldquo;located&rdquo; 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. Although there are no geographic limits on Global Trust&rsquo;s investments, no more than 35% of Global Trust&rsquo;s

net assets may be invested in the securities of companies headquartered in &ldquo;developing countries,&rdquo; 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, Taiwan, Bermuda, and Western European countries (which include, Austria, Belgium, Denmark,

France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and

the United Kingdom).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce &amp; Associates,

LLC (&ldquo;Royce&rdquo;), normally invests more than 65% of Value Trust&rsquo;s assets in the equity securities of small- and

micro-cap companies, generally with stock market capitalizations ranging from $100&nbsp;million to $2.5&nbsp;billion, that Royce

believes are trading significantly below its estimate of their current worth. Although Global Trust may invest in the equity securities

of companies of any market capitalization, Royce expects that generally a significant portion of Global Trust&rsquo;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&nbsp;billion.

Value Trust may also invest up to 35% of its assets in non-convertible debt. Global Trust may also invest up to 20% of its net

assets in U.S.&nbsp;and non-U.S. non-convertible debt.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shares of closed-end

funds often trade at a discount to net asset value. Value Trust cannot predict whether Global Trust Common Stock will trade at,

below or above net asset value. Stockholders must bear the risk of loss created by the possibility that the Global Trust Common

Stock may trade at a discount to net asset value.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Combined Prospectus/Proxy

Statement sets forth concisely the information stockholders of Value Trust should know before voting on the Transaction and amendment

of the investment restriction and constitutes an offering of common stock of Global Trust only. Please read it carefully and retain

it for future reference.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Application will

be made to list Global Trust Common Stock on the New York Stock Exchange (&ldquo;NYSE&rdquo;). Although there is no current trading

market for Global Trust Common Stock, it is expected that &ldquo;when issued&rdquo; trading of such shares will commence on the

NYSE two </p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">business days prior to the record date set by the Value Trust Board for the distribution of the Global Trust Common Stock.

If a Value Trust common stockholder sells the Global Trust Common Stock that it receives through the distribution, the stockholder

may incur brokerage commissions and the sale may constitute a taxable event for the stockholder. After Global Trust Common Stock

is listed on the NYSE, reports, proxy statements and other information concerning Global Trust and filed with the Securities and

Exchange Commission (the &ldquo;Commission&rdquo;) by Global Trust will be available for inspection at the NYSE, 20 Broad Street,

New York, New York 10005.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust common

stock (&ldquo;Value Trust Common Stock&rdquo;) is listed on the NYSE and trades under the symbol &ldquo;RVT.&rdquo; Reports, proxy

statements and other information concerning Value Trust and filed with the Commission by Value Trust will be available for inspection

at the NYSE, 20 Broad Street, New York, New York 10005.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Statement
of  Additional Information dated June 28, 2013, relating to this Combined Prospectus/Proxy Statement (the &ldquo;Statement of
Additional  Information&rdquo;), is incorporated herein by reference. The Statement of Additional Information and Value
Trust&rsquo;s most  recent annual report to stockholders are available without charge by writing to The Royce Funds, 745
Fifth Avenue, New York, NY  10151, by calling (800)&nbsp;221-4268 or via the internet at www.roycefunds.com. You also may view
or obtain these documents from  the Commission:</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: left; text-indent: -1in">In Person:&#9;At

the Commission&rsquo;s Public Reference Room at 100 F Street, N.E.,<BR>

Washington, DC 20549</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: left; text-indent: -1in">By Phone:&#9;202-551-8090</P>

<div STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt 2in; text-align: left; text-indent: -1in">By Mail:&#9;Public Reference Section</div>

<div STYLE="font: 12pt Times New Roman, Times, Serif; margin-left:150px;">Officer of Consumer Affairs and Information Services<BR>

Securities and Exchange Commission<BR>

100 F Street, N.E.<BR>

Washington, DC 20549<BR>

(duplicating fee required)</div>

<br>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: left; text-indent: -1in">By E-mail:&#9;<FONT STYLE="text-underline-style: none">publicinfo@sec.gov</FONT><BR>

(duplicating fee required)</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 2in; text-align: left; text-indent: -1in">By Internet:&#9;<FONT STYLE="text-underline-style: none">www.sec.gov</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under Maryland law,

the only matters that may be acted on at a special meeting of stockholders are those stated in the notice of the special meeting.

Accordingly, other than procedural matters relating to the Proposals, no other business may properly come before the Special Meeting.

If any procedural matter is submitted to stockholders, the persons named as proxies will vote on such procedural matter in accordance

with their discretion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B>No person has

been authorized to give any information or make any representation not contained in this Combined Prospectus/Proxy Statement and,

if so given or made, such information or representation must not be relied upon as having been authorized. This Combined Prospectus/Proxy

Statement does not constitute an offer to sell or a solicitation </p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">of an offer to buy any securities in any jurisdiction in which,

or to any person to whom, it is unlawful to make such offer or solicitation.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify; text-indent: 0.5in"><B>Neither the Securities

and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this

Combined Prospectus/Proxy Statement is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The date of this

Combined Prospectus/Proxy Statement is June 28, 2013.</P>



<br clear="all" style="page-break-before:always;">

<!--page-->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TABLE OF CONTENTS</P>

<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td width="3%" valign="right" align="left"><font face="Times New Roman" size="2"><U>Page</U></font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">SUMMARY</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">1</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">TABLE OF FEES AND EXPENSES</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">8</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">PRO FORMA STATEMENT OF

ASSETS AND LIABILITIES</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">10</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">PROPOSAL 1</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">12</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">THE TRANSACTION</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">12</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Background</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">12</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Description of the Transaction</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">12</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Material Federal Income Tax Consequences</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">15</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Exchange Listing</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">16</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Transaction Expenses</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">16</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Manner of Effecting the Distribution</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">16</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Costs Associated with Sales of Global

Trust Common Stock</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">17</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Allocation of Investment Opportunities</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">18</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">PROPOSAL 2</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">18</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Description of the Amendment</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">18</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">INVESTMENT GOALS AND POLICIES

OF VALUE TRUST AND GLOBAL TRUST</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">19</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Value Trust</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">19</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Global Trust</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">21</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Risk Factors</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">24</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Certain Corporate Governance Provisions</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">31</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">INVESTMENT  RESTRICTIONS</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">32</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">MANAGEMENT</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">32</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">INVESTMENT ADVISORY SERVICES

PROVIDED BY ROYCE</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">34</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Value Trust</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">34</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Global Trust</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">34</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Net Asset Value</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">35</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">DIVIDENDS, DISTRIBUTIONS

AND REINVESTMENT PLAN</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">36</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Value Trust&rsquo;s 5% Distribution

Policy</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">36</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">The Distribution to Value Trust Common

Stockholders of Shares of<br>Global Trust Common Stock will not Change Value Trust&rsquo;s 5% Distribution Policy</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">37</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Distributions by Global Trust</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">37</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Distribution Reinvestment and Cash Purchase

Plan</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">37</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">TAXATION</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">38</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Taxation of Value Trust and Global Trust</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">39</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Taxation of Stockholders</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">40</font></td>

</tr>

</table>



<br clear="all" style="page-break-before:always;">

<!--page-->


<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">CUSTODIAN, TRANSFER AGENT

AND REGISTRAR</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">42</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">DESCRIPTION OF CAPITAL

STOCK</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">43</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Value Trust</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">43</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Global Trust</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">44</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Repurchases of Securities</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">45</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Rights Offerings</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">46</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2">Certain Corporate Governance Provisions</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">46</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><div style="margin-left:40px;"><font face="Times New Roman" size="2"> Indemnification of Directors and
                                        Officers</font></div></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">48</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">FURTHER INFORMATION</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">49</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">REQUIRED VOTE FOR PROPOSALS</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">49</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">SOLICITATION OF PROXIES</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">50</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">GENERAL VOTING INFORMATION</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">50</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">BROKER NON-VOTES AND ABSTENTIONS</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">53</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">OTHER MATTERS TO COME

BEFORE THE SPECIAL MEETING</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">53</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td nowrap valign="bottom" align="left"><font face="Times New Roman" size="2">APPENDIX A INVESTMENT RESTRICTIONS</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td width="3%" nowrap valign="bottom" align="right"><font face="Times New Roman" size="2">A-1</font></td>

</tr>

</table>


<br clear="all" style="page-break-before:always;">

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SUMMARY</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>The following

is a summary of certain information contained elsewhere in this Combined Prospectus/Proxy Statement and is qualified in its entirety

by reference to the more complete information contained herein. Stockholders should read the entire Combined Prospectus/Proxy Statement

carefully.</I></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">The Proposed Transaction</TD>

    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Value Trust Board has approved, subject

        to stockholder approval, the contribution of a portion of Value Trust&rsquo;s assets (which is anticipated to consist largely or

        exclusively of cash, short-term fixed income instruments and Unappreciated Equity Securities) having a value of approximately $100&nbsp;million

        (approximately 8.4% of Value Trust&rsquo;s net assets as of March&nbsp;31, 2013) to Royce Global Value Trust, Inc. (&ldquo;Global

        Trust&rdquo;), a newly formed investment company incorporated in the State of Maryland and wholly-owned by Value Trust, in exchange

        for shares of Global Trust Common Stock. All of the shares of Global Trust Common Stock will then be distributed by Value Trust

        to its common stockholders at an approximate rate of one (1)&nbsp;share of Global Trust Common Stock for every seven (7)&nbsp;shares

        held of Value Trust Common Stock. The contribution of such Value Trust assets to Global Trust and the subsequent distribution of

        Global Trust&rsquo;s shares to Value Trust common stockholders are referred to herein as the &ldquo;Transaction.&rdquo; See &ldquo;The

        Transaction.&rdquo; The Transaction may result in a non-taxable return of capital to Value Trust&rsquo;s common stockholders and,

        in certain circumstances, a taxable gain. See &ldquo;&mdash; Material Federal Income Tax Consequences of the Transaction&rdquo;,

        &mdash;Taxable Distribution&rdquo;, &ldquo;The Transaction &mdash; Material Federal Income Tax Consequences&rdquo; and &ldquo;Taxation&rdquo;

        below.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The aggregate net asset value of the

        Value Trust Common Stock held by a stockholder immediately prior to the Transaction will decrease by the net asset value of the

        Global Trust Common Stock that such stockholder receives in the Transaction and the amount of any cash received in lieu of fractional

        shares.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Royce has agreed to pay the out-of-pocket

        costs of the Transaction. See &ldquo;The Transaction &mdash; Transaction Expenses.&rdquo;</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Each of Value Trust and Global Trust

        are referred to herein as a &ldquo;Fund,&rdquo; and together as the &ldquo;Funds.&rdquo;</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The consummation of the Transaction is

        contingent upon stockholder approval of both the Transaction and the amended Value Trust investment restriction discussed below.</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">The Proposed Amendment to the Investment Restriction</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Value Trust Board has approved, subject

        to stockholder approval, an amendment to an investment restriction of Value Trust, which currently states that Value Trust may

        not &ldquo;[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.&rdquo; The amended restriction states that Value Trust may not

        &ldquo;[u]nderwrite 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.&rdquo;</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The amended restriction will expressly

        permit spin-off transactions, such as the Transaction, and will permit the distribution of Global Trust common stock without violating

        the prohibition on Value Trust underwriting securities of other issuers. In addition, the amended investment restriction will give

</P>

</table>

<br>

<p align="center"><font face="times new roman" size="2">1</font></p>

<br clear="all" style="page-break-before:always;">

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&#160;</TD>

    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Value Trust the flexibility to invest in restricted securities to a greater extent by removing the limitation that Value Trust

        may not invest in restricted securities unless such securities are redeemable shares issued by money market funds registered under

        the Investment Company Act of 1940, as amended (the &ldquo;1940 Act&rdquo;).</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The consummation of the Transaction is

        contingent upon stockholder approval of both the Transaction and the amended investment restriction.</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Royce Global Value Trust, Inc.</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">A newly formed investment company organized as a Maryland corporation and registered under the 1940 Act as a diversified closed-end management investment company.</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Comparison of Investment Goals and Policies of Value Trust and Global Trust</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The investment goal of Value Trust is

        long-term capital growth. Value Trust normally invests at least 65% of its assets in the equity securities of small- and micro-cap

        companies, generally with stock market capitalizations ranging from $100&nbsp;million to $2.5&nbsp;billion, that Royce believes

        are trading significantly below its estimate of their current worth. Value Trust may invest up to 25% of its assets in securities

        of issuers headquartered outside the United States. Value Trust may also invest up to 35% of its assets in non-convertible debt.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The investment goal of Global Trust is

        long-term growth of capital. Under normal circumstances, Global Trust will invest at least 80% of its net assets in equity securities,

        such as common stock and preferred stock, and at least 65% of its net assets in equity securities of companies located in at least

        three countries outside of the United States. A company is deemed to be &ldquo;located&rdquo; 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 the Fund&rsquo;s assets may be invested in companies located in a single country. Global

        Trust may also invest up to 20% of its net assets in U.S.&nbsp;and non-U.S. non-convertible debt<B>.</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Although there are no geographic limits

        on Global Trust&rsquo;s investments, no more than 35% of Global Trust&rsquo;s net assets may be invested in the securities of companies

        headquartered in &ldquo;developing countries,&rdquo; 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, Taiwan, Bermuda,

        and Western European countries (which include, Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg,

        the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom).</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Royce will invest Global Trust&rsquo;s

        assets primarily in the equity securities of companies that it believes are trading significantly below its estimate of their current

        worth. Royce will base this assessment chiefly on balance sheet quality and cash flow levels. Although the Fund may invest in the

        equity securities of companies of any market capitalization, Royce expects that generally a significant portion of the Fund&rsquo;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&nbsp;billion.</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Investment Adviser to Global Trust; Advisory Fees</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Royce, the investment adviser to Value

        Trust, will also serve as investment adviser to Global Trust.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The advisory fee structure for Global

        Trust will be different from that of Value Trust. Global Trust will pay Royce a monthly fee equal to 1/12 of 1.25% (1.25% on an

        annualized basis) of the average net assets of the Fund for each month during the term of the investment advisory agreement.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Value Trust&rsquo;s advisory fee is comprised

        of a Basic Fee (the &ldquo;Basic Fee&rdquo;) that</P>

</table>

<br>

<p align="center"><font face="times new roman" size="2">2</font></p>

<br clear="all" style="page-break-before:always;">

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&#160;</TD>

    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">is subject to an adjustment based on the investment performance of the Fund.

        The Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of Value Trust&rsquo;s month-end

        net assets applicable to common stockholders, plus the liquidation value of its preferred stock, if any, for the rolling 60-month

        period ending with such month (the &ldquo;performance period&rdquo;). The Basic 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 the Fund exceeds, or is exceeded by, the

        percentage change in the investment record of the S&amp;P 600 SmallCap Index (the &ldquo;S&amp;P 600&rdquo;) for the performance

        period by more than two percentage points. The performance period for each such month is a rolling 60-month period ending with

        such month. The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12 of 0.5%.</P>



        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Because of the different fee structures,

        Global Trust&rsquo;s advisory fee may be higher or lower than that of Value Trust from time to time. For the three fiscal years

        ended December&nbsp;31, 2012, the advisory fee for Global Trust would have been higher than that of Value Trust. See &ldquo;Investment

        Advisory Services Provided by Royce.&rdquo;</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Exchange Listing</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">Application will be made to list Global Trust Common Stock on the NYSE, subject to notice of issuance of such shares.&nbsp; Although there is no current trading market for Global Trust Common Stock, it is expected that &ldquo;when issued&rdquo; trading of such shares will commence on the NYSE two business days prior to the record date set by the Board for the distribution of the shares of common stock of Global Trust.</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Material Federal Income Tax Consequences of the Transaction</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Provided that Value Trust, as is expected,

        does not contribute securities with significant unrealized appreciation to Global Trust, the Transaction is not currently expected

        to increase significantly the total amount of taxable distributions received by the Value Trust stockholders for the year ending

        December&nbsp;31, 2013, and is not expected to result in the recognition of significant taxable gain by Value Trust.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">An amount equal to the fair market value

        of the Global Trust Common Stock distributed to a Value Trust common stockholder plus the amount of any cash in lieu of fractional

        shares of Global Trust Common Stock distributed to a Value Trust common stockholder (but no greater sum) will be treated as a dividend

        up to the amount of Global Trust&rsquo;s current and accumulated earnings and profits that is allocated to the distribution and

        will be taxable to the Value Trust common stockholder as a distribution of ordinary income, long-term capital gain or a combination

        of both. To the extent that the fair market value of the Global Trust Common Stock and cash <B><I>exceeds</I></B> the amount of

        earnings and profits allocated to such distribution, the excess (if any) will first be treated as a non-taxable return of capital,

        reducing the Value Trust common stockholder&rsquo;s tax basis in its Value Trust Common Stock; and, to the extent that the fair

        market value of the Global Trust Common Stock and cash then remaining <B><I>exceeds</I></B> the Value Trust common stockholder&rsquo;s

        basis in its Value Trust Common Stock, such excess (if any) will be taxable as gain realized from a deemed sale of Value Trust

        Common Stock. Each Value Trust common stockholder will take a fair market value tax basis in the Global Trust Common Stock received

        and will have a holding period for the Global Trust Common Stock that begins on the day following the date of the distribution.

        In addition to the other information necessary to file tax returns, Value Trust will provide common stockholders with information

        on the amount of the distribution to be treated as ordinary income, long-term capital gain or a combination of both.</P>

</table><br>

<p align="center"><font face="times new roman" size="2">3</font></p>

<br clear="all" style="page-break-before:always;">

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&#160;</TD>

    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Global Trust has received an opinion

        of special tax counsel to the effect that the foregoing discussion accurately summarizes the material federal income tax consequences

        of the Transaction. The foregoing summary is subject to and qualified in its entirety by the discussion in &ldquo;The Transaction

        &mdash; Material Federal Income Tax Consequences&rdquo; and &ldquo;Taxation&rdquo; below.</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Comparison of Distribution Policies of Value Trust and Global Trust</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">Under an existing order of exemption received from the Securities and Exchange Commission (the &ldquo;Commission&rdquo;) from Section&nbsp;19(b) of the 1940 Act (the &ldquo;Section&nbsp;19(b) Exemptive Order&rdquo;), Value Trust and Global Trust may distribute capital gains to stockholders more frequently than annually.&nbsp; Value Trust will continue to make quarterly distributions to its common stockholders at the annual rate of 5% of the rolling average of the prior four calendar quarter-end net asset values of the Fund&rsquo;s common stock, with the fourth quarter distribution being the greater of 1.25% of the rolling average or the distribution required by Internal Revenue Service regulations.&nbsp; These quarterly distributions are generally reinvested in additional full and fractional shares of common stock of the applicable fund through the Fund&rsquo;s Dividend Reinvestment and Cash Purchase Plan.&nbsp; Value Trust&rsquo;s quarterly distribution policy may be changed by the Value Trust Board without stockholder approval.&nbsp; Global Trust plans to make distributions of any net investment income and net realized capital gains on an annual basis beginning at year-end 2013.&nbsp; See &ldquo;Dividends, Distributions and Reinvestment Plan.&rdquo;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Manner of Effecting the Distribution</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Value Trust Board is expected to

        authorize and cause Value Trust to declare a distribution (the &ldquo;Distribution&rdquo;) of all the outstanding Global Trust

        Common Stock payable to the holders of record of Value Trust Common Stock as of the close of business on a date (the &ldquo;Distribution

        Record Date&rdquo;) to be determined, together with the payable date for the Distribution (the &ldquo;Distribution Date&rdquo;),

        by Value Trust&rsquo;s Board promptly following stockholder approval of the Transaction. On or about the Distribution Date, Value

        Trust will contribute a portion of its assets (which is anticipated to consist largely or exclusively of cash, short-term fixed

        income instruments and Unappreciated Equity Securities) having a value of approximately $100&nbsp;million to Global Trust.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Value Trust will effect the Distribution

        on the Distribution Date by providing for the delivery of Global Trust Common Stock to Computershare Trust Company, N.A. (the &ldquo;Distribution

        Agent&rdquo;) for distribution to holders of record of Value Trust Common Stock as of the close of business on the Distribution

        Record Date. The Distribution will be made at an approximate rate of one (1)&nbsp;share of Global Trust Common Stock for every

        seven (7)&nbsp;shares of Value Trust Common Stock outstanding on the Distribution Record Date. All such shares of Global Trust

        Common Stock will be fully paid and non-assessable. Commencing on or about the Distribution Date, Global Trust Common Stock will

        be credited in book-entry form to accounts registered directly with the transfer agent, with a confirmation statement mailed to

        stockholders. Stockholders will not receive share certificates.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">No fractional shares of Global Trust

        Common Stock will be issued as part of the Distribution. The Distribution Agent will aggregate the fractional shares to which holders

        of Value Trust Common Stock would otherwise be entitled and attempt to sell them in the open market at then prevailing prices on

        behalf of such holders, and such holders will receive instead a cash payment in the amount of their pro&nbsp;rata share of the

        total sales proceeds. The shares may be sold by the Distribution Agent 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, a person who holds a number

        of shares of </P>

</table><br>


<p align="center"><font face="times new roman" size="2">4</font></p>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&#160;</TD>

    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Value Trust Common Stock that is not an even multiple of seven (7)&nbsp;will receive the appropriate number of Global

        Trust Common Stock and a check for his or her pro&nbsp;rata share of the proceeds from sales of fractional share interests. A holder

        of fewer than seven (7)&nbsp;shares of Value Trust Common Stock will receive no Global Trust Common Stock in the Distribution but

        will be entitled only to his or her pro&nbsp;rata share of the proceeds from sales of fractional share interests.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">No holder of Value Trust Common Stock

        will be required to pay any cash or other consideration for the Global Trust Common Stock received in the Distribution or to surrender

        or exchange shares of Value Trust Common Stock in order to receive shares of Global Trust Common Stock. The Distribution will not

        affect the number of, or the rights attaching to, outstanding shares of Value Trust Common Stock. See &ldquo;The Transaction &mdash;

        Manner of Effecting the Distribution.&rdquo;</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Shares of Global Trust Common Stock distributed

        in connection with the Distribution will be freely transferable except for shares received by persons who may be deemed to be &ldquo;affiliates&rdquo;

        of Global Trust under the Securities Act of 1933, as amended (the &ldquo;1933 Act&rdquo;). See &ldquo;The Transaction &mdash; Manner

        of Effecting the Distribution.&rdquo;</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The Commission has issued an exemptive

        order in connection with the Transaction.</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Special Considerations&nbsp; and Charter Provisions</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">As stockholders of a closed-end fund,

        Global Trust stockholders will not have the right to redeem their shares. However, shares of Global Trust Common Stock will be

        freely transferable, except for shares received by persons who may be deemed to be &ldquo;affiliates&rdquo; of Global Trust under

        the 1933 Act, and stockholders desiring liquidity may, subject to applicable securities laws, trade their shares on the NYSE or

        other markets on which the shares may trade at the then current market value.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Because Global Trust has no outstanding

        preferred stock, all eight of its directors will be elected by the holders of Global Trust Common Stock. Upon completion of the

        Transaction, the eight Global Trust Directors will be divided into three classes, each having a staggered term of three years (the

        &ldquo;Global Trust Board&rdquo;). Accordingly, it likely would take at least two years to change a majority of the Global Trust

        Board. Vacancies on the Global Trust Board may be filled by a majority of the remaining Directors, even if the remaining Directors

        do not constitute a quorum, for the balance of the term of the class. In addition, Global Trust&rsquo;s By-laws permit stockholders

        to call a special meeting of stockholders only if certain procedural requirements are met and the request is made by stockholders

        entitled to cast at least a majority of the votes entitled to be cast at such a meeting. These provisions may have the effect of

        maintaining the continuity of management and thus may make it more difficult for Global Trust&rsquo;s stockholders to change the

        majority of Directors. See &ldquo;Description of Capital Stock &mdash; Certain Corporate Governance Provisions.&rdquo;</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In addition, if Global Trust issues preferred

        stock (&ldquo;Global Trust Preferred Stock&rdquo;), the holders of the Global Trust Preferred Stock would have the authority to

        elect two directors at all times and would have separate class voting rights on specified matters including conversion of Global

        Trust to an open-end investment company and certain reorganizations of Global Trust. The overall effect of these provisions is

        to render more difficult the accomplishment of a merger with, or the assumption of control by, a principal stockholder, or the

        conversion of Global Trust to an open-end investment</P>

</table><br>

<p align="center"><font face="times new roman" size="2">5</font></p>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&#160;</TD>

    <TD STYLE="width: 68%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">company.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">In addition, certain provisions of Global

        Trust&rsquo;s articles of incorporation (the &ldquo;Global Trust Charter&rdquo;) may be regarded as &ldquo;anti-takeover&rdquo;

        provisions. Pursuant to these provisions the affirmative vote of the holders of shares entitled to cast at least 80% of the votes

        entitled to be cast on the matter, each voting as a separate class, is generally required to authorize certain actions, including

        amendments to the Global Trust Charter that would be necessary to directly or indirectly convert Global Trust from a closed-end

        to an open-end management investment company, and to authorize certain business transactions, including the liquidation and dissolution

        of Global Trust or a merger, consolidation or sale of substantially all of Global Trust&rsquo;s assets. See &ldquo;Description

        of Capital Stock &mdash; Certain Corporate Governance Provisions.&rdquo;</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">The provisions described above may be

        regarded as &ldquo;anti-takeover&rdquo; provisions. These provisions may have the effect of depriving common stockholders of Global

        Trust of an opportunity to sell their shares at a premium to the prevailing market price. See &ldquo;Description of Capital Stock

        &mdash; Certain Corporate Governance Provisions.&rdquo;</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Taxable Distribution</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">Each holder of Value Trust Common Stock will recognize taxable income as a result of the distribution of Global Trust Common Stock and cash in lieu of fractional shares.&nbsp; The Transaction is not currently expected to increase significantly the total amount of taxable distributions received by Value Trust common stockholders for this year, provided that Value Trust, as it expects, does not contribute securities with significant net unrealized appreciation to Global Trust in exchange for Global Trust Common Stock.&nbsp; In the event that Value Trust does contribute securities with significant net unrealized appreciation, the Transaction could result in the recognition of significant taxable gain by Value Trust and could increase the total amount of taxable distributions received by the Value Trust stockholders for this year.&nbsp; See &ldquo;Summary &mdash; Material Federal Income Tax Consequences of the Transaction&rdquo; and &ldquo;The Transaction &mdash; Material Federal Income Tax Consequences.&rdquo;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Costs Associated with Sales of Global Trust Common Stock</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">If a Value Trust common stockholder sells the Global Trust Common Stock that he or she receives, the stockholder may incur brokerage commissions and the sale may constitute a taxable event for the stockholder.</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Discount to Net Asset Value</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">Shares of closed-end investment companies often trade at a discount from net asset value.&nbsp; This characteristic of shares of a closed-end investment company is a risk separate and distinct from the risk that Global Trust&rsquo;s net asset value may decrease.&nbsp; Value Trust cannot predict whether Global Trust&rsquo;s shares will trade at, below or above net asset value.&nbsp; The risk of holding shares of closed-end investment companies that might trade at a discount to net asset value is more pronounced for stockholders who wish to sell their shares in a relatively short period of time after completion of the Distribution.&nbsp; For those stockholders, realization of a gain or loss on their investment is likely to be more dependent upon the existence of a premium or discount than upon portfolio performance.&nbsp; See &ldquo;Investment Goals and Policies of Value Trust and Global Trust.&rdquo;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Foreign Securities</TD>



    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid;

padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt;

text-align: justify">Global Trust can invest to a greater extent than Value Trust in

foreign securities.&nbsp; Value Trust may invest up to 25% of its assets in securities of

issuers headquartered outside the </TD></TR>

</table><br>

<p align="center"><font face="times new roman" size="2">6</font></p>

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<!--page-->

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 32%; border: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">&#160;</TD>

    <TD STYLE="border-right: black 1pt solid; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">United States, while Global Trust is not subject to a

limitation on such investments, and, under normal market circumstances, Global Trust will

invest at least 65% of its net assets in the equity securities of companies located in at

least three countries outside of the United States.&nbsp; Investing in securities of

foreign companies and foreign governments, which generally are denominated in foreign

currencies, may involve certain risk and opportunity considerations not typically

associated with investing in domestic companies and could cause Global Trust to be

affected favorably or unfavorably by changes in currency exchange rates and revaluations

of currencies.&nbsp; See &ldquo;Investment Goals and Policies of Value Trust and Global

Trust &mdash; Risk Factors &mdash; Value Trust and Global Trust &mdash; Foreign

Investments.&rdquo;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Use of Leverage</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt; text-align: justify">As provided in the 1940 Act and subject to certain exceptions, each of Value Trust and Global Trust may issue debt or preferred stock so long as such Fund&rsquo;s total assets immediately after such issuance, less certain ordinary course liabilities, exceed 300% of the amount of the debt outstanding and exceed 200% of the sum of the amount of preferred stock and debt outstanding.&nbsp; In accordance with Commission staff guidelines, each Fund may also issue convertible preferred stock, which may permit each Fund to obtain leverage at attractive rates.&nbsp; The use of leverage may magnify the impact on common stockholders of changes in net asset value and the cost of leverage could exceed the return on the securities acquired with the proceeds of the leverage, thereby diminishing returns to such common stockholders.&nbsp; In addition, the Fund may be required to sell investments in order to meet interest or dividend payments on the debt or preferred shares when it may be disadvantageous to do so.&nbsp; See &ldquo;Investment Goals and Policies of Value Trust and Global Trust &mdash; Risk Factors&rdquo; and &ldquo;Appendix&nbsp;A &mdash; Investment Restrictions.&rdquo;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-size: 10pt">Principal Investment Risks</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">Because of their similar investment policies,

        many of the risks associated with an investment in Global Trust are substantially similar to those associated with an investment

        in Value Trust. Such investment risks for both Funds include market risk, selection risk, the risks of investing in smaller capitalization

        companies, the market price of shares, leverage and borrowing risk, and foreign investments. As noted above, Global Trust can invest

        to a greater extent than Value Trust in foreign securities. Principal risks of investing in Global Trust also include investing

        in mid-cap companies.</P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify">You will find descriptions of specific

        risks in &ldquo;Investment Goals and Policies of Value Trust and Global Trust &mdash; Risk Factors.&rdquo;</P></TD></TR>

</TABLE>

<p align="center"><font face="times new roman" size="2">7</font></p>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF FEES AND EXPENSES</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">&nbsp;</P>




<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 50%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>

    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Value Trust<SUP>(1)</SUP></TD>

    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Global Trust<SUP>(2)</SUP></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold">Stockholder Transaction Expenses</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Distribution Reinvestment and Cash Purchase Plan Fees</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">None<SUP>(3)</SUP></TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">None<SUP>(3)</SUP></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Annual Expenses</B></P>

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(as a percentage of net assets)</P></TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Management Fees</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.57%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.25%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Interest Payments on Borrowed Funds</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.20%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Other Expenses</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.13%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.33%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Total Annual Operating Expenses</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.90%<SUP>(4)</SUP></TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.58%</TD></TR>

</TABLE>

<br>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt">

<TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>(1)</SUP></TD><TD STYLE="text-align: justify">With the exception

of the percentages shown for &#147;Interest Payments on Borrowed Funds,&#148; the percentages in the above table expressing fund

expenses are based on Value Trust&#146;s actual expenses for the fiscal year ended December&#160;31, 2012.  The percentage shown

for &#147;Interest Payments on Borrowed Funds&#148; represents an estimate of such interest payments for an entire year. The

actual percentage for &#147;Interest Payments on Borrowed Funds&#148; for the fiscal year ended December&#160;31, 2012 was 0.03%. Value

Trust&#146;s interest payments on borrowed funds in the future may be higher or lower than the estimated amount shown above.</TD></TR>



<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in" valign="top"><SUP>(2)</SUP></TD><TD STYLE="text-align: justify">The percentages in

the above table expressing annual fund operating expenses are estimated amounts for Global Trust&#146;s first full fiscal

year assuming an asset level of $100 million.</TD></TR>

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in" valign="top"><SUP>(3)</SUP></TD><TD STYLE="text-align: justify">There

 is no charge to stockholders for receiving their distributions in the form of additional shares of a Fund&#146;s common

 stock. Computershare&#146;s fees for handling distributions in stock are paid by the applicable Fund. If a Plan

 participant elects to sell part or all of the shares held by Computershare in the participant&#146;s account and

 remit the proceeds to the participant, Computershare is authorized to deduct a $2.50 service fee and a per share

 fee of $0.15. Plan participants are also subject to a $0.75 service fee for each voluntary cash purchase

 and a per share fee of $0.05 on all open market purchases. Royce is absorbing all per share fees through December 31, 2013. No assurance can be given that Royce will continue to absorb such per share fees after December 31, 2013.</TD></TR>

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in" valign="top"><SUP>(4)</SUP></TD><TD STYLE="text-align: justify">Value Trust&#146;s Total

Annual Operating Expenses as shown above may differ from the expense ratio in Value Trust&#146;s Financial Highlights because

the highlights include only the Fund&#146;s actual direct operating expenses and do not reflect the estimated amount set

forth above for &#147;Interest Payments on Borrowed Funds.&#148;</TD></TR>

</TABLE>


<p align="center"><font face="times new roman" size="2">8</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>EXAMPLE:</B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following examples

illustrate the projected dollar amount of cumulative expenses that would be incurred over various periods with respect to a hypothetical

investment in each of Value Trust and Global Trust. These amounts are based upon payment by each of Value Trust and Global Trust

of expenses at levels set forth in the above table.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">You would pay the

following expenses on a $1,000 investment, assuming a 5% annual return:</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 44%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>

    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><u>1 Year</u></TD>

    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><u>3 Years</u></TD>

    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><u>5 Years</u></TD>

    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center"><u>10 Years</u></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Value Trust Common Stock</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$9</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$29</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$50</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$111</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">Global Trust Common Stock</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$16</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$50</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$86</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$188</TD></TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The foregoing table

is to assist you in understanding the various costs and expenses that an investor in each of Value Trust and Global Trust would

bear directly or indirectly. The assumed 5% annual return is not a prediction of, and does not represent, the projected or actual

performance of Value Trust Common Stock or Global Trust Common Stock. Actual expenses and annual rates of return may be more or

less than those assumed for purposes of the Example.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust is

a newly-formed entity with no operating history. As such, expenses are estimated based on an anticipated size of Global Trust of

$100&nbsp;million.</P>



<p align="center"><font face="times new roman" size="2">9</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PRO FORMA STATEMENT OF ASSETS AND

LIABILITIES</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following unaudited

pro&nbsp;forma statement of assets and liabilities of Value Trust and Global Trust assumes that the Distribution occurred as of

March&nbsp;31, 2013, that the spin-off was at a rate of one share of Global Trust Common Stock for every seven (7)&nbsp;shares

of Value Trust Common Stock resulting in 10,099,055 shares of Global Trust Stock outstanding and that the assets contributed to

Global Trust were valued at cost.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>

    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>As of March&nbsp;31,

        2013</B></P></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>

    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Value Trust</B></P></TD>

    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Pro Forma</B></P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Value Trust</B></P></TD>

    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid"><B>Pro Forma</B></P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Global Trust</B></P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 51%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">Assets</TD>

    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>

    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>

    <TD STYLE="width: 3%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="width: 12%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 0.25in; font-size: 9pt">Investments, at value</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">1,238,872,995&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">1,238,872,995&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">100,000,000</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 0.25in; font-size: 9pt">Cash and other assets</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">107,339,510</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">7,339,510</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 0.5in; font-size: 9pt; font-weight: bold">Total Assets</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">1,346,212,505&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">1,246,212,505&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">100,000,000</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">Liabilities</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 0.25in; font-size: 9pt">Revolving Credit Agreement</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">150,000,000</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">150,000,000</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 0.25in; font-size: 9pt">Other Liabilities</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">8,245,872</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">8,245,872</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">Total Liabilities</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">158,245,872</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">158,245,872</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; font-weight: bold">Net Assets</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">1,187,966,632</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">1,087,966,632</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">100,000,000</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Net Assets Consist of:</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 0.25in; font-size: 9pt">Paid in capital, at $0.001 par value</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">826,561,744&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">826,561,744&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 0.25in; font-size: 9pt">Accumulated net investment income</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">3,641,357&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">0&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 25.9pt; font-size: 9pt; text-indent: -9pt">Accumulated distributions in excess of net investment income</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">$</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">(96,358,643)</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">$</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 25.9pt; font-size: 9pt; text-indent: -9pt">Accumulated net realized gain on investments and foreign currency transactions</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">$</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">44,446,843</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">$</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">44,446,843</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">$</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">&nbsp;</P>

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right">0</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 25.9pt; font-size: 9pt; text-indent: -9pt">Net unrealized appreciation on investments</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">326,668,961&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">326,668,961&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 0.25in; font-size: 9pt">Unallocated distributions</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">(13,352,273)</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: black 0.5pt solid">(13,352,273)</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 0.5pt solid">0</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 17.1pt; padding-left: 0.25in; font-size: 9pt">Total Net Assets</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">1,187,966,632</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">1,087,966,632</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">100,000,000</P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">Net Asset Value Per Share</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt; text-align: right">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">16.80</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">15.39</P></TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 9pt">$</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0; text-align: right; border-bottom: Black 1.5pt double">9.90</P></TD></TR>

</TABLE>

<p align="center"><font face="times new roman" size="2">10</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Set forth below

is information with respect to Value Trust Common Stock, preferred stock of Value Trust (&ldquo;Value Trust Preferred Stock&rdquo;),

Global Trust Common Stock and Global Trust Preferred Stock following the Distribution. The following table assumes that the Distribution

will be based on the 70,693,385 shares of Value Trust Common Stock outstanding as of March&nbsp;31, 2013.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR>

    <TD STYLE="vertical-align: top; width: 43%; padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">&nbsp;</TD>

    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount

        Authorized</B></P></TD>

    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount

        Held by Company or for its Own Account</B></P></TD>

    <TD STYLE="vertical-align: bottom; width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount

        Outstanding</B></P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">Value Trust Common Stock</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">150,000,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">70,693,385</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">Value Trust Preferred Stock</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">50,000,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">Global Trust Common Stock</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">150,000,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">10,099,055</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; font-weight: bold">Global Trust Preferred Stock</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">50,000,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD></TR>

</TABLE>

<p align="center"><font face="times new roman" size="2">11</font></p>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PROPOSAL 1</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">TO APPROVE THE CONTRIBUTION

OF A PORTION OF VALUE TRUST&rsquo;S ASSETS (WHICH IS ANTICIPATED TO CONSIST LARGELY OR EXCLUSIVELY OF CASH, SHORT-TERM FIXED INCOME

INSTRUMENTS AND UNAPPRECIATED EQUITY SECURITIES) HAVING A VALUE OF APPROXIMATELY $100 MILLION (APPROXIMATELY 8.4% OF VALUE TRUST&rsquo;S

NET ASSETS AS OF MARCH 31, 2013), TO A NEWLY-ORGANIZED, DIVERSIFIED, CLOSED-END MANAGEMENT INVESTMENT COMPANY, GLOBAL TRUST, AND

TO DISTRIBUTE TO COMMON STOCKHOLDERS OF VALUE TRUST, SHARES OF GLOBAL TRUST COMMON STOCK.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">THE TRANSACTION</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Background</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust, a Maryland

corporation, commenced operations on November&nbsp;26, 1986 and is registered under the 1940 Act as a closed-end diversified management

investment company. Value Trust&rsquo;s investment goal is long-term capital growth. As of March&nbsp;31, 2013, Value Trust&rsquo;s

net assets approximated $1.19&nbsp;billion, and its total assets, including amounts attributed to borrowings, approximated $1.35&nbsp;billion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Value Trust

Board has determined that an investment in foreign securities could provide attractive opportunities for capital growth as well

as the benefits of non-U.S. geographic diversification. The Value Trust Board has 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.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Value Trust

Board believes the proposed Transaction is in the best interests of Value Trust and its common stockholders.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Description of the Transaction</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In order to provide

Value Trust common stockholders additional opportunities for capital growth from their investments, the Value Trust Board has approved,

subject to stockholder approval, the contribution of a portion of Value Trust&rsquo;s net assets having a value of approximately

$100&nbsp;million (approximately 8.4% of Value Trust&rsquo;s net assets as of March&nbsp;31, 2013) to Global Trust, a newly-formed

closed-end diversified management investment company incorporated in Maryland and wholly owned by Value Trust. It is anticipated

that the contributed assets will consist largely or exclusively of cash, short-term fixed income instruments and Unappreciated

Equity Securities. All the Global Trust Common Stock will then be distributed by Value Trust to its common stockholders at an approximate

rate of one (1)&nbsp;share of Global Trust Common Stock for every seven (7)&nbsp;shares held of Value Trust Common Stock. If the

Transaction proceeds as anticipated, it is expected to primarily involve a non-taxable return of capital to Value Trust common

stockholders. See &ldquo;&mdash;Material Federal Income Tax Consequences&rdquo; and &ldquo;Taxation&rdquo; for a more detailed

explanation of the possible federal income tax consequences of the Transaction.</P>

<p align="center"><font face="times new roman" size="2">12</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Securities and

Exchange Commission (the &ldquo;Commission&rdquo;) has issued an exemptive order in connection with the Transaction.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The investment goal

of Value Trust is long-term capital growth. Value Trust may invest up to 25% of its assets in securities of issuers headquartered

outside the United States. Value Trust may also invest up to 35% of its assets in non-convertible debt.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The investment goal

of Global Trust is long-term growth of capital. Under normal market circumstances, Global Trust will invest at least 80% of its

net assets in equity securities, and will invest at least 65% of its net assets in the equity securities of companies located in

at least three countries outside of the United States. From time to time, a substantial portion of Global Trust&rsquo;s assets

may be invested in companies located in a single country. Global Trust may also invest up to 20% of its net assets in U.S.&nbsp;and

non-U.S. non-convertible debt. Although there are no geographic limits on Global Trust&rsquo;s investments, no more than 35% of

Global Trust&rsquo;s net assets may be invested in the securities of companies headquartered in &ldquo;developing countries,&rdquo;

also known as emerging markets. Generally, developing countries, sometimes also referred to as emerging market countries, include

every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South Korea, Taiwan,

Bermuda, and Western European countries (which include, Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland, Italy,

Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom). In selecting securities for

Global Trust, Royce uses a bottom-up, value approach. Royce primarily focuses 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.&nbsp;dollar or to lock in the value of any foreign securities that it purchases. The opportunity to invest

a significant percentage of fund assets in foreign securities that the Transaction will provide is not available in Value Trust

as currently structured. As a result, Global Trust over time may be expected to experience different investment results from Value

Trust. Royce expects that the assets contributed to Global Trust will be invested in accordance with Global Trust&rsquo;s investment

objective and policies within three months after the completion of the Transaction, but not later than six months.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust is

registered under the 1940 Act as a diversified, closed-end investment company, and Royce, the investment adviser to Value Trust,

will also serve as investment adviser to Global Trust. The advisory fee structure for Global Trust will be different from that

of Value Trust. Global Trust&rsquo;s advisory fee will be 1.25% of Global Trust&rsquo;s average daily net assets per annum, paid

monthly. Value Trust&rsquo;s advisory fee is a &ldquo;fulcrum fee&rdquo; comprised of a monthly Basic Fee of 1/12 of 1.00% (1.00%

on an annualized basis) of the average of Value Trust&rsquo;s month-end net assets applicable to common stockholders, plus the

liquidation value of its preferred stock, for the rolling 60-month period ending with such month, that is subject to an adjustment

based on the investment performance of the Fund as compared to the performance of its benchmark, the S&amp;P 600. The maximum annual

fee rate as adjusted for performance is 1.50% of Value Trust&rsquo;s net assets. Because of the different fee structures, Global

Trust&rsquo;s advisory fee may be higher or lower than that of Value Trust&rsquo;s advisory fee from time to time. A fulcrum fee

structure was not proposed for Global Trust due to the difficultly in selecting an appropriate international smaller cap benchmark.

Due to the performance-based nature of the Value Trust advisory fee, for the last three fiscal years, the advisory fee for Global

Trust would </p>

<p align="center"><font face="times new roman" size="2">13</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">have been higher than that of Value Trust. Also contributing to a potentially higher advisory fee for Global Trust

is Global Trust&rsquo;s focus on non-U.S. small cap securities, which is expected to be more labor intensive and time consuming

than providing investment advisory services to a fund that invests primarily in non-U.S. larger capitalization securities. See

&ldquo;Investment Advisory Services Provided by Royce&rdquo; below and &ldquo;Investment Advisory and Other Services&rdquo; in

the Statement of Additional Information. Application will be made to list the shares of Global Trust Common Stock on the NYSE.

The Distribution Record Date and the Distribution Date will be determined by the Value Trust Board following stockholder approval

of the Transaction. The investment goal and policies and other matters relating to Global Trust&rsquo;s structure are described

below. See &ldquo;Investment Goals and Policies of Value Trust and Global Trust.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Value Trust

Board believes that the Transaction will result in the following benefits to Value Trust common stockholders:</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">1.&#9;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)&nbsp;retaining their shares in both Value Trust and Global Trust; (b)&nbsp;selling

their Global Trust shares and retaining their Value Trust shares; or (c)&nbsp;selling their Value Trust shares and retaining their

Global Trust shares. As a consequence, Value Trust&rsquo;s common stockholders may more closely align their investment portfolio

with their desired exposure to different segments of the equity market. If a stockholder sells his or her shares of either Value

Trust Common Stock or Global Trust Common Stock, the stockholder can be expected to incur brokerage commissions and such sale may

constitute a taxable event for the stockholder.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">2.&#9;Global Trust

Common Stock 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. Royce has agreed to pay the out-of-pocket costs of the Transaction. See &ldquo;&mdash;Transaction

Expenses&rdquo; below.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">3.&#9;As a globally

diversified fund, Global Trust will afford common stockholders the opportunity to seek the capital growth 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&rsquo;s operating policy

of investing no more than 35% of its net assets in securities of companies headquartered in &ldquo;developing countries,&rdquo;

also known as emerging markets, is an operating policy that can be changed by the Global Trust Board without stockholder approval.

Of course, as a consequence of its global diversification policy, Global Trust&rsquo;s investments may be subject to a variety

of significant risks, such as that many foreign governments do not regulate stock exchanges to the same extent as does the United

States government, foreign currency fluctuations could impact the value of assets, and clearance procedures may result in delayed

payment when assets are sold.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Value Trust

Board 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.&nbsp;small-cap stocks. Further, the fulcrum investment </p>

<p align="center"><font face="times new roman" size="2">14</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">advisory fee of Value Trust adjusts

according to Value Trust&rsquo;s performance against the S&amp;P 600. If Value Trust were to change its non-fundamental investment

policies to allow a substantially greater percentage of its assets to be invested in foreign securities, then the S&amp;P 600 might

no longer be an appropriate benchmark upon which to base the performance portion of the fulcrum investment advisory fee. See &ldquo;Investment

Advisory Services Provided by Royce &mdash; Value Trust.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Value Trust

Board believes that the benefits of the Transaction outlined above outweigh the costs of the Transaction. For a description of

the costs and expenses relating to the Transaction, see &ldquo;&mdash;Transaction Expenses&rdquo; below.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The consummation

of the Transaction is contingent upon stockholder approval of both the Transaction and the amended Value Trust investment restriction

discussed in &ldquo;Proposal 2&rdquo; below.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Material Federal Income Tax Consequences</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following discussion

should be read in conjunction with the discussion in &ldquo;Taxation&rdquo; below and is subject to and qualified in its entirety

by that discussion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust will

contribute cash and securities to Global Trust in exchange for Global Trust Common Stock. Such contribution should not be a taxable

event to either Value Trust or Global Trust, but the subsequent distribution of Global Trust Common Stock to holders of Value Trust

Common Stock may be a taxable event to Value Trust and its stockholders as noted below.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust does

not expect that any significant amount of net unrealized appreciation will exist in the securities transferred to Global Trust.

Accordingly, the Transaction is not expected to result in the recognition of significant taxable gain by Value Trust and, except

as noted below, is not expected to increase significantly the total amount of taxable distributions received by Value Trust common

stockholders for this year. In addition, the Value Trust Board has considered the tax consequences of the Transaction to its stockholders

and has determined that the benefits of the Transaction outweigh any adverse tax consequences.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">An amount equal

to the fair market value of the Global Trust Common Stock distributed to a Value Trust common stockholder plus the amount of any

cash in lieu of fractional shares of Global Trust Common Stock distributed to a Value Trust common stockholder (but no greater

sum) will be treated as a dividend up to the amount of Global Trust&rsquo;s current and accumulated earnings and profits that is

allocated to the distribution and will be taxable to the Value Trust common stockholder as a distribution of ordinary income, long-term

capital gain or a combination of both. To the extent that the fair market value of the Global Trust Common Stock and cash <B><I>exceeds</I></B>

the amount of earnings and profits allocated to such distribution, the excess (if any) will first be treated as a non-taxable return

of capital, reducing the Value Trust common stockholder&rsquo;s tax basis in its Value Trust Common Stock and to the extent that

the fair market value of the Global Trust Common Stock and cash then remaining <B><I>exceeds</I></B> the Value Trust common stockholder&rsquo;s

basis in its Value Trust Common Stock, such excess (if any) will be taxable as gain realized from a deemed sale of Value Trust

Common Stock. Each stockholder will take a fair market value tax basis in Global Trust Common Stock received and will have a holding

period for the Global Trust Common Stock that begins on the day following the </p>

<p align="center"><font face="times new roman" size="2">15</font></p>

<br clear="all" style="page-break-before:always;">

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">Distribution Date. In addition to the other information

necessary to file tax returns, Value Trust will provide stockholders with information on the amount of the distribution to be treated

as ordinary income, long-term capital gain or a combination of both.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust has

received an opinion of counsel to the effect that the foregoing discussion accurately summarizes the material federal income tax

consequences of the Transaction.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Exchange Listing</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Application will

be made to list Global Trust Common Stock on the NYSE, subject to notice of issuance thereof. Although there is no current trading

market for Global Trust Common Stock, it is expected that &ldquo;when issued&rdquo; trading of such shares will commence on the

NYSE two business days prior to the Distribution Record Date.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Transaction Expenses</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The costs of organizing

Global Trust and effecting the distribution of Global Trust Common Stock to Value Trust&rsquo;s common stockholders, including

the fees and expenses of counsel and accountants and printing, listing and registration fees, together with the costs of soliciting

Value Trust stockholders&rsquo; approval of the Transaction and the costs incurred in connection with seeking an exemptive order

from the Commission relating to the Transaction, are estimated to be approximately $924,000 and will be borne by Royce. In addition,

Global Trust will incur operating expenses on an ongoing basis, including investment advisory, 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. Value Trust&#146;s total annual expenses

as a percentage of its net assets may increase after the completion of the Transaction because Value Trust will have a smaller

asset base over which it may spread expenses going forward.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Manner of Effecting the Distribution</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the Transaction

is approved by stockholders of Value Trust and all other conditions thereto are satisfied, the Value Trust Board is expected to

authorize and cause Value Trust to declare the Distribution of all the outstanding Global Trust Common Stock, payable on the Distribution

Date to the holders of record of Value Trust Common Stock as of the close of business on the Distribution Record Date. The Distribution

Record Date and the Distribution Date will be determined by the Value Trust Board promptly following stockholder approval of the

Transaction.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust will

effect the Distribution on the Distribution Date by providing for the delivery of Global Trust Common Stock to the Distribution

Agent for distribution to holders of record of Value Trust Common Stock as of the close of business on the Distribution Record

Date. The Distribution will be made at an approximate rate of one (1)&nbsp;share of Global Trust Common Stock for every seven (7)&nbsp;shares

of Value Trust Common Stock outstanding on the Distribution Record Date. All such Global Trust Common Stock will be fully paid

and nonassessable. The holders of Global Trust Common Stock will have no preemptive rights to </p>

<p align="center"><font face="times new roman" size="2">16</font></p>

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<!--page-->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify;">subscribe for additional Global Trust

Common Stock or other securities of Global Trust. See &ldquo;Description of Capital Stock &mdash; Global Trust.&rdquo; Commencing

on or about the Distribution Date, Global Trust Common Stock will be credited in book-entry form to accounts registered directly

with the transfer agent, with a confirmation statement mailed to stockholders. Stockholders will not receive share

certificates.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: justify; text-indent: 0.5in">No fractional shares

of Global Trust Common Stock will be issued as part of the Distribution. The Distribution Agent will aggregate the fractional shares

to which holders of Value Trust Common Stock would otherwise be entitled and attempt to sell them in the open market at then prevailing

prices on behalf of such holders, and such holders will receive instead a cash payment in the amount of their pro&nbsp;rata share

of the total sales proceeds. Thus, a person who holds a number of shares of Value Trust Common Stock that is not an even multiple

of seven (7)&nbsp;will receive the appropriate number of Global Trust Common Stock and a check for his or her pro&nbsp;rata share

of the proceeds from sales of fractional share interests. A holder of fewer than seven (7)&nbsp;shares of Value Trust Common Stock

will receive no Global Trust Common Stock in the Distribution but will be entitled only to his or her pro&nbsp;rata share of the

proceeds from sales of fractional share interests. Sales of fractional Global Trust Common Stock are expected to be made as soon

as practicable after the Distribution Date and checks representing proceeds of fractional share sales of Global Trust Common Stock

will be mailed shortly thereafter. Royce will bear the cost of commissions incurred in connection with such sales.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No holder of Value

Trust Common Stock will be required to pay to Value Trust any cash or other consideration for Global Trust Common Stock received

in the Distribution or to surrender or exchange shares of Value Trust Common Stock in order to receive Global Trust Common Stock.

The Distribution will not affect the number of, nor the rights attaching to, outstanding shares of Value Trust Common Stock.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Shares of Global

Trust Common Stock distributed in connection with the Distribution will be freely transferable, except for shares received by persons

who may be deemed to be &ldquo;affiliates&rdquo; of Global Trust under the 1933 Act. Persons who may be deemed to be &ldquo;affiliates&rdquo;

of Global Trust after the Distribution generally include individuals or entities that control, are controlled by or are under common

control with Global Trust, and may include certain officers and directors of Global Trust as well as principal stockholders of

Global Trust. Persons who are affiliates of Global Trust will be permitted to sell their Global Trust Common Stock only pursuant

to an effective registration statement under the 1933 Act or an exemption from the registration requirements of the 1933 Act, such

as the exemptions afforded by Section&nbsp;4(2) of the 1933 Act and Rule&nbsp;144 thereunder.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Costs Associated with Sales of Global Trust Common Stock</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a Value Trust

common stockholder sells Global Trust Common Stock that he or she receives in the Distribution, the stockholder may incur brokerage

commissions and the sale may constitute a taxable event for the stockholder. Although it is anticipated that Global Trust Common

Stock will be listed on the NYSE, Global Trust is newly organized and has no operating history or history of public trading. There

can be no assurance as to the depth and liquidity of the market that may develop for Global Trust Common Stock.</P>

<p align="center"><font face="times new roman" size="2">17</font></p>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Allocation of Investment Opportunities</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">After the Distribution,

Value Trust and Global Trust and other clients of the Investment Adviser or its affiliates may purchase or sell the same securities.

The Investment Adviser follows a policy of allocating purchases and sales of the same security among Value Trust and other managed

accounts in a manner deemed fair and equitable to all accounts. See &ldquo;Portfolio Transactions&rdquo; in the section entitled

&ldquo;Additional Information&rdquo; in the Statement of Additional Information.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PROPOSAL 2</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">TO APPROVE AMENDING

AN INVESTMENT RESTRICTION OF VALUE TRUST, WHICH CURRENTLY PROHIBITS (i)&nbsp;UNDERWRITING THE SECURITIES OF OTHER ISSUERS AND (ii)&nbsp;INVESTING

IN RESTRICTED SECURITIES UNLESS SUCH SECURITIES ARE REDEEMABLE SHARES ISSUED BY MONEY MARKET FUNDS REGISTERED UNDER THE 1940 ACT.

THE AMENDED RESTRICTION WILL ALLOW VALUE TRUST TO ACT AS AN UNDERWRITER, AS DEFINED UNDER THE SECURITIES ACT OF 1933, IN THE LIMITED

CIRCUMSTANCES OF SELLING PORTFOLIO SECURITIES AND IN CONNECTION WITH MERGERS, ACQUISITIONS, SPIN-OFF TRANSACTIONS (SUCH AS THE

TRANSACTION) AND OTHER REORGANIZATION TRANSACTIONS INVOLVING VALUE TRUST. THIS PROPOSAL WILL FACILITATE THE TRANSACTION BY CLEARLY

PROVIDING THAT THE TRANSACTION DOES NOT VIOLATE THE INVESTMENT RESTRICTIONS OF VALUE TRUST. IT WILL ALSO GIVE VALUE TRUST THE FLEXIBILITY

TO INVEST IN RESTRICTED SECURITIES.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Description of the Amendment</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Value Trust

Board has approved, subject to stockholder approval, an amendment to an investment restriction of the Value Trust, which currently

states that Value Trust may not &ldquo;[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.&rdquo; The amended investment

restriction will state that Value Trust may not &ldquo;[u]nderwrite 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.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The amended restriction

will expressly permit spin-off transactions, such as the Transaction, and will permit the distribution of Global Trust Common Stock

without violating the prohibition on Value Trust underwriting securities of other issuers. In addition, the amended investment

restriction will give Value Trust the flexibility to invest in restricted securities to a greater extent by removing the limitation

that Value Trust may not invest in restricted securities unless such securities are redeemable shares issued by money market funds

registered under the 1940 Act.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The consummation

of the Transaction is contingent upon stockholder approval of both the Transaction and the amended investment restriction.</P>

<p align="center"><font face="times new roman" size="2">18</font></p>

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<!--page-->



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INVESTMENT GOALS AND POLICIES OF

VALUE TRUST AND GLOBAL TRUST</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust&rsquo;s

investment goal and one of its fundamental policies is long-term capital growth, which it seeks to achieve by normally investing

more than 65% of its assets in common stocks, preferred stocks and convertible debentures. Portfolio securities are selected primarily

with a view to achievement of this objective. There are market risks inherent in any investment, and there is no assurance that

the investment goal of the Fund will be achieved.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust&rsquo;s

investment goal of long-term capital growth is a fundamental policy of the Fund and may not be changed without approvals of the

holders of a majority of the Fund&rsquo;s outstanding shares of common stock and preferred stock (if any), voting together as a

single class, and a majority of the outstanding preferred stock (if any), voting as a separate class (which for this purpose and

under the 1940 Act means the lesser of (i)&nbsp;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)&nbsp;more than 50% of the outstanding relevant shares of capital stock of the Fund). The only capital stock

of the Value Trust currently outstanding is common stock. Except as indicated under &ldquo;Investment Restrictions&rdquo; in Appendix

A, Value Trust does not consider its other policies to be fundamental, and such policies may be changed by the Value Trust Board

without stockholder approval or, except as required by law, prior notice to stockholders.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The investment goal

of Global Trust is long-term growth of capital. Unlike Value Trust, which may invest up to 25% of its assets in securities of issuers

headquartered outside the United States, Global Trust is not restricted in the amount of its assets that may be invested in securities

of foreign issuers, and under normal market circumstances, Global Trust will invest at least 65% of its net assets in the equity

securities of companies located in at least three countries outside of the United States. A company is deemed to be &ldquo;located&rdquo;

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. The investment goal of Global Trust is not a fundamental policy, and may be changed by the

Fund&rsquo;s Board of Directors without stockholder approval.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The investment restrictions

of the Funds, including fundamental investment restrictions, are set forth in Appendix&nbsp;A.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Value Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The investment goal

of the Value Trust is to obtain long-term capital growth by normally investing more than 65% of its assets in common stock, preferred

stocks and convertible debentures. The Fund may also invest up to 35% of its assets in non-convertible debt securities of various

companies. The Fund seeks to achieve its objective by investing principally in equity securities of small- and medium-sized companies,

generally with stock market capitalizations ranging from $100&nbsp;million to $2.5&nbsp;billion, selected by a value approach.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce uses a value

method in managing Value Trust&rsquo;s assets. In selecting securities for Value Trust, Royce evaluates the quality of a company&rsquo;s

balance sheet, the level of its cash flows and various measures of a company&rsquo;s profitability. Royce then uses these factors

to assess the company&rsquo;s current worth, basing this assessment on either what it believes a knowledgeable </p>

<p align="center"><font face="times new roman" size="2">19</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">

buyer might pay

to acquire the entire company or what it thinks the value of the company should be in the stock market. This analysis takes a number

of factors into consideration, including the company&rsquo;s future growth prospects and current financial condition.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce invests in

securities of companies that are trading significantly below its estimate of the company&rsquo;s &ldquo;current worth&rdquo; in

an attempt to reduce the risk of overpaying for such companies. Royce&rsquo;s value approach strives to reduce some of the other

risks of investing in small- and micro-cap companies (for the Fund&rsquo;s portfolio taken as a whole) by evaluating various other

risk factors. Royce attempts to lessen financial risk by buying companies that combine strong balance sheets with low leverage.

While there can be no assurance that this risk-averse value approach will be successful, Royce believes that it can reduce some

of the risks of investing in the securities of small- and micro-cap companies, which are inherently fragile in nature and whose

securities have substantially greater market price volatility. Although Royce&rsquo;s approach to security selection seeks to reduce

downside risk to the Fund&rsquo;s portfolio, especially during periods of broad small-cap market declines, it may also potentially

have the effect of limiting gains in strong small-cap up markets.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Foreign Investments</I>.

Value Trust may invest up to 25% of its assets in securities of issuers headquartered outside the United States. Foreign investments

involve certain additional risks, such as political or economic instability of the issuer or of the country of issue, fluctuating

exchange rates and the possibility of imposition of exchange controls.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Non-Convertible

Debt</I>. Value Trust may invest up to 35% of its assets in direct obligations of the government of the United States or its agencies

and/or in non-convertible debt securities of various issuers, including up to 5% of its net assets in below investment-grade debt

securities, also known as high-yield fixed income securities. Such below investment-grade debt securities may be in the lowest-grade

categories of recognized ratings agencies (C in the case of Moody&rsquo;s Investor Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;)

or D in the case of Standard &amp; Poor&rsquo;s Financial Services LLC (&ldquo;Standard &amp; Poor&rsquo;s&rdquo;)) or may be unrated.

High-yield/high-risk investments are primarily speculative and may entail substantial risk of loss of principal and non-payment

of interest, but may also produce above-average returns for the Fund. Debt securities rated C or D may be in default as to the

payment of interest or repayment of principal.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Warrants, Rights

or Options</I>. Value Trust may invest up to 5% of its assets in warrants, rights or options. A warrant, right or call option entitles

the holder to purchase a given security within a specified period for a specified price and does not represent an ownership interest

in the underlying security. A put option gives the holder the right to sell a particular security at a specified price during the

term of the option. These securities have no voting rights, pay no dividends and have no liquidation rights. In addition, market

prices of warrants, rights or call options do not necessarily move parallel to the market prices of the underlying securities;

market prices of put options tend to move inversely to the market prices of the underlying securities.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Securities Lending</I>.

Value Trust may lend up to 25% of its assets to brokers, dealers and other financial institutions. Securities lending allows the

Fund to retain ownership of the securities loaned and, at the same time, to earn additional income. Since there may be delays in

the recovery of loaned securities or even a loss of rights in collateral supplied should the borrower fail financially, loans will

be made only to parties that participate in a Global Securities</p>

<p align="center"><font face="times new roman" size="2">20</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">

Lending Program organized and monitored by the Fund&rsquo;s custodian

and who are deemed by it to satisfy its requirements. Furthermore, such loans will be made only if, in Royce&rsquo;s judgment, the consideration

to be earned from such loans would justify the risk.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The current view

of the staff of the Commission is that a Fund may engage in such loan transactions only under the following conditions: (i)&nbsp;the

Fund must receive 100% collateral in the form of cash or cash equivalents (e.g., U.S.&nbsp;Treasury bills or notes) from the borrower;

(ii)&nbsp;the borrower must increase the collateral whenever the market value of the securities loaned (determined on a daily basis

at the close of regular trading) rises above the value of the collateral; (iii)&nbsp;after giving notice, the Fund must be able

to terminate the loan at any time; (iv)&nbsp;the Fund must receive reasonable interest on the loan or a flat fee from the borrower,

as well as amounts equivalent to any dividends, interest or other distributions on the securities loaned; (v)&nbsp;the Fund may

pay only reasonable custodian fees in connection with the loan; and (vi)&nbsp;the Fund must be able to vote proxies on the securities

loaned, either by terminating the loan or by entering into an alternative arrangement with the borrower.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Temporary Investments</I>.

The assets of Value Trust are normally invested in the equity securities of small- and micro-cap companies. However, for temporary

defensive purposes (i.e., when Royce determines that market conditions warrant) or when it has uncommitted cash balances, the Fund

may also invest in U.S.&nbsp;Treasury bills, domestic bank certificates of deposit, repurchase agreements with its custodian bank

covering United States Treasury and agency obligations having a term of not more than one week, high-quality commercial paper and

money market funds registered under the 1940 Act, or retain all or part of its assets in cash. Accordingly, the composition of

the Fund&rsquo;s portfolio may vary from time to time.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Global Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The investment goal

of Global Trust is long-term growth of capital. Under normal market circumstances, Global Trust will invest at least 80% of its

net assets in equity securities (such as common stock and preferred stock) and at least 65% of its net assets in the equity securities

of companies located in at least three countries outside of the United States. A company is deemed to be &ldquo;located&rdquo;

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 the Fund&rsquo;s assets may be invested in companies

located in a single country. The Fund may also invest up to 20% of its net assets in U.S.&nbsp;and non-U.S. non-convertible debt.

Although there are no geographic limits on the Fund&rsquo;s investments, no more than 35% of the Fund&rsquo;s net assets may be

invested in the securities of companies headquartered in &ldquo;developing countries,&rdquo; also known as emerging markets. Generally,

developing countries, sometimes also referred to as emerging market countries, include every country in the world other than the

United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore, South Korea, Taiwan, Bermuda, and Western European countries

(which include, Austria, Belgium, Denmark, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway,

Portugal, Spain, Sweden, Switzerland and the United Kingdom). In selecting securities for Global Trust, Royce will use a bottom-up,

value approach. Royce 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 </p>

<p align="center"><font face="times new roman" size="2">21</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">currencies to hedge against declines in the U.S.&nbsp;dollar

or to lock in the value of any foreign securities that it purchases.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce will invest

Global Trust&rsquo;s assets primarily in the equity securities of companies that it believes are trading significantly below its

estimate of their current worth. Royce will base this assessment chiefly on balance sheet quality and cash flow levels. Although

the Fund may invest in the equity securities of companies of any market capitalization, Royce expects that generally a significant

portion of the Fund&rsquo;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&nbsp;billion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Value Investing</I>.

Global Trust&rsquo;s portfolio managers will use various value methods in managing its assets. In selecting securities for the

Fund, they evaluate the quality of a company&rsquo;s balance sheet, the level of its cash flows and other measures of a company&rsquo;s

financial condition and profitability. The portfolio managers may also consider other factors, such as a company&rsquo;s unrecognized

asset values, its future growth prospects or its turnaround potential following an earnings disappointment or other business difficulties.

The portfolio managers then use these factors to assess the company&rsquo;s current worth, basing this assessment on either what

they believe a knowledgeable buyer might pay to acquire the entire company or what they think the value of the company should be

in the stock market.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust&rsquo;s

portfolio managers generally will invest in securities of companies that are trading significantly below their estimate of the

company&rsquo;s current worth in an attempt to reduce the risk of overpaying for such companies. Seeking long-term growth of capital,

they also evaluate the prospects for the market price of the company&rsquo;s securities to increase over a two- to five-year period

toward this estimate.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce&rsquo;s value

approach strives to reduce some of the other risks of investing in the securities of smaller companies (for the Fund&rsquo;s portfolio

taken as a whole) by evaluating other risk factors. For example, its portfolio managers generally attempt to lessen financial risk

by buying companies with strong balance sheets and low leverage.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">While there can

be no assurance that this risk-averse value approach will be successful, Royce believes that it can reduce some of the risks of

investing in micro-cap, small-cap and mid-cap companies, which are inherently fragile in nature and whose securities have substantially

greater market price volatility.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Although Royce&rsquo;s

approach to security selection seeks to reduce downside risk to the Fund&rsquo;s portfolio, especially during periods of broad

smaller-company stock market declines, it may also potentially have the effect of limiting gains in strong smaller-company up markets.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Temporary Investments</I>.

Global Trust may invest without limit in short-term fixed income

securities for temporary defensive purposes. If Global Trust should

implement a temporary investment policy, it may not achieve its

investment goal while that policy is in effect. Global Trust also may

invest in short-term fixed income securities in order to invest

uncommitted cash balances or to maintain liquidity.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Investing in

Non-U.S. Securities. </I>Royce believes that investing in foreign securities offers both enhanced investment opportunities and

additional risks beyond those present in U.S.&nbsp;securities. Investing in foreign securities may provide increased diversification

by adding </p>

<p align="center"><font face="times new roman" size="2">22</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">securities from various foreign countries (i)&nbsp;that offer different investment opportunities, (ii)&nbsp;that generally

are affected by different economic trends and (iii)&nbsp;whose stock markets may not be correlated with U.S.&nbsp;markets.

At the same time, these opportunities and trends involve risks that may not be encountered in U.S.&nbsp;investments.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following considerations

comprise both risks and opportunities not typically associated with investing in U.S.&nbsp;securities: fluctuations in exchange

rates of foreign currencies; possible imposition of exchange control regulations or currency restrictions that would prevent cash

from being brought back to the United States; less public information with respect to issuers of securities; less government supervision

of stock exchanges, securities brokers and issuers of securities; lack of uniform accounting, auditing and financial reporting

standards; lack of uniform settlement periods and trading practices; less liquidity and frequently greater price volatility in

foreign markets than in the United States; possible imposition of foreign taxes; the possibility of expropriation or confiscatory

taxation, seizure or nationalization of foreign bank deposits or other assets, the adoption of foreign government restrictions

and other adverse political, social or diplomatic developments that could affect investment; sometimes less advantageous legal,

operational and financial protections applicable to foreign sub-custodial arrangements; and the historically lower level of responsiveness

of foreign management to shareholder concerns (such as dividends and return on investment).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Non-Convertible

Debt. </I>Global Trust may invest up to 20% of its net assets in direct obligations of the government of the United States or its

agencies, or the governments of non-U.S. countries or their agencies, and/or in non-convertible debt securities of various U.S.&nbsp;and

non-U.S. issuers, including up to 5% of its net assets in below investment-grade debt securities, also known as high-yield fixed

income securities. Such below investment-grade debt securities may be in the lowest-grade categories of recognized ratings agencies

(C in the case of Moody&rsquo;s Investor Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;) or D in the case of Standard &amp; Poor&rsquo;s)

or may be unrated. High-yield/high-risk investments are primarily speculative and may entail substantial risk of loss of principal

and non-payment of interest, but may also produce above-average returns for the Fund. Debt securities rated C or D may be in default

as to the payment of interest or repayment of principal.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Developing Countries</I>.

The risks described above for foreign securities, including the risks of nationalization and expropriation of assets, are typically

increased to the extent that the Fund invests in companies headquartered in developing, or emerging market, countries. Investments

in securities of companies headquartered in such countries may be considered speculative and subject to certain special risks.

The political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries

may lack the social, political and economic characteristics of more developed countries. Certain of these countries have in the

past failed to recognize private property rights and have at times nationalized and expropriated the assets of private companies.

Some countries have inhibited the conversion of their currency to another. The currencies of certain developing countries have

experienced devaluation relative to the U.S.&nbsp;dollar, and future devaluations may adversely affect the value of the Fund&rsquo;s

assets denominated in such currencies. Some developing countries have experienced substantial rates of inflation for many years.

Continued inflation may adversely affect the economies and securities markets of such countries. In addition, unanticipated political

or social developments may affect the value of the Fund&rsquo;s investments in these countries </p>

<p align="center"><font face="times new roman" size="2">23</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">

and the availability to the Fund

of additional investments in these countries. The small size, limited trading volume and relative inexperience of the securities

markets in these countries may make the Fund&rsquo;s investments in such countries illiquid and more volatile than investments

in more developed countries, and the Fund may be required to establish special custodial or other arrangements before making investments

in these countries. There may be little financial or accounting information available with respect to companies located in these

countries, and it may be difficult as a result to assess the value or prospects of an investment in such companies.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Securities Lending</I>.

Global Trust may lend up to 25% of its total assets to brokers, dealers and other financial institutions. Securities lending allows

the Fund to retain ownership of the securities loaned and, at the same time, to earn additional income. Since there may be delays

in the recovery of loaned securities or even a loss of rights in collateral supplied should the borrower fail financially, loans

will be made only to parties that participate in a global securities lending program organized and monitored by the Fund&rsquo;s

custodian and who are deemed by it to be of good standing. Furthermore, such loans will be made only if, in Royce&rsquo;s judgment,

the consideration to be earned from such loans would justify the risk.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The current view

of the staff of the Commission is that a Fund may engage in such loan transactions only under the following conditions: (i)&nbsp;the

Fund must receive 100% collateral in the form of cash or cash equivalents (e.g., U.S.&nbsp;Treasury bills or notes) from the borrower;

(ii)&nbsp;the borrower must increase the collateral whenever the market value of the securities loaned (determined on a daily basis

at the close of regular trading) rises above the value of the collateral; (iii)&nbsp;after giving notice, the Fund must be able

to terminate the loan at any time; (iv)&nbsp;the Fund must receive reasonable interest on the loan or a flat fee from the borrower,

as well as amounts equivalent to any dividends, interest or other distributions on the securities loaned; (v)&nbsp;the Fund may

pay only reasonable custodian fees in connection with the loan; and (vi)&nbsp;the Fund must be able to vote proxies on the securities

loaned, either by terminating the loan or by entering into an alternative arrangement with the borrower.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Risk Factors</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except as noted

below, Value Trust and Global Trust are generally subject to the same principal risk factors. The principal risk factors of the

Funds are discussed below.</P>



<P STYLE="font: italic bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Value Trust and Global Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust is subject to the following risks:</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Market Risk</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As with any investment

company that invests in common stocks, each Fund is subject to market risk &ndash; the possibility that common stock prices will

decline over short or extended periods of time. As a result, the value of an investment in the Fund&rsquo;s common stock will fluctuate,

sometimes sharply and unpredictably, and you could lose money over short or long periods of time.</P>

<p align="center"><font face="times new roman" size="2">24</font></p>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Investing in Smaller Capitalization Companies</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce normally invests

at least 65% of Value Trust&rsquo;s assets in the equity securities of micro-cap and small-cap companies, or companies with market

capitalizations of up to $2.5&nbsp;billion. Royce expects that generally a significant portion of the Global Trust&rsquo;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&nbsp;billion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce views the

large and diverse universe of smaller companies available for investment by the Fund as having three investment segments or tiers

&mdash; micro-cap, small-cap and mid-cap. Royce refers to the segment of companies with market capitalizations up to $750&nbsp;million

as micro-cap. Royce defines the next tier, the small-cap universe, as those companies with market capitalizations between $750&nbsp;million

and $2.5&nbsp;billion. Finally, Royce defines mid-cap as those companies with market caps between $2.5&nbsp;billion and $15&nbsp;billion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Smaller companies

offer investment opportunities and additional risks. They may not be well known to the investing public, may not be significantly

owned by institutional investors and may not have steady earnings growth. In addition, the securities of such companies may be

more volatile in price, have wider spreads between their bid and ask prices and have significantly lower trading volumes than the

securities of larger capitalization companies.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As a result, the

purchase or sale of more than a limited number of shares of the securities of a smaller company may affect its market price. Royce

may need a considerable amount of time to purchase or sell its positions in these securities, particularly when other Royce-managed

accounts or other investors are also seeking to purchase or sell them. Accordingly, Royce&rsquo;s investment focus on the securities

of smaller companies generally leads it to have a long-term investment outlook of at least two years for a portfolio security.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The U.S.&nbsp;micro-cap

segment consists of more than 3,200 companies. These companies are followed by few, if any, securities analysts, and there tends

to be less publicly available information about them. Their securities generally have even more limited trading volumes and are

subject to even more abrupt or erratic market price movements than are small-cap and mid-cap securities, and Royce may be able

to deal with only a few market-makers when purchasing and selling micro-cap securities. Such companies may also have limited markets,

financial resources or product lines, may lack management depth and may be more vulnerable to adverse business or market developments.

These conditions, which create greater opportunities to find securities trading well below Royce&rsquo;s estimate of the company&rsquo;s

current worth, also involve increased risk.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The U.S.&nbsp;small-cap

tier consists of more than 800 companies. In this segment, there is a relatively higher level of institutional investor ownership

and more research coverage by securities analysts than generally exists for micro-cap companies. This greater attention makes the

market for such securities more efficient compared to micro-cap securities because they have somewhat greater trading volumes and

narrower bid/ask prices.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As discussed below,

Global Trust may also invest significant assets in U.S.&nbsp;and non-U.S. mid-cap securities.</P>

<p align="center"><font face="times new roman" size="2">25</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust will

invest, and Value Trust may invest, in foreign securities. The foreign smaller company market consists of more than 28,000 companies

in developed countries. More information regarding investing in foreign securities is set forth below.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Selection Risk</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Different types

of stocks tend to shift into and out of favor with stock market investors, depending on market and economic conditions. The performance

of funds that invest in value-style stocks may at times be better or worse than the performance of stock funds that focus on other

types of stocks or that have a broader investment style.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Market Price of Shares</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Although Value Trust

Common Stock has at times traded on the NYSE at a market price above its net asset value (a premium), the Fund&rsquo;s shares have

recently traded in the market below (a discount) net asset value. There can be no assurance that the Fund&rsquo;s shares will trade

at a premium in the future, or that any such premium would be sustainable. The Fund&rsquo;s shares have traded at discounts of

as much as 20.80% in the past five years. Market price risk is a risk separate and distinct from the risk that a Fund&rsquo;s net

asset value will decrease. In the year ended December&nbsp;31, 2012, Value Trust&rsquo;s shares traded in the market at an average

discount to net asset value of 12.66%. As of March&nbsp;31, 2013, the market price discount to net asset value was 10.41%. Value

Trust cannot predict whether Global Trust Common Stock will trade at, below or above net asset value.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Leverage and Borrowing</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Fund is authorized

to borrow money. Borrowings create an opportunity for greater capital appreciation with respect to a Fund&rsquo;s investment portfolio,

but at the same time such borrowing is speculative in that it will increase the Fund&rsquo;s exposure to capital risk. In addition,

borrowed funds are subject to interest costs that may offset or exceed the return earned on the borrowed funds. See &ldquo;&mdash;

Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities&rdquo; below.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Foreign Investments</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust will

invest, and Value Trust may invest, in securities of foreign issuers. Value Trust may invest up to 25% of its asset in securities

of issuers headquartered outside the United States. Global Trust is not subject to any limitation on investments in securities

of foreign issuers, and under normal market circumstances, will invest at least 65% of its net assets in the equity securities

of companies located in at least three countries outside of the United States.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Foreign investments

involve certain risks which typically are not present in securities of domestic issuers. There may be less information available

about a foreign company than a domestic company; foreign companies may not be subject to accounting, auditing and reporting standards

and requirements comparable to those applicable to domestic companies; and foreign markets, brokers and issuers are generally subject

to less extensive government regulation than their domestic counterparts. Markets for foreign securities may be less liquid and

may be subject </p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">

to greater price volatility than those for domestic securities. Foreign brokerage commissions and custodial fees

are generally higher than those in the United States. Foreign markets also have different clearance and settlement procedures,

and in certain markets there have been times when settlements have been unable to keep pace with the volume of securities transactions,

thereby making it difficult to conduct such transactions. Delays or problems with settlements might affect the liquidity of a Fund&rsquo;s

portfolio. Foreign investments may also be subject to local economic and political risks, political, economic and social instability,

military action or unrest or adverse diplomatic developments, and possible nationalization of issuers or expropriation of their

assets, which might adversely affect a Fund&rsquo;s ability to realize on its investment in such securities. Royce may not be able

to anticipate these potential events or counter their effects. Furthermore, some foreign securities are subject to brokerage taxes

levied by foreign governments, which have the effect of increasing the cost of such investment and reducing the realized gain or

increasing the realized loss on such securities at the time of sale.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Although changes

in foreign currency rates may adversely affect a Fund&rsquo;s foreign investments, Royce does not expect to purchase or sell foreign

currencies for the Funds to hedge against declines in the U.S.&nbsp;dollar or to lock in the value of any foreign securities they

purchase. Consequently, the risks associated with such investments may be greater than if the Funds were to engage in foreign currency

transactions for hedging purposes.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Exchange control

regulations in such foreign markets may also adversely affect the Funds&rsquo; foreign investments, and the Funds&rsquo; ability

to make certain distributions necessary to maintain their eligibility as regulated investment companies and avoid the imposition

of income and excise taxes may, to that extent, be limited.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">No more than 35%

of Global Trust&rsquo;s net assets may be invested in the securities of companies headquartered in &ldquo;developing countries,&rdquo;

also known as emerging markets. The considerations noted above are generally intensified for investments in developing countries.

See &ldquo;&mdash;Developing Countries&rdquo; below.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Funds may purchase

the securities of foreign companies in the form of American Depositary Receipts (&ldquo;ADRs&rdquo;). ADRs are certificates held

in trust by a bank or similar financial institution evidencing ownership of securities of a foreign-based issuer. Designed for

use in U.S.&nbsp;securities markets, ADRs are alternatives to the purchase of the underlying foreign securities in their national

markets and currencies.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Depositories may

establish either unsponsored or sponsored ADR facilities. While ADRs issued under these two types of facilities are in some respects

similar, there are distinctions between them relating to the rights and obligations of ADR holders and the practices of market

participants. A depository may establish an unsponsored facility without participation by (or even necessarily the acquiescence

of) the issuer of the deposited </p>

<p align="center"><font face="times new roman" size="2">27</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">

securities, although typically the depository requests a letter of non-objection from such issuer

prior to the establishment of the facility. Holders of unsponsored ADRs generally bear all the costs of such facilities. The depository

usually charges fees upon the deposit and withdrawal of the deposited securities, the conversion of dividends into U.S.&nbsp;dollars,

the disposition of non-cash distributions and the performance of other services. The depository of an unsponsored facility frequently

is under no obligation to distribute shareholder communications received from the issuer of the deposited securities or to pass

through voting rights to ADR holders in respect of the deposited securities. Depositories create sponsored ADR facilities in generally

the same manner as unsponsored facilities, except that the issuer of the deposited securities enters into a deposit agreement with

the depository. The deposit agreement sets out the rights and responsibilities of the issuer, the depository and the ADR holders.

With sponsored facilities, the issuer of the deposited securities generally will bear some of the costs relating to the facility

(such as deposit and withdrawal fees). Under the terms of most sponsored arrangements, depositories agree to distribute notices

of shareholder meetings and voting instructions and to provide shareholder communications and other information to the ADR holders

at the request of the issuer of the deposited securities.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Developing Countries</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Generally developing

countries include every country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore,

South Korea, Taiwan, Bermuda and Western European countries (which include, Austria, Belgium, Denmark, France, Finland, Germany, Greece,

Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom). The considerations

noted above in &ldquo;Foreign Investments&rdquo; are generally intensified for investments in developing countries. A number of

developing countries restrict, to varying degrees, foreign investment in stocks. Repatriation of investment income, capital, and

the proceeds of sales by foreign investors may require governmental registration and approval in some developing countries. A number

of the currencies of developing countries have experienced significant declines against the U.S.&nbsp;dollar in recent years, and

devaluation may occur subsequent to investment in these countries by the Funds. Inflation and rapid fluctuations in inflation rates

have had and may continue to have negative effects on the economies and securities markets of certain developing countries. Many

of the developing securities markets are relatively small or less diverse, have low trading volumes, suffer periods of relative

illiquidity and are characterized by significant price volatility. Developing countries may have antiquated legal systems with

existing laws and regulations that are inconsistently applied. Generally developing countries are not subject to as extensive and

frequent accounting and financial reporting requirements as in the United States. Transaction costs, including brokerage commissions

and dealer mark-ups in developing countries may be higher than in the United States or other developed countries. There is a risk

in developing countries that a future economic or political crisis could lead to price controls, forced mergers of companies, expropriation

or confiscatory taxation, seizure, nationalization, or creation of government monopolies, any of which may have a detrimental effect

on the Funds&rsquo; investments.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Warrants, Rights or Options</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may invest up to 5% of its total assets in warrants, rights and options. A warrant, right or call option entitles

the holder to purchase a given security within a specified period for a specified price and does not represent an ownership interest.

A put option gives the holder the right to sell a particular security at a specified price during the term of the option. These

securities have no voting rights, pay no dividends and have no liquidation rights. In addition, their market prices do not necessarily

move parallel to the market prices of the underlying securities.</P>

<p align="center"><font face="times new roman" size="2">28</font></p>

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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Risks to Common Stockholders of Borrowing Money and

Issuing Senior Securities</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>General</U>.

The 1940 Act and each Fund&rsquo;s fundamental policies (see &ldquo;Investment Restrictions&rdquo; in Appendix&nbsp;A to this Combined

Prospectus/Proxy Statement) permit the Fund to borrow money from banks and certain other lenders and to issue and sell senior securities

representing indebtedness or consisting of preferred stock if various requirements are met. Such requirements include asset coverage

tests, measured immediately after the incurrence of debt or issuance or sale of securities, of 300% for indebtedness and 200% for

preferred stock and, except for indebtedness to banks and certain other lenders, restrictive provisions concerning common stock

dividend payments, other common stock distributions, stock repurchases and maintenance of asset coverage and giving certain senior

security holders the right to elect directors in the event specified asset coverage tests are not met or dividends are not paid.

The issuance and sale of senior securities allows each Fund to raise additional cash for investments. It is a speculative investment

technique, involving the risk considerations of leverage and increased share price volatility.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Borrowings</U>.

The following factors could increase the investment risk and the volatility of the price of a Fund&rsquo;s shares of common stock:

(i)&nbsp;leveraging exaggerates any increase or decrease in the value of the Fund&rsquo;s portfolio; (ii)&nbsp;the costs of borrowing

may exceed the income from the portfolio securities purchased with the borrowed money; (iii)&nbsp;a decline in net asset value

(&ldquo;NAV&rdquo;) results if the investment performance of the additional securities purchased fails to cover their cost to the

Fund (including any interest paid on the money borrowed); (iv)&nbsp;a decline in NAV could affect the ability of the Fund to make

common stock dividend payments; (v)&nbsp;a failure to pay net investment income dividends or make capital gains distributions could

result in the Fund&rsquo;s ceasing to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended

(the &ldquo;Code&rdquo;), or in its having to pay certain entity level taxes even if it maintains its status as a regulated investment

company (see &ldquo;Taxation&rdquo;); and (vi)&nbsp;if the asset coverage for debt securities declines to less than 300% (as a

result of market fluctuations or otherwise), the Fund may be required to sell a portion of its investments when it may be disadvantageous

to do so.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Preferred Stock</U>.

Preferred stock may result in higher volatility of the NAV of a Fund&rsquo;s common stock and potentially more volatility in the

market price of the common stock. Holders of common stock will realize a higher current rate of return than if the Fund were not

leveraged only so long as the Fund, after accounting for its costs and operating expenses, is able to realize a higher net return

on its investment portfolio than the then current dividend rates paid on preferred stock. Similarly, since a pro&nbsp;rata portion

of a Fund&rsquo;s net realized capital gains are generally payable to holders of common stock, the use of leverage will increase

the amount of such gains distributed to holders of common stock. To the extent that the dividend rates on preferred stock approach

the net return on the Fund&rsquo;s investment portfolio, the benefit of leverage to holders of common stock will be decreased.

(If the dividend rates on preferred stock were to exceed the net return on the Fund&rsquo;s portfolio, holders of common stock

would receive a lower rate of return than if the Fund were not leveraged.) Similarly, since both the cost of issuing preferred

stock and any decline in the value of the Fund&rsquo;s investments (including investments purchased with the proceeds from preferred

stock offerings) is borne entirely by holders of common stock, the effect of leverage in a declining market would result in a greater

decrease in NAV to holders of common stock than if the Fund were not leveraged. Such</p>

<p align="center"><font face="times new roman" size="2">29</font></p>

<br clear="all" style="page-break-before:always;">

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">

 decrease in NAV likely would be reflected

in a greater decline in the market price for shares of the Fund&rsquo;s common stock. If a Fund is liquidated, holders of preferred

stock will be entitled to receive liquidating distributions before any distribution is made to holders of the Fund&rsquo;s common

stock. Redemption of preferred stock or insufficient investment income to make dividend payments may reduce the NAV of the common

stock by requiring the Fund to liquidate a portion of its investments at a time when it may be disadvantageous to do so.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In an extreme case,

a decline in NAV could affect a Fund&rsquo;s ability to pay dividends on its common stock. Failure to make such dividend payments

could adversely affect the Fund&rsquo;s qualification as a regulated investment company under the Code. See &ldquo;Taxation&rdquo;.

However, each Fund intends to take all measures necessary to make such common stock dividend payments. If a Fund&rsquo;s current

investment income is ever insufficient to meet dividend payments on either its common stock or preferred stock, the Fund may have

to liquidate certain of its investments.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The class and other

voting rights of issued preferred stock could make it more difficult for a Fund to take certain actions that may, in the future,

be proposed by such Fund&rsquo;s Board of Directors and/or the holders of its common stock, such as (i)&nbsp;a merger, exchange

of securities, liquidation or alteration of the rights of a class of the Fund&rsquo;s securities if such actions would be adverse

to the preferred stock, (ii)&nbsp;converting the Fund to an open-end investment company or acting inconsistently with its fundamental

investment restrictions or other fundamental policies or (iii)&nbsp;seeking to operate other than as an investment company.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The future issuance

of any preferred stock convertible into common stock might also reduce the net income and NAV per share of the common stock upon

conversion. Such income dilution would occur if the Fund could not, from the investments made with the proceeds of the preferred

stock, earn an amount per share of common stock issuable upon conversion greater than the dividend required to be paid on the amount

of preferred stock convertible into one share of common stock. Such NAV dilution would occur if preferred stock were converted

at a time when the NAV per share of common stock was greater than the conversion price.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of March 31,

2013, Value Trust had 70,693,385 shares of common stock issued and outstanding, with an aggregate NAV of $1,187,966,632, no outstanding

preferred stock, and outstanding borrowings under a revolving credit facility of $150,000,000. As of March 31, 2013, Value Trust

had asset coverage of such outstanding borrowings of 792%, calculated in accordance with the 1940 Act.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><U>Financial Impact

of Senior Securities on Common Stockholders</U><I>. </I>The costs related to the issuance and sale of senior securities such as

preferred stock, including underwriting discounts, rating agency fees and offering expenses, are paid by the applicable Fund and,

therefore, borne by its common stockholders. Also, the interest and dividend requirements of such senior securities will reduce

the amount of and may entirely eliminate any net investment income dividends otherwise payable by the Fund to its common stockholders.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Non-Convertible Debt</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust may

invest up to 35% of its assets in direct obligations of the government of the United States or its agencies and/or in non-convertible

debt securities of various issuers, </p>

<p align="center"><font face="times new roman" size="2">30</font></p>

<br clear="all" style="page-break-before:always;">

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">including up to 5% of its net assets in below investment-grade debt securities, also known

as high-yield fixed income securities. Global Trust may invest up to 20% of its net assets in direct obligations of the government

of the United States or its agencies, or the governments of non-U.S. countries or their agencies, and/or in non-convertible debt

securities of various U.S.&nbsp;and non-U.S. issuers, including up to 5% of its net assets in below investment-grade debt securities.

There are no limits on the maturity or duration of the debt securities in which a Fund may invest.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Two of the main

risks of investing in debt securities are credit risk and interest rate risk. Below investment-grade debt securities may be in

the lowest-grade categories of recognized ratings agencies (C in the case of Moody&rsquo;s or D in the case of Standard &amp; Poor&rsquo;s)

or may be unrated. High-yield/high-risk investments are primarily speculative and may entail substantial risk of loss of principal

and non-payment of interest, but may also produce above-average returns for the Fund. Debt securities rated C or D may be in default

as to the payment of interest or repayment of principal. As of the date of this Combined Prospectus/Proxy Statement, interest rates

are near historical lows which makes it more likely that they will increase in the future which could, in turn, result in a decline

in the market value of the debt securities held by a Fund.</P>



<P STYLE="font: italic bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Global Trust</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Mid-Cap Stocks</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition to investing

in securities of micro-cap and small-cap companies, Global Trust may also invest significant assets in securities of U.S.&nbsp;and

non-U.S. mid-cap companies, which Royce defines as those companies with market capitalizations between $2.5&nbsp;billion and $15&nbsp;billion,

a sector that includes more than 700 companies. In general, mid-caps share many of the same characteristics as those companies

with market caps between $750&nbsp;million and $2.5&nbsp;billion. As a result, Royce normally employs a more concentrated approach

when investing in these companies, holding proportionately larger positions in a relatively limited number of securities.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Certain Corporate Governance Provisions</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The six Directors

of Value Trust elected by the holders of Value Trust Common Stock are divided into three classes, each having a staggered term

of three years. Two of the current Directors were elected by the holders of Value Trust Preferred Stock. All outstanding Value

Trust Preferred Stock was redeemed on November&nbsp;15, 2012; therefore, until such time, if ever, as any additional Value Trust

Preferred Stock is issued and outstanding, all Directors of Value Trust will be elected by the holders of Value Trust Common Stock.

Currently, Global Trust has not issued Preferred Stock; therefore all eight directors will be elected by the holders of Global

Trust Common Stock until such time, if ever, as Global Trust Preferred Stock is issued and outstanding. Upon completion of the

Transaction, Global Trust Directors will be divided into three classes, each having a staggered term of three years. Accordingly,

it likely would take at least two years to change a majority of the Board of Directors of each Fund. Vacancies on the Global Trust

Board for one or more of the classified positions may be filled by the affirmative vote of a majority of the remaining Directors,

even if the remaining directors do not constitute a quorum, for the balance of the term of the class. In addition, the Bylaws of

each of Value Trust and Global Trust permit stockholders to call a special meeting of stockholders only if certain procedural requirements

are met and the request is made by stockholders of record entitled to </p>

<p align="center"><font face="times new roman" size="2">31</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">cast at least a majority of the votes entitled to be cast

at such a meeting. These provisions may have the effect of maintaining the continuity of management and thus may make it more difficult

for the Fund&rsquo;s stockholders to change the majority of Directors. See &ldquo;Description of Capital Stock &mdash; Certain

Corporate Governance Provisions.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition, certain

provisions of the Global Trust Charter may be regarded as &ldquo;anti-takeover&rdquo; provisions. Pursuant to these provisions,

the affirmative vote of the holders of shares entitled to cast at least 80% of the votes entitled to be cast on the matter, each

voting as a separate class, is required to authorize certain actions, including amendments to the Global Trust Charter that would

be necessary to directly or indirectly convert Global Trust from a closed-end to an open-end management investment company, and

to authorize certain business transactions, including the liquidation and dissolution of Global Trust or a merger, consolidation

or sale of substantially all of Global Trust&rsquo;s assets. See &ldquo;Description of Capital Stock &mdash; Certain Corporate

Governance Provisions.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions described

above may be regarded as &ldquo;anti-takeover&rdquo; provisions. These provisions may have the effect of depriving common stockholders

of the Funds of an opportunity to sell their shares at a premium to the prevailing market price. See &ldquo;Description of Capital

Stock &mdash; Certain Corporate Governance Provisions.&rdquo;</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INVESTMENT RESTRICTIONS</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust and

Global Trust operate under the investment restrictions described in Appendix A. The investment practices and restrictions of each

of Value Trust and Global Trust are similar except that there is no limitation on the amount of foreign securities in which Global

Trust may invest whereas Value Trust is limited to investing up to 25% of its assets, determined at the time of purchase in companies

headquartered outside the United States. If the stockholders approve Proposal 2 of this Combined Prospectus/Proxy Statement at

the Special Meeting, a fundamental investment restriction of Value Trust, which currently states that Value Trust may not &ldquo;[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 [Investment Company Act of 1940],&rdquo; will be amended to state that Value Trust may not &ldquo;[u]nderwrite

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.&rdquo;</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">MANAGEMENT</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce &amp; Associates,

LLC (&ldquo;Royce&rdquo;) is the investment adviser to each of Value Trust and Global Trust, and is responsible for the management

of each Fund&rsquo;s assets. Royce has been investing in smaller-company securities with a value approach for more than 35&nbsp;years.

Its offices are located at 745 Fifth Avenue, New York, NY 10151.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On October&nbsp;1,

2001, Royce became an indirect wholly-owned subsidiary of Legg Mason, Inc. (&ldquo;Legg Mason&rdquo;). On March&nbsp;31, 2002,

Royce&rsquo;s corporate predecessor was merged into Royce Holdings, LLC (a wholly-owned subsidiary of Legg Mason), which then changed

its </p>

<p align="center"><font face="times new roman" size="2">32</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">



name to Royce &amp; Associates, LLC. As a result of this merger, Royce &amp; Associates, LLC became Value Trust&rsquo;s investment

adviser and a direct wholly-owned subsidiary of Legg Mason. Founded in 1899, Legg Mason is a publicly-held financial services company

primarily engaged in providing asset management, securities brokerage, investment banking and related financial services through

its subsidiaries. As of March 31, 2013, Legg Mason&rsquo;s asset management subsidiaries had aggregate assets under management

of approximately $665&nbsp;billion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under each of Value

Trust&rsquo;s articles of incorporation, as amended and supplemented (the &ldquo;Value Trust Charter&rdquo;) and the Global Trust

Charter (each of the Value Trust Charter and the Global Trust Charter, a &ldquo;Charter&rdquo;), and Maryland law, each Fund&rsquo;s

business and affairs are managed under the direction of its Board of Directors. Investment decisions for each Fund are made by

Royce, subject to any direction it may receive from the Fund&rsquo;s Board of Directors, which periodically reviews the Funds&rsquo;

investment performance.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce (i)&nbsp;determines

the composition of each Fund&rsquo;s portfolio, the nature and timing of the changes in it and the manner of implementing such

changes, subject to any directions it may receive from the applicable Fund&rsquo;s Board of Directors; (ii)&nbsp;provides each

Fund with investment advisory, research and related services for the investment of its assets; and (iii)&nbsp;pays expenses incurred

in performing its investment advisory duties under the Investment Advisory Agreements.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Fund pays all

administrative and other costs and expenses attributable to its operations and transactions, including, without limitation, transfer

agent and custodian fees; legal, administrative and clerical services; rent for its office space and facilities; auditing; preparation,

printing and distribution of its prospectuses, proxy statements, shareholder reports and notices; supplies and postage; Federal

and state registration fees; Federal, state and local taxes; non-affiliated directors&rsquo; fees; and brokerage commissions. Please

see the Statement of Additional Information under &ldquo;Administration Agreement&rdquo; for more information.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Charles M. Royce,

the President of Royce since its inception, and its Co-Chief Investment Officer, is the primary portfolio manager of Value Trust

and Global Trust. Royce&rsquo;s investment staff also includes two Assistant Portfolio Managers: Christopher E. Flynn and David

A. Nadel, each of whom share with Mr.&nbsp;Royce the day-to-day management of Value Trust and Global Trust. Mr.&nbsp;Flynn has

been an Assistant Portfolio Manager of Value Trust since 2007, and has been a Senior Analyst at Royce since 1993. Mr.&nbsp;Nadel

has been an Assistant Portfolio Manager of Value Trust since 2007, has been a Portfolio Manager and Senior Analyst at Royce from

since 2006, was a Senior Portfolio Manager at Neuberger Berman Inc. from 2004 to 2006, and a Senior Analyst at Pequot Capital Management,

Inc. from 2001 to 2003.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Statement of

Additional Information provides more information about the structure of the portfolio managers&rsquo; compensation, other accounts

that they manage and their ownership of shares in the Funds.</P>

<p align="center"><font face="times new roman" size="2">33</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INVESTMENT ADVISORY SERVICES PROVIDED

BY ROYCE</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Value Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As compensation

for its services under the Value Trust Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee and an adjustment

to the Basic Fee based on the investment performance of the Fund in relation to the investment record of the S&amp;P 600.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Basic Fee is

a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of Value Trust&rsquo;s month-end net assets applicable

to common stockholders, plus the liquidation value of its preferred stock, for the rolling 60-month period ending with such month

(the &ldquo;performance period&rdquo;). The Basic 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 the Fund exceeds, or is exceeded by, the percentage change in the investment

record of the S&amp;P 600 for the performance period by more than two percentage points. The performance period for each such month

is a rolling 60-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed

1/12 of 0.5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable

if the investment performance of the Fund exceeds the percentage change in the investment record of the S&amp;P 600 by 12 or more

percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of 0.5% and

is payable if the percentage change in the investment record of the S&amp;P 600 exceeds the investment performance of the Fund

by 12 or more percentage points for the performance period. As a result, the actual investment advisory fee rate may at times be

greater than the fee rate paid by many other funds.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding

the foregoing, Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling

36-month period ending with such month is negative. In the event that the Fund&rsquo;s investment performance for such a performance

period is less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce has voluntarily

committed to waive the portion of its investment advisory fee attributable to an issue of Value Trust&rsquo;s preferred stock for

any month in which the Fund&rsquo;s average annual NAV total return since issuance of the preferred stock fails to exceed the applicable

preferred stock&rsquo;s dividend rate.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A discussion regarding

the basis of the Board&rsquo;s approval of the Value Trust Investment Advisory Agreement is available in Value Trust&rsquo;s semi-annual

report to stockholders for the six months ended June&nbsp;30, 2012.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For more information

regarding the investment advisory fee of Value Trust, see &ldquo;Investment Advisory and Other Services &mdash; Advisory Fee&rdquo;

in the Statement of Additional Information</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Global Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As compensation

for its services under the Global Trust Investment Advisory Agreement, Royce is entitled to receive a monthly fee equal to 1/12

of 1.25% (1.25% on an annualized basis)

</p>

<p align="center"><font face="times new roman" size="2">34</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">of the average of the net assets of Global Trust (which includes net assets applicable

to both common stock and preferred stock, if any) for each month during the term of the agreement. Because the fee is computed

based on the Fund&rsquo;s net assets and not on its total assets, Royce will not receive any fee in respect of those assets of

the Fund equal to the aggregate unpaid principal amount of any indebtedness of the Fund. However, because preferred stock is a

form of equity for these purposes, Royce will receive a fee in respect of any assets of the Fund equal to the initial liquidation

preference of and any potential redemption premium for any preferred stock that may be issued and sold by the Fund.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Because Royce&rsquo;s

fee is based on the average net assets of the Fund (including net assets applicable to both Global Trust Common Stock and Global

Trust Preferred Stock), Royce would generally benefit from the Fund&rsquo;s issuance of Preferred Stock.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A discussion regarding

the basis of the Board&rsquo;s approval of the Global Trust Investment Advisory Agreement will be available in Global Trust&rsquo;s

first annual report or semi-annual report to stockholders available after the Transaction is effected and the commencement of investment

operations of Global Trust.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For more information

regarding the investment advisory fee of Global Trust, see &ldquo;Investment Advisory and Other Services &mdash; Advisory Fee&rdquo;

in the Statement of Additional Information</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Net Asset Value</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The NAV of each

of Value Trust&rsquo;s and Global Trust&rsquo;s shares of common stock is calculated at the close of regular trading on the NYSE

(generally 4:00&nbsp;p.m. Eastern time) every day that the NYSE is open. Each Fund makes this information available daily by telephone

(800-221-4268), via its web site (www.roycefunds.com) and through electronic distribution for media publication, including major

internet-based financial services web sites and portals (bloomberg.com, yahoo.com, cbsmarketwatch.com, etc.). Currently, <I>The

Wall Street Journal</I>, The New York Times and Barron&rsquo;s publish NAVs for closed-end investment companies weekly.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The NAV per share

of common stock of each of Value Trust and Global Trust is calculated by dividing the current value of the applicable Fund&rsquo;s

total assets less the sum of all of its liabilities and the aggregate liquidation preferences of its outstanding shares of preferred

stock by the number of its outstanding shares of common stock. The Fund&rsquo;s investments are valued based on market value or,

if market quotations are not readily available, at their fair value as determined in good faith under procedures established by

applicable Fund&rsquo;s Board of Directors. In certain cases, market value may be determined using information provided by a pricing

service approved by the Board of Directors. Valuing securities at their fair values involves greater reliance on judgment than

valuation of securities based on readily available market quotations. When using fair value methods to price securities, a Fund

may value those securities higher or lower than another fund using not readily available market quotations or its own fair value

methods to price the same securities. There can be no assurance that a Fund could obtain the fair value price assigned to a security

if it were to sell the security at approximately the time at which the Fund determines its net asset value. Because trading hours

for certain non-U.S. securities end before the close of the New York Stock Exchange (the &ldquo;NYSE&rdquo;)&nbsp;(generally </p>

<p align="center"><font face="times new roman" size="2">35</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">4:00&nbsp;p.m.

Eastern time), closing market quotations may become unreliable. If between the time trading ends on a particular security and the

close of the customary trading session on the NYSE, events occur that are significant and may make the closing price unreliable,

the Fund may fair value the security. If an issuer-specific event has occurred during this time that, in Royce&rsquo;s judgment,

is likely to have affected the closing price of a security, it may fair value the security. The Funds use an independent pricing

service to provide fair value estimates for relevant non-U.S. equity securities on days when the U.S.&nbsp;market volatility exceeds

a certain threshold. This pricing service uses proprietary correlations it has developed between the movement of prices of non-U.S.

equity securities and indices of U.S.-traded securities, futures contracts and other indications to estimate the fair value of

relevant non-U.S. securities. Each Fund values its non-U.S. securities in U.S.&nbsp;dollars on the basis of foreign currency exchange

rates provided to the Fund by its custodian, State Street Bank and Trust Company. When fair value pricing is employed, the price

of securities used by a Fund may differ from quotes or published prices for the same security. Certain bonds and other fixed income

securities may be valued by reference to other securities with comparable ratings, interest rates and maturities, using established

independent pricing services. Investments in money market funds are valued at net asset value per share.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">DIVIDENDS, DISTRIBUTIONS AND REINVESTMENT

PLAN</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Value Trust&rsquo;s 5% Distribution Policy</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust currently

has a policy of paying quarterly distributions to its common stockholders. Distributions are currently being made at the annual

rate of 5% of the rolling average of the prior four calendar quarter-end NAVs of Value Trust&rsquo;s Common Stock, with the fourth

quarter distribution being the greater of 1.25% of the rolling average or the distribution required by the Code. If, for any quarterly

distribution, the Fund&rsquo;s net investment income and net realized capital gains are less than the amount of the distribution,

the difference will constitute a return of capital. Value Trust&rsquo;s final distribution for each calendar year will include

any remaining net investment income and net realized capital gains deemed, for Federal income tax purposes, undistributed during

the year, and may, but need not, include all net long-term capital gains realized during the year. If, for any calendar year, the

total distributions exceed net investment income and net realized capital gains, the excess will generally be treated as a tax-free

return of capital (up to the amount of the stockholder&rsquo;s tax basis in his or her shares). The amount treated as a tax-free

return of capital will reduce the adjusted basis in the stockholder&rsquo;s Value Trust shares, thereby increasing the stockholder&rsquo;s

potential gain or reducing the stockholder&rsquo;s potential loss on the sale of the shares. Pursuant to the requirements of the

1940 Act and other applicable laws, a notice will accompany each quarterly distribution with respect to the estimated source of

the distribution made. Such distribution policy may, under certain circumstances, have certain adverse consequences to the Fund

and its stockholders. In addition, in order to make such distributions, the Fund may have to sell a portion of its investment portfolio

at a time when independent investment judgment might not dictate such action. The Fund&rsquo;s quarterly distribution policy may

be changed by the Board of Directors without stockholder approval. Value Trust&rsquo;s current 5% Distribution Policy began in

March 2011. A similar 9% distribution policy was in place from September 1997 to May 2009.</P>

<p align="center"><font face="times new roman" size="2">36</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">The Distribution to Value Trust Common Stockholders

of Shares of Global Trust Common Stock will not Change Value Trust&rsquo;s 5% Distribution Policy</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The assets of Value

Trust will decrease pursuant to the Transaction by approximately $100&nbsp;million, and since any subsequent distributions will

reflect the lower net asset value of Value Trust post-Transaction, the amount payable in 2013 pursuant to the 5% Distribution Policy

will be lower than if the Transaction had not occurred by an immaterial amount, assuming the Distribution of Global Trust Common

Stock is excluded from the total amount distributed pursuant to the 5% Distribution Policy. However, Value Trust&rsquo;s Board

may choose to consider all or a portion of the distribution as satisfying a portion of the 5% Distribution Policy when it considers

the adjusting distribution in the fourth calendar quarter.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In the event Value

Trust distributes amounts in excess of its investment company taxable income and net realized capital gain, such distributions

will decrease Value Trust&rsquo;s total assets and, therefore, have the potential effect of increasing its expense ratio, as Value

Trust&rsquo;s fixed expenses will become a larger percentage of Value Trust&rsquo;s average net assets. In addition, in order to

make such distributions, Value Trust might have to sell a portion of its investment portfolio at a time when independent investment

judgment might not dictate such action.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Distributions by Global Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust will

distribute substantially all of its net investment income and net realized capital gains to stockholders at year end. The distribution

policy of Global Trust may be modified from time to time by Global Trust&rsquo;s Board. As a regulated investment company under

the Code, Global Trust will not be subjected to U.S.&nbsp;federal income tax on its investment company taxable income that it distributes

to stockholders, provided that at least 90% of its investment company taxable income for that taxable year is distributed to its

stockholders.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Distribution Reinvestment and Cash Purchase Plan</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust has adopted a Distribution Reinvestment and Cash Purchase Plan (the &ldquo;Value Trust Plan&rdquo; and &ldquo;Global

Trust Plan,&rdquo; respectively, and together, the &ldquo;Plans&rdquo;), through which net investment income dividends and capital

gains and other periodic distributions are paid to common stockholders in the form of additional shares of the applicable Fund&rsquo;s

common stock, unless a stockholder elects to receive cash as provided below. In this way, a stockholder can maintain an undiluted

investment in a Fund and still allow the Fund to pay out the required distributable income. The Plans also allow registered stockholders

to make optional cash purchases of shares of a Fund&rsquo;s common stock directly through Computershare Trust Company, N.A. (&ldquo;Computershare&rdquo;)

on a monthly basis. Plan participants are subject to a service fee of $0.75 and $2.50 for
each voluntary cash purchase and sale, respectively.  Although the Plans permit the
assessment of per share fees of $0.05 and $0.15 in connection with voluntary purchases
and sales, respectively, Royce is absorbing such per share fees through December 31,
2013.  No assurance can be given that Royce will continue to absorb such per share fees
after that date.  Per share fees include any brokerage commissions Computershare is
required to pay. These charges are deducted from amounts to be invested.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">No action is required

on the part of a registered common stockholder to receive a distribution in shares of common stock of Value Trust or Global Trust,

as applicable. Participation in the Plans is completely voluntary and a stockholder may withdraw or resume participation

in the Plan at any time without penalty by notice if received and processed by Computershare prior to the distribution

record date; otherwise such withdrawal or resumption will be effective with respect to any subsequently declared

distribution.</p>


<p align="center"><font face="times new roman" size="2">37</font></p>

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<!--page-->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">Computershare will set up an account for shares acquired

through a Plan for each stockholder who has not elected to receive distributions in cash (&ldquo;Participant&rdquo;) and hold such

shares in non-certificated form. Contact information for the Plan Agent is set forth under &ldquo;Custodian, Transfer Agent and Registrar.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Those common

stockholders whose shares are held by a brokerage firm, bank or other financial intermediary as the stockholder of record

should contact the brokerage firm, bank or other financial institution as applicable, to be certain that it is automatically

reinvesting distributions on the stockholder&rsquo;s behalf. If they are unable to reinvest distributions on the

stockholder&rsquo;s behalf, the stockholder should have its shares registered in its name in order to participate. Common

stockholders holding shares through a financial intermediary may receive distributions in cash by notifying their broker or

other financial intermediary. Each of Value Trust and Global Trust uses only newly-issued shares to implement the

distribution reinvestment portion of the Plan, whether its shares are trading at a premium or at a discount to NAV. The

number of shares to be issued to a stockholder is determined by dividing the total amount of the distribution payable to you

by the lower of (i)&nbsp;the last reported sale price of a share of the applicable Fund&rsquo;s common stock on the valuation

date, which will normally be the fifth business day following the record date, or (ii)&nbsp;the net asset value per share on

the valuation date, provided that neither Fund will issue new shares at a discount of more than 5% from the last reported

sale price on that date.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">There is no charge

to common stockholders for receiving their distributions in the form of additional shares of a Fund&rsquo;s common stock. Computershare&rsquo;s

fees for handling distributions in stock are paid by the applicable Fund. There are no brokerage charges with respect to shares

issued directly by a Fund as a result of distributions payable in stock. If a Participant elects by written notice to Computershare

to have Computershare sell part or all of the shares held by Computershare in the Participant&rsquo;s account and remit the proceeds

to the Participant, Computershare is authorized to deduct a $2.50 service fee and a per share fee of $0.15 from the proceeds.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: justify; text-indent: 0.5in">Stockholders who

receive distributions in the form of stock are subject to the same Federal, state and local tax consequences as are stockholders

who elect to receive their distributions in cash. A stockholder&rsquo;s basis for determining gain or loss upon the sale of stock

received in a distribution from a Fund will be equal to the total dollar amount of the distribution payable to the stockholder.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TAXATION</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following discussion

is a brief summary of certain United States federal income tax considerations affecting Value Trust and Global Trust and their

stockholders. The discussion reflects applicable tax laws of the United States as of the date of this Combined Prospectus/Proxy

Statement, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service (the &ldquo;IRS&rdquo;)

retroactively or prospectively. No attempt is made to present a detailed explanation of all United States federal, state, local

and foreign tax </p>

<p align="center"><font face="times new roman" size="2">38</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">concerns affecting Value Trust and Global Trust and their stockholders, and the discussion set forth herein does

not constitute tax advice. The following discussion assumes that shares of Value Trust Common Stock and Global Trust Common Stock

are held as capital assets in the hands of stockholders. Investors are urged to consult their own tax advisers to determine the

tax consequences to them of investing in Value Trust and Global Trust.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Taxation of Value Trust and Global Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust has

elected to be treated and has qualified as, and intends to continue to qualify as, a regulated investment company under Subchapter&nbsp;M

of the Code, and Global Trust intends to elect and qualify to be treated as a regulated investment company under the Code. Accordingly,

each of Value Trust and Global Trust must, among other things, (i)&nbsp;derive in each taxable year at least 90% of its gross income

from (a)&nbsp;dividends, interest (including tax-exempt interest), payments with respect to certain securities loans, and gains

from the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain

from options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies

and (b)&nbsp;net income derived from interests in certain &ldquo;publicly traded partnerships&rdquo; (as defined for United States

federal income tax purposes) that derive less than 90% of their gross income from the items described in (a) above (each a &ldquo;Qualified

Publicly Traded Partnership&rdquo;); and (ii)&nbsp;diversify its holdings so that, at the end of each quarter of each taxable year

(a)&nbsp;at least 50% of the value of each Fund&rsquo;s total assets is represented by cash and cash items, United States government

securities, the securities of other regulated investment companies and other securities, with such other securities limited, in

respect of any one issuer, to an amount not greater than 5% of the value of the Fund&rsquo;s total assets and not more than 10%

of the outstanding voting securities of such issuer, and (b)&nbsp;not more than 25% of the value of the Fund&rsquo;s total assets

is invested in the securities of (I)&nbsp;any one issuer (other than United States government securities and the securities of

other regulated investment companies), (II)&nbsp;any two or more issuers (other than registered investment companies) in which

the Fund owns 20% or more of the voting securities and that are determined to be engaged in the same business or similar or related

trades or businesses or (III)&nbsp;any one or more Qualified Publicly Traded Partnerships.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust&rsquo;s investments in partnerships, including in Qualified Publicly Traded Partnerships, may result in each Fund

being subject to state, local or foreign income, franchise or withholding tax liabilities.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As regulated investment

companies, each of Value Trust and Global Trust generally will not be subject to United States federal income tax on income and

gains that it distributes (with Value Trust&rsquo;s distribution of Global Trust Common Stock constituting a distribution for this

purpose) each taxable year to stockholders, provided it distributes at least 90% of the sum of the Fund&rsquo;s (i)&nbsp;investment

company taxable income (which includes, among other items, dividends, interest and the excess of any net short-term capital gains

over net long-term capital losses and other taxable income other than any net capital gain (as defined below) reduced by deductible

expenses) determined without regard to the deduction for dividends and distributions paid and (ii)&nbsp;its net tax-exempt interest

(the excess of its gross tax-exempt interest over certain disallowed deductions). Each of Value Trust and Global Trust intends

to distribute at least annually substantially all of such income.</P>

<p align="center"><font face="times new roman" size="2">39</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Amounts not distributed

on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax at the

Fund level. To avoid the tax, each of Value Trust and Global Trust must distribute during each calendar year an amount at least

equal to the sum of (i)&nbsp;98% of its ordinary income (not taking into account any capital gains or losses) for the calendar

year, (ii)&nbsp;98.2% of its capital gains in excess of its capital losses (adjusted for certain ordinary losses) for a one-year

period generally ending on October&nbsp;31 of the calendar year (unless an election is made to use the Fund&rsquo;s fiscal year),

and (iii)&nbsp;certain undistributed amounts from previous years on which the Fund paid no United States federal income tax. While

each Fund intends to distribute any income and capital gains in the manner necessary to minimize imposition of the 4% excise tax,

there can be no assurance that sufficient amounts of a fund&rsquo;s taxable income and capital gains will be distributed to avoid

entirely the imposition of the tax. In that event, each Fund will be liable for the tax only on the amount by which it does not

meet the foregoing distribution requirement.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If for any taxable

year either of Value Trust or Global Trust does not qualify as a regulated investment company, all of its taxable income (including

its net capital gain) will be subject to tax at regular corporate rates without any deduction for distributions to stockholders.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust currently

has a policy of paying quarterly distributions to its common stockholders. Distributions are currently being made at the annual

rate of 5% of the rolling average of the prior four calendar quarter-end NAVs of the Fund&rsquo;s Common Stock, with the fourth

quarter distribution being the greater of 1.25% of the rolling average or the distribution required by the Code. If, for any quarterly

distribution, Value Trust&rsquo;s net investment income and net realized capital gains are less than the amount of the distribution,

the difference will constitute a return of capital. Value Trust&rsquo;s final distribution for each calendar year will include

any remaining net investment income and net realized capital gains deemed, for Federal income tax purposes, undistributed during

the year, and may, but need not, include all net long-term capital gains realized during the year. If, for any calendar year, the

total distributions exceed the Fund&rsquo;s earnings and profits, the excess will generally be treated as a tax-free return of

capital (up to the amount of the stockholder&rsquo;s tax basis in his or her shares). The amount treated as a tax-free return of

capital will reduce the adjusted basis in the stockholder&rsquo;s Value Trust shares, thereby increasing the stockholder&rsquo;s

potential gain or reducing the stockholder&rsquo;s potential loss on the sale of the shares.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Taxation of Stockholders</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Distributions paid

to investors by each of Value Trust and Global Trust from its investment company taxable income are generally taxable to investors

as ordinary income to the extent of the distributing Fund&rsquo;s earnings and profits. Subject to certain requirements, if such

distributions include &ldquo;qualified dividend income,&rdquo; &ldquo;net capital gains&rdquo; or both, and if the distributing

Fund properly reports such amounts to its stockholders, then (i)&nbsp;in the case of individual stockholders, the &ldquo;qualified

dividend income&rdquo; and &ldquo;net capital gains&rdquo; will be subject to a maximum tax rate of 15% for individuals with no

more than $400,000 of income ($450,000 if married filing jointly) and a maximum tax rate of 20% for any portion of the net capital

gains and qualified dividend income that exceeds those income thresholds, and (ii)&nbsp;in the case of corporate stockholders,

the qualified dividend income will be subject to the dividends received deduction (both long-term and short-term capital gains

are taxable to corporate stockholders at </p>

<p align="center"><font face="times new roman" size="2">40</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">the rates that apply to ordinary income). Taxable distributions of net capital gains will

include net capital gains credited to the investors but retained by the Fund.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&ldquo;Qualified

dividend income&rdquo; is, in general, dividend income from taxable domestic corporations and certain foreign corporations (for

example, foreign corporations incorporated in a possession of the United States or in certain countries with a qualified comprehensive

tax treaty with the United States, or whose stock with respect to which such dividend is paid is readily tradable on an established

securities market in the United States). &ldquo;Net capital gains,&rdquo; are equal to the excess of a Fund&rsquo;s net long-term

capital gains over its net short-term capital losses. Value Trust and Global Trust will furnish investors with written statements

reporting the amount of any distributions that should be treated as qualified dividend income, capital gain dividends or otherwise.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Distributions in

excess of a Fund&rsquo;s earnings and profits will first reduce the adjusted tax basis of the shares held by an investor and, after

such adjusted tax basis is reduced to zero, will constitute capital gains to the investor.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The sale, exchange,

redemption or other disposition of common or preferred shares of each of Value Trust and Global Trust will generally result in

capital gain or loss to an investor, and will be long-term capital gain or loss if the shares have been held for more than one

year at the time of sale. Any loss upon the sale or exchange of fund shares held for six months or less, however, will be treated

as long-term capital loss to the extent of any distributions of net capital gains received (or deemed received) by an investor.

A loss realized on a sale or exchange of shares of Value Trust or Global Trust will be disallowed if other substantially identical

shares of the same Fund are acquired (whether through the automatic reinvestment of dividends or otherwise) within a 61-day period

beginning 30&nbsp;days before and ending 30&nbsp;days after the date that the shares are disposed of. In such case, the basis of

the shares acquired will be adjusted to reflect the disallowed loss.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Investors that are

individuals, estates and certain trusts are subject to an additional 3.8% tax on all or a portion of their &ldquo;net investment

income,&rdquo; which may include the taxable distributions and any gain realized with respect to a Fund&rsquo;s common or preferred

shares, to the extent of their net investment income that, when added to their other modified adjusted gross income, exceeds $200,000

for an unmarried individual, $250,000 for a married taxpayer filing a joint return (or a surviving spouse), or $125,000 for a married

individual filing a separate return. Stockholders are encouraged to consult their tax advisors with respect to the 3.8% Medicare

tax.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If Value Trust or

Global Trust pays a distribution in January that was declared in the previous October, November or December to stockholders of

record on a specified date in one of such months, then such distribution will be treated for tax purposes as being paid by the

distributing Fund and received by its stockholders not later than December&nbsp;31 of the year in which the distribution was declared.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust is required in certain circumstances to backup withhold on taxable distributions and certain other payments paid

to non-corporate holders of the Fund&rsquo;s shares who do not furnish Value Trust and Global Trust with their correct taxpayer

identification number (in the case of individuals, their social security number) and certain </p>

<p align="center"><font face="times new roman" size="2">41</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">certifications, or who are otherwise

subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments made to such holders

may be refunded or credited against their United States federal income tax liability, if any, provided that the required information

is furnished to the IRS.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Distributions may

be subject to additional state, local, and foreign taxes, depending on each stockholder&rsquo;s particular situation.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Non-U.S. stockholders

may be subject to U.S.&nbsp;tax rules that differ significantly from those summarized above, including the likelihood that ordinary

income dividends distributed to them will be subject to withholding of U.S.&nbsp;tax at a rate of 30% (or a lower treaty rate,

if applicable). In addition, a 30% withholding tax may be imposed on distributions paid after December&nbsp;31, 2013 and sales

proceeds received after December&nbsp;31, 2016 to (i)&nbsp;certain foreign financial institutions and investment funds, and (ii)&nbsp;certain

other foreign entities. To avoid withholding, foreign financial institutions and investment funds will generally need to either

(a)&nbsp;collect and report to the IRS detailed information identifying their U.S.&nbsp;accounts and U.S.&nbsp;account holders,

comply with due diligence procedures for identifying U.S.&nbsp;accounts and withhold tax on certain payments made to noncomplying

foreign entities and account holders or (b)&nbsp;if an intergovernmental agreement is entered into and implementing legislation

is adopted, comply with the agreement and legislation. Other foreign entities will generally need to either provide detailed information

identifying each substantial U.S.&nbsp;owner or certify there are no such owners.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Non-U.S. investors

are encouraged to consult their own tax advisers regarding U.S.&nbsp;federal, state, local and foreign tax considerations.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The foregoing is

a general and abbreviated summary of the provisions of the Code and the Treasury regulations in effect as they directly govern

the taxation of Value Trust and Global Trust and each of their stockholders. These provisions are subject to change by legislative

or administrative action, and any such change may be retroactive. A more complete discussion of the tax rules applicable to Value

Trust and Global Trust and each of their stockholders can be found in &ldquo;Taxation&rdquo; in the Statement of Information. Stockholders

are urged to consult their tax advisers regarding specific questions about United States federal, foreign, state, local income

or other taxes.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">CUSTODIAN, TRANSFER AGENT AND REGISTRAR</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">State Street Bank

and Trust Company, Two Heritage Drive, North Quincy, Massachusetts 02171, acts as custodian of the cash and other assets of each

Fund. Computershare Trust Company, N.A., PO Box 43010, Providence, RI 02940-3010, acts as transfer agent and registrar for each

Fund&rsquo;s shares and as Plan Agent under its Plan. Stockholder inquiries should be directed to [Name of Fund], c/o&nbsp;Computershare,

PO Box 43010, Providence, RI 02940-3010, telephone (800)&nbsp;426-5523.</P>

<p align="center"><font face="times new roman" size="2">42</font></p>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">DESCRIPTION OF CAPITAL STOCK</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Value Trust</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">General</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust, which

was incorporated under the laws of the State of Maryland on July&nbsp;1, 1986, is authorized to issue 150,000,000 shares of common

stock, par value $0.001 per share. Each share of common stock has equal dividend, distribution and liquidation rights and is entitled

to one vote per share on each matter submitted to a vote of common stockholders. The shares of Value Trust Common Stock outstanding

are fully paid and non-assessable. Shares of Value Trust Common Stock are not redeemable and have no preemptive, exchange, conversion

or cumulative voting rights. As a NYSE-listed company, and under Maryland law due to its classified board, Value Trust is required

to hold annual meetings of its stockholders.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under the Value

Trust Charter, the Value Trust Board has authority to classify and reclassify any authorized but unissued shares of stock into

other classes or series of stock, including preferred stock, and to cause the Fund to issue such shares. The Value Trust Board

currently has authority to cause the Fund to issue and sell up to 50,000,000 shares of preferred stock, $0.001 par value per share,

that may be convertible into shares of the Fund&rsquo;s common stock. The terms of such preferred stock are, or would be, fixed

by the Board of Directors and materially limit and/or qualify, or would materially limit and/or qualify, the rights of the holders

of the Fund&rsquo;s common stock. See &ldquo;Investment Goals and Policies of Value Trust and Global Trust &mdash; Risk Factors

&mdash; Value Trust and Global Trust &mdash; Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following table

shows the number of shares of (i)&nbsp;capital stock authorized and (ii)&nbsp;capital stock outstanding for each class of authorized

securities of Value Trust as of March&nbsp;31, 2013.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 43%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Title of

        Class</B></P></TD>

    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount

        Authorized</B></P></TD>

    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount

        Held by Value Trust or for its Own Account</B></P></TD>

    <TD STYLE="width: 19%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount

        Outstanding</B></P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Common Stock, $0.001 par value per share</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">150,000,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">70,693,385</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt">Preferred Stock</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: right">50,000,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-size: 10pt; text-align: center">0</TD></TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Value Trust Common Stock</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Net Asset Values

and Sales Prices</I>. Value Trust&rsquo;s shares of common stock are publicly held and are listed and traded on the NYSE under

the symbol &ldquo;RVT.&rdquo; The following table sets forth for the periods indicated the high and low sales prices on the NYSE

per share of Common Stock of the Fund, the NAV per share on the dates of the market highs and lows and the number of shares traded.</P>

<p align="center"><font face="times new roman" size="2">43</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR>

    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>

    <TD COLSPAN="4" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Market Price

        Per Share and Related Discount<BR>

        (-)/Premium (+)<SUP>(1),(2)</SUP></P></TD>

    <TD COLSPAN="2" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Net Asset

        Value on Date of Market High and Low<SUP>(3)</SUP></P></TD>

    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Reported NYSE

        Volume</P></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Quarter ended</P></TD>

    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">High</P></TD>

    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Disc</P></TD>

    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Low</P></TD>

    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Disc</P></TD>

    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">High</P></TD>

    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 0.5pt solid">Low</P></TD>

    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 1pt; margin-bottom: 1pt"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">March&nbsp;31, 2011</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$15.57</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-12.72%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$14.34</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-13.98%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$17.84</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$16.67</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">15,924,224</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">June&nbsp;30, 2011</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$15.85</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-13.95%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$14.11</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-13.49%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$18.42</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$16.31</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">10,499,515</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">September&nbsp;30, 2011</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$15.42</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-13.18%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$11.08</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-12.27%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$17.76</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$12.63</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">14,788,724</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">December&nbsp;31, 2011</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$13.00</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-14.92%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$10.57</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-11.92%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$15.28</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$12.00</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,977,091</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">March&nbsp;31, 2012</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$14.29</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-12.44%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$12.27</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-13.47%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$16.32</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$14.18</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">12,023,013</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">June&nbsp;30, 2012</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$14.05</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-12.84%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$11.99</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-11.45%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$16.12</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$13.54</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">9,326,404</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">September&nbsp;30, 2012</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$13.32</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-14.01%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$12.12</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-11.66%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$15.49</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$13.72</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">8,502,186</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">December&nbsp;31, 2012</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$13.43</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-13.02%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$12.26</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-14.27%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$15.44</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$14.30</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,422,006</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">March&nbsp;31, 2013</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$15.06</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-10.41%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$13.42</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-12.86%</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$16.81</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">$15.40</TD>

    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">11,284,306</TD></TR>

</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As evidenced by

the above table, for the period indicated, Value Trust Common Stock traded in the market below NAV.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>There can be

no assurance that the Value Trust Common Stock will trade in the future at, above or below NAV. </B>The average weekly trading

volume of Value Trust Common Stock on the NYSE during the period from January&nbsp;1, 2012 through December&nbsp;31, 2012 was 794,056.87

shares. The average weekly trading volume of the Common Stock on the NYSE during the period from January&nbsp;1, 2013 through March&nbsp;31,

2013 was 886,907.62 shares. Value Trust&rsquo;s shares of common stock have traded in the market at both premiums to and discounts

from net asset value. Over Value Trust&rsquo;s approximately twenty-seven year history, the range fluctuated from a 17.61% premium

in 2006 to a 23.57% discount in 1987. Beginning in September 2008, the net asset value of Value Trust exceeded the market price

and this discount continued through March&nbsp;31, 2013. The net asset value of Value Trust has exceeded the market price during

2012 with an average discount of 12.66%. As of March&nbsp;31, 2013, the closing market price of Value Trust was a 10.41% discount

to net asset value.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Global Trust</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">General</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust, which

was incorporated under the laws of the State of Maryland on February&nbsp;14, 2011, is authorized to issue 150,000,000 shares of

common stock, par value $0.001 per share. Each share of common stock has equal dividend, distribution and liquidation rights and

is entitled to one vote per share on each matter submitted to a vote of common stockholders. When issued, the Global Trust Common

Stock distributed in the Transaction will be fully paid and non-assessable. Global Trust Common Stock is non-redeemable and has

no preemptive, exchange, conversion or cumulative voting rights. As a NYSE-listed company, the Fund will be required to hold annual

meetings of its stockholders.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under the Global

Trust Charter, the Global Trust Board has sole authority to classify and reclassify any authorized but unissued shares of stock

into other classes or series of stock, including preferred stock, and to cause Global Trust to issue such shares. The Global Trust

Board has authority to cause the Fund to issue and sell up to 50,000,000 shares of preferred stock, $0.001 par value per share,

that may be convertible into shares of Global Trust Common Stock. The terms of such Global Trust Preferred Stock are, or would

be, fixed by the Global </p>

<p align="center"><font face="times new roman" size="2">44</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">Trust Board and materially limit and/or qualify, or would materially limit and/or qualify, the rights of

the holders of Global Trust Common Stock. See &ldquo;Investment Goals and Policies of Value Trust and Global Trust &mdash; Risk

Factors &mdash; Value Trust and Global Trust &mdash; Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As permitted by

Maryland law, the Global Trust Charter provides that a majority of the entire Board of Directors, without any action by the stockholders,

may amend the Global Trust Charter from time to time to increase or decrease the aggregate number of shares of stock or the number

of shares of stock of any class or series that Global Trust has authority to issue.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under the 1940 Act,

Global Trust is permitted to have outstanding more than one series of preferred stock so long as no single series has priority

over another series as to the distribution of assets of the Fund or the payment of dividends. Holders of the Fund&rsquo;s preferred

stock do not have preemptive rights to purchase any shares of preferred stock that might be issued.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following table

shows the number of shares of (i)&nbsp;capital stock authorized and (ii)&nbsp;capital stock outstanding for each class of authorized

securities of Global Trust as of March&nbsp;31, 2013.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 39%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Title

        of Class</B></P></TD>

    <TD STYLE="width: 29%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount

        Authorized</B></P></TD>

    <TD STYLE="width: 32%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Amount

        Outstanding</B></P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">Common Stock, $0.001 par value per share</TD>

    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right">150,000,000</TD>

    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center">0</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt">Preferred Stock, $0.001 par value per share</TD>

    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: right">50,000,000</TD>

    <TD STYLE="padding-top: 6pt; padding-bottom: 6pt; text-align: center">0</TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Repurchases of Securities</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust is a closed-end diversified management investment company and, as such, its stockholders do not, and will not,

have the right to redeem their shares of the Fund. Although neither Value Trust nor Global Trust will offer to repurchase its shares

of common stock and/or preferred stock on a periodic basis, it may repurchase its shares of common stock and/or preferred stock

on such occasions when it is deemed advisable by the Fund. Each Fund&rsquo;s Board of Directors has authorized the open-market

repurchase of up to 5% of the issued and outstanding shares of its common stock.<B> </B>Under the 1940 Act, each of Value Trust

and Global Trust may repurchase its securities (i)&nbsp;on a securities exchange or such other open market designated by the Commission

(provided that the Fund has, in the case of purchases of its stock, informed holders of the class of stock involved within the

preceding six months of its intention to repurchase such stock), (ii)&nbsp;by a tender offer open to all holders of the class of

securities involved or (iii)&nbsp;as otherwise permitted by the SEC. Where a repurchase of shares of a Fund is to be made that

is not to be effected on a securities exchange or an open market or by the making of a tender offer, the 1940 Act provides that

certain conditions must be met regarding, among other things, distribution of net income, identity of the seller, price paid, brokerage

commissions, prior notice to holders of the class of its securities involved of an intention to purchase such securities and the

purchase not being made in a manner or on a basis which discriminates unfairly against the other holders of such class.</P>

<p align="center"><font face="times new roman" size="2">45</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may incur debt, in an amount not exceeding 10% of its total assets, to finance share repurchase transactions.

Any related interest charges will be paid by the applicable Fund and borne pro&nbsp;rata by the stockholders indirectly through

their interest in the Fund. See &ldquo;Investment Goals and Policies of Value Trust and Global Trust &mdash; Risk Factors &mdash;

Value Trust and Global Trust &mdash; Risks to Common Stockholders of Borrowing Money and Issuing Senior Securities.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a Fund repurchases

its shares of common stock for a price below their NAV, the NAV of those shares of Common Stock that remain outstanding would be

enhanced, but this does not necessarily mean that the market price of those outstanding shares would be affected, either positively

or negatively. Repurchases of shares of Common Stock by a Fund would also decrease its total assets and accordingly may increase

its expenses as a percentage of average net assets. Further, interest on any borrowings to finance any such share repurchase transactions

would reduce the Fund&rsquo;s net income.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Rights Offerings</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust has

and may in the future, and Global Trust may in the future, and at their discretion, choose to make rights offerings from time to

time for a number of shares and on terms that may or may not be similar to any of Value Trust&rsquo;s previous offers. Any such

future rights offering will be made in accordance with the 1940 Act. Under the laws of Maryland, the state in which each of Value

Trust and Global Trust was incorporated, the Board of each Fund is authorized to approve rights offerings without obtaining stockholder

approval. The staff of the Commission has interpreted the 1940 Act as not requiring stockholder approval of a transferable rights

offering at a price below the then current net asset value so long as certain conditions are met, including (i)&nbsp;a good faith

determination by a fund&rsquo;s Board that such offering would result in a net benefit to existing stockholders; (ii)&nbsp;the

offering fully protects stockholders&rsquo; preemptive rights and does not discriminate among stockholders (except for the possible

effect of not offering fractional rights); (iii)&nbsp;management uses its best efforts to ensure an adequate trading market in

the rights for use by stockholders who do not exercise such rights; and (iv)&nbsp;the ratio of a transferable rights offering does

not exceed one new share for each three rights held.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Certain Corporate Governance Provisions</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The six Directors

of Value Trust who were elected by the holders of Value Trust Common Stock are divided into three classes, each having a staggered

term of three years. Two of the current Directors were elected by the holders of Value Trust Preferred Stock. All outstanding Value

Trust Preferred Stock was redeemed on November&nbsp;15, 2012; therefore, until such time, if ever, as any additional Value Trust

Preferred Stock is issued and outstanding, all Directors of Value Trust will be elected by the holders of Value Trust Common Stock.

Currently, Global Trust has not issued Preferred Stock; therefore all eight directors will be elected by the holders of Global

Trust Common Stock until such time, if ever, as Global Trust Preferred Stock is issued and outstanding. Upon completion of the

Transaction, Global Trust Directors will be divided into three classes, each having a staggered term of three years (except, to

ensure that the term of a class of Global Trust&rsquo;s Directors expires each year, one class of Global Trust&rsquo;s Directors

will serve an initial one-year term and three-year terms thereafter and another class of its Directors will serve an initial two-year

term and three-year terms thereafter). </p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">Each year the term of one class of Directors will expire. Accordingly, only those Directors

in one class may be changed in any one year, and it would require a minimum of two years to change a majority of the Global Trust

Board. Such system of electing Directors may have the effect of maintaining the continuity of management and, thus, make it more

difficult for the stockholders of that Fund to change the majority of Directors. Vacancies on the Board of Directors may be filled

by a majority of the remaining Directors, even if the remaining directors do not constitute a quorum, for the balance of the term

of the class.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The class and other

voting rights of any preferred stock that may be issued could make it more difficult for a Fund to take certain actions that may,

in the future, be proposed by the Board of Directors and/or the holders of common stock, such as (i)&nbsp;a merger, exchange of

securities, liquidation or alteration of the rights of a class of the Fund&rsquo;s securities if such actions would be adverse

to the preferred stock, (ii)&nbsp;converting the Fund to an open-end investment company or acting inconsistently with its fundamental

investment restrictions or other fundamental policies or (iii)&nbsp;seeking to operate other than as an investment company.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Global Trust

Charter provides that the affirmative vote of the holders of shares entitled to cast at least 80% of the votes entitled to be cast

on the matter (a &ldquo;Supermajority Vote&rdquo;), each voting as a separate class, is generally required to authorize certain

transactions (&ldquo;Extraordinary Transactions&rdquo;). Such matters include (i) amending the Charter to make Global Trust&rsquo;s

common stock a &ldquo;redeemable security&rdquo; or to convert Global Trust from a &ldquo;closed-end company&rdquo; to an &ldquo;open-end

company,&rdquo; (ii) any liquidation or dissolution of Global Trust and any amendment to the Charter to effect such a liquidation

or dissolution, (iii) any merger, consolidation, share exchange or sale or exchange of all or substantially all of the assets of

Global Trust, (iv) certain amendments to the Global Trust Charter and (v) any transaction between Global Trust and a person, or

group of persons acting together (including, without limitation, a &ldquo;group&rdquo; for purposes of Section&nbsp;13(d) of the

Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;), or any successor provision), and any person controlling,

controlled by or under common control with any such person or member of such group, that is entitled to exercise or direct the

exercise, or acquire the right to exercise or direct the exercise, directly or indirectly, other than solely by virtue of a revocable

proxy, of one-tenth or more of the voting power in the election of directors generally.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Extraordinary Transactions

can also be accomplished by an affirmative vote of the holders of a majority of the votes entitled to be cast, rather than a Supermajority

Vote, if the Continuing Directors (as defined below), by a vote of at least two-thirds of such Continuing Directors, in addition

to approval by the Global Trust Board, approve such proposal, transaction or amendment. For transactions discussed in clause (v)

of the immediately preceding paragraph, no stockholder approval will be required provided (i)&nbsp;such transaction is approved

by the Continuing Directors, by a vote of at least two-thirds of such Continuing Directors, and (ii)&nbsp;applicable state law

or another provision of the Charter or Bylaws do not otherwise requires such approval. &ldquo;Continuing Directors&rdquo; means

(i)&nbsp;current Directors of the Global Trust Board, (ii)&nbsp;those nominated for election by the stockholders or whose election

by the directors to fill vacancies on the Global Trust Board is approved by a majority of the Directors of the Global Trust Board,

and (iii)&nbsp;any successor directors whose nomination for election by the stockholders or whose election by the directors to

fill vacancies is approved by a majority of the Continuing </p>

<p align="center"><font face="times new roman" size="2">47</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">Directors or successor Continuing Directors, who are on the Global Trust

Board at the time of the nomination or election, as applicable.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A director of Value

Trust may be removed only with cause by a vote of a majority of the votes entitled to be cast for the election of such director.

A director of Global Trust may only be removed for cause and only by the affirmative vote of at least two-thirds of the votes entitled

to be cast generally in the election of directors.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Fund&rsquo;s

By-laws permit stockholders to call a special meeting of stockholders only if certain procedural requirements are met and the request

is made by stockholders entitled to cast at least a majority of the votes entitled to be cast at such a meeting. Each Fund&rsquo;s

By-laws also require that advance notice be given to the Fund in the event a stockholder desires to nominate a person for election

to the Board of Directors or to transact any other business at an annual meeting of stockholders. With respect to an annual meeting

of stockholders, notice of any such nomination or business must be delivered to or received at the principal executive offices

of the applicable Fund not less than 90 calendar days nor more than 120 calendar days prior to the anniversary of the date of mailing

of the notice for the preceding year&rsquo;s annual meeting (subject to certain exceptions) for Value Trust, and not earlier than

the 150<SUP>th</SUP> day nor later than 5:00 p.m., eastern time, on the 120<SUP>th</SUP> day prior to the first anniversary of

the date of the mailing of the proxy statement for the preceding year&rsquo;s annual meeting for Global Trust. However, in connection

with Global Trust&rsquo;s first annual meeting, notice by the stockholder must be so delivered no earlier than the 150<SUP>th</SUP>

day prior to the date of such annual meeting and not later than 5:00 p.m., eastern time, on the later of the 120<SUP>th</SUP> day

prior to the date of such annual meeting, as originally convened, or the tenth day following the day on which public announcement

of the date of the annual meeting is first made. Any advance notice by a stockholder must be accompanied by certain information

as provided in the By-laws.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Certain provisions

of the 1940 Act and the Charters require a separate additional vote of the holders of preferred stock, if any, to approve certain

transactions, including certain mergers, asset dispositions and conversion of the Fund to open-end status.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The provisions of

the Charters and Bylaws (the &ldquo;Governing Documents&rdquo;) of Value Trust and Global Trust described above may be regarded

as &ldquo;anti-takeover&rdquo; provisions. The provisions could have the effect of depriving the owners of shares in either Fund

of opportunities to sell their shares at a premium over prevailing market prices, by discouraging a third party from seeking to

obtain control of either Value Trust or Global Trust in a tender offer or similar transaction. The overall effect of these provisions

is to render more difficult the accomplishment of a merger or the assumption of control by a principal stockholder.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Reference is made

to the Governing Documents of Value Trust and Global Trust, on file with the Commission, for the full text of these provisions.

See &ldquo;Further Information.&rdquo;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Indemnification of Directors and Officers</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The By-laws of each

of Value Trust and Global Trust provide that the Fund will indemnify its Directors and officers and may indemnify its employees

or agents against liabilities and expenses incurred in connection with litigation in which they may be involved because of their

positions with the Fund, to the fullest extent permitted by law. However, nothing in the By-</p>

<p align="center"><font face="times new roman" size="2">48</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">laws of either Value Trust or Global

Trust protects or indemnifies a Director, officer, employee or agent of such fund against any liability to which such person would

otherwise be subject in the event of such person&rsquo;s willful misfeasance, bad faith, gross negligence or reckless disregard

of the duties involved in the conduct of his or her position.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">FURTHER INFORMATION</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust is subject to the informational requirements of the 1934 Act and the 1940 Act and in accordance therewith file,

or will file, reports and other information with the Commission. Reports, proxy statements and other information filed by Value

Trust and Global Trust with the Commission pursuant to the informational requirements of the 1934 Act and the 1940 Act can be inspected

and copied at the public reference facilities maintained by the Commission, 100 F Street, N.E., Washington, D.C. 20549. The Commission

maintains a web site at http://www.sec.gov containing reports, proxy and information statements and other information regarding

registrants, including Value Trust and Global Trust, that file electronically with the Commission.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust Common

Stock is listed on the NYSE. Reports, proxy statements and other information concerning Value Trust and filed with the Commission

by Value Trust will be available for inspection at the NYSE, 20 Broad Street, New York, New York 10005.</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">Value Trust&rsquo;s most recent annual report, including audited financial

statements for the year ended December&nbsp;31, 2012, is available upon request, without charge, by writing to The Royce Funds

at 745 Fifth Avenue, New York, NY 10151, by calling The Royce Funds at 800-221-4268, or via the internet at www.roycefunds.com.</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: justify; text-indent: 0.5in">It is anticipated

that Global Trust Common Stock will be listed on the NYSE. Reports, proxy statements and other information concerning Global Trust

and filed with the Commission by Global Trust will be available for inspection at the NYSE, 20 Broad Street, New York, New York

10005.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Statements contained

in this Combined Prospectus/Proxy Statement as to the contents of any contract or other document referred to are not necessarily

complete, and, in each instance, reference is made to the copy of such contract or other document filed as an exhibit to the Registration

Statement, of which this Combined Prospectus/Proxy Statement forms a part, each such statement being qualified in all respects

by such reference.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">REQUIRED VOTE FOR PROPOSALS</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Approval of
the  Transaction (Proposal 1) by the stockholders is to be determined by the vote of a majority of the outstanding shares of
Value Trust  Common Stock, as defined under the 1940 Act. Under the 1940 Act, this means that to be approved, the Transaction
must receive the  affirmative vote of the lesser of (1)&nbsp;a majority of the outstanding shares of Value Trust Common
Stock, or (2)&nbsp;67%  or more of the shares of Value Trust Common Stock represented at the Special Meeting if more than
50% of the outstanding shares of Value  Trust Common Stock are present or represented by proxy at the Special Meeting
(&ldquo;Majority Vote&rdquo;).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">While Value Trust

has no present intention of making any additional distributions in the form of registered investment companies other than the distribution

of Global Trust shares pursuant to the Transaction as described above, the Board of Value Trust in the future could authorize such

additional distributions. The Board may elect to delay or not to proceed with the Transaction notwithstanding its approval by stockholders

if for any reason the Board determines that such action would be in the best interests of stockholders.</P>

<p align="center"><font face="times new roman" size="2">49</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>The Value Trust

Board, including the Non-Interested Directors, unanimously recommends that the holders of Value Trust Common Stock vote </B>&ldquo;<B>FOR</B>&rdquo;<B>

approval of the Transaction (Proposal 1).</B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Approval of
the  amendment of Value Trust&rsquo;s investment restriction (Proposal 2) is to be determined by a Majority Vote (as defined
above).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>The Value Trust

Board, including the Non-Interested Directors, unanimously recommends that the holders of Value Trust Common Stock vote </B>&ldquo;<B>FOR</B>&rdquo;<B>

approval of the amendment to the investment restriction of Value Trust (Proposal 2).</B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The consummation

of the Transaction is contingent upon stockholder approval of both the Transaction and the amended investment restriction.</P>




<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">SOLICITATION OF PROXIES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">Solicitation
 of proxies is being made primarily by the mailing of this Combined Prospectus/Proxy Statement, proxy card and accompanying
Notice of Special Meeting of Stockholders on or about July 8, 2013. Stockholders of Value Trust whose shares are held by nominees such as brokers

 can vote their proxies by contacting their respective nominee. In addition to the solicitation of proxies by

 mail, employees of Royce and its affiliates as well as dealers or their representatives may solicit proxies by

 mail, telephone, e-mail, fax or the Internet. The Funds and Royce have retained Broadridge Financial

 Solutions, Inc. (&#147;Broadridge&#148;), located at 1155 Long Island Avenue, Edgewood, New

 York 11717, a proxy solicitation firm, to assist in the distribution of proxy materials and the

 solicitation and tabulation of proxies. The anticipated cost of Broadridge&#146;s services in

 connection with the proxy is approximately $185,000.</P>






<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: center">GENERAL VOTING INFORMATION</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If the
enclosed  proxy is properly executed and returned in time to be voted at the Special Meeting, the Value Trust Shares
(as defined below) represented  thereby will be voted &ldquo;<B>FOR</B>&rdquo; each of Proposal 1 and Proposal 2, and
&ldquo;<B>FOR</B>&rdquo; any other matters  deemed appropriate unless instructions to the contrary are marked. Any
stockholder who has given a proxy has the right to revoke  it at any time prior to its exercise either by attending the
Special Meeting and voting his or her shares in person or by submitting a  letter of revocation or a later-dated proxy to
Value Trust at the above address prior to the date of the Special Meeting. Merely attending  the Special Meeting without
voting, however, will not revoke a previously given proxy.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A quorum
of stockholders  is constituted by the presence in person or by proxy of the holders of shares of stock entitled to cast
a majority of the votes  entitled to be cast at the Special Meeting. In the event a quorum is not present at the Special
Meeting, or in the event that a quorum is present  at the Special Meeting but sufficient votes to approve any of the proposed
items are not received, the persons named as proxies may propose  one or more adjournments of the Special Meeting to
permit further solicitation of proxies. A stockholder vote may be taken on one or more  of the proposals in this
Combined Prospectus/Proxy Statement prior to such adjournment if sufficient votes have been received for  approval and it is
otherwise appropriate (or, if a quorum is present, a majority of the votes cast). If submitted to stockholders,  any such
adjournment will require the </p>

<p align="center"><font face="times new roman" size="2">50</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify;">affirmative vote of a majority of
those shares present (or, if a quorum is present, a majority  of the votes cast) at the Special Meeting in person or by
proxy. If a quorum is present, the persons named as proxies will vote those proxies  which they are entitled to vote
&ldquo;<B>FOR</B>&rdquo; any proposal in favor of such adjournment and will vote those proxies  required to be voted
&ldquo;<B>AGAINST</B>&rdquo; any proposal against any such adjournment. Absent the establishment of a subsequent  record date
and the giving of notice to the holders of record thereon, the adjourned Meeting must take place not more than
120&nbsp;days  after the Record Date. At such adjourned Meeting, any business may be transacted which might have been
transacted at the original  Meeting.</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">The close   of
business on Monday, June 24, 2013 has been fixed as the Record Date for the determination of stockholders entitled to notice
of and to vote at the Special Meeting  and all adjournments thereof.</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust has

one class of capital stock outstanding: Value Trust Common Stock. The holders of Value Trust Common Stock are entitled to one vote

for each full share held and an appropriate fraction of a vote for each fractional share held. On the Record Date, there

were 70,693,392 shares of Value Trust Common Stock outstanding.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following persons

were known to Value Trust to be beneficial owners or owners of record of 5% or more of its outstanding shares of Value Trust Common

Stock as of the Record Date:</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 37%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Name and Address of Owner</TD>

    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Class/Series of Stock</TD>

    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Amount and Nature of Ownership</TD>

    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Percent of Class/Series</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">Cede &amp; Co.<SUP>*</SUP><BR>

Depository Trust Company<BR>

P.O.&nbsp;Box #20<BR>

Bowling Green Station<BR>

New York, NY 10028</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Common Stock</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">69,241,909, Record</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">97.95%</TD>

</TABLE>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-variant: small-caps">*</FONT></TD><TD STYLE="text-align: justify">Shares held by brokerage firms, banks and other financial intermediaries on behalf of beneficial

owners are registered in the name of Cede &amp; Co.</TD></TR></TABLE>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>Summary of Voting Rights on Proxy

Proposals</U></P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">1</TD>

    <TD STYLE="width: 64%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">To consider and vote upon a proposal to contribute a portion of Value Trust&rsquo;s assets (which is anticipated to consist largely or exclusively of cash, short-term fixed income instruments and unappreciated common stock and unappreciated preferred stock) having a value of approximately $100&nbsp;million (approximately 8.4% of Value Trust&rsquo;s net assets as of March&nbsp;31, 2013), to a newly-organized, diversified, closed-end management investment company, Global Trust, and to distribute to common stockholders of Value Trust, shares of Global Trust Common Stock.</TD>

    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Holders of Value Trust Common Stock</TD></TR>

</table>



<p align="center"><font face="times new roman" size="2">51</font></p>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: top">

    <TD STYLE="width: 9%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: center">2</TD>

    <TD STYLE="width: 64%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt; text-align: justify">To consider and vote upon a proposal to amend an investment restriction of Value Trust, which currently states that Value Trust may not &ldquo;[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,&rdquo; to state that Value Trust may not &ldquo;[u]nderwrite 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.&rdquo;</TD>

    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-bottom: 12pt; padding-left: 5.4pt">Holders of Value Trust Common Stock</TD></TR>

</TABLE>



<p align="center"><font face="times new roman" size="2">52</font></p>

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<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">BROKER NON-VOTES AND ABSTENTIONS</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under Maryland law,

the only matters that may be acted on at a special meeting of stockholders are those stated in the notice of the special meeting.

Accordingly, other than procedural matters relating to the Proposals, no other business may properly come before the Special Meeting.

If any procedural matter is submitted to stockholders, the persons named as proxies will vote on such procedural matter in accordance

with their discretion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Abstentions or
broker  non-votes will not be counted as votes cast, but will be considered to be present at the Special Meeting for purposes
of determining the  existence of a quorum. Consequently, abstentions and broker non-votes will have the same effect as a vote
&ldquo;against&rdquo;  Proposal 1 and Proposal 2.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Stockholders
of  Value Trust will be informed of the voting results of the Special Meeting in Value Trust&rsquo;s annual report or
semi-annual report to  stockholders relating to the six-month period in which the Special Meeting is held.</P>



<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">OTHER MATTERS TO COME BEFORE THE

SPECIAL MEETING</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board of
Value  Trust does not intend to present any other business at the Special Meeting, nor are they aware that any stockholder
intends to do so. If,  however, any other matters are properly brought before the Special Meeting, the persons named in the
accompanying form of proxy will vote  thereon in accordance with their judgment.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">IT IS
IMPORTANT  THAT PROXIES BE RETURNED PROMPTLY. STOCKHOLDERS WHO DO NOT EXPECT TO ATTEND THE SPECIAL MEETING ARE THEREFORE
URGED TO COMPLETE, SIGN,  DATE AND RETURN THE PROXY CARD AS SOON AS POSSIBLE IN THE ENCLOSED POSTAGE-PAID ENVELOPE.</P>

<p align="center"><font face="times new roman" size="2">53</font></p>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">APPENDIX A<BR>

<BR>

INVESTMENT RESTRICTIONS</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Global Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Listed below are

Global Trust&rsquo;s fundamental investment policies and limitations. Unless otherwise noted, whenever an investment policy or

limitation states a maximum percentage of Global Trust&rsquo;s assets that may be invested in any security or other asset or sets

forth a policy regarding quality standards, the percentage limitation or standard will be determined immediately after or at the

time of Global Trust&rsquo;s acquisition of the security or other asset. Accordingly, any subsequent change in values, net assets

or other circumstances will not be considered in determining whether the investment complies with Global Trust&rsquo;s investment

policies and limitations.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust&rsquo;s

fundamental investment policies cannot be changed without approvals of the holders of a majority of the Fund&rsquo;s outstanding

shares of common stock and preferred stock (if any), voting together as a single class, and a majority of the outstanding preferred

stock (if any), voting as a separate class (which for this purpose and under the 1940 Act means the lesser of (i)&nbsp;67% or more

of the relevant shares of capital stock of the Fund 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)&nbsp;more than 50% of the

outstanding relevant shares of capital stock of the Fund).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except for the fundamental

investment restrictions set forth below, the investment policies and limitations described in this Appendix&nbsp;A are operating

policies and may be changed by the Board of Directors of Global Trust without stockholder approval or, except as required by law,

prior notice to stockholders.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Global Trust may not, as a matter of

fundamental policy:</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">1.&#9;Issue any class of senior security,

or sell any such security of which it is the issuer, except as permitted by the 1940 Act;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">2.&#9;Purchase securities on margin

or write call options on its portfolio securities;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">3.&#9;Sell securities short;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">4.&#9;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.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">5.&#9;Invest in the securities of any

one issuer (other than the United States or any agency or instrumentality of the United States) if, at the time of acquisition,

the Fund would own more than 10% of the voting securities of such issuer or, as to 75% of the Fund&rsquo;s total assets, more than

5% of such assets would be invested in the securities of such issuer;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">6.&#9;Invest more than 25% of its assets

in any one industry;</P>

<p align="center"><font face="times new roman" size="2">A-1</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">7.&#9;Purchase or sell real estate or

real estate mortgage loans or invest in the securities of real estate companies unless such securities are publicly-traded;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">8.&#9;Purchase or sell commodities or

commodity contracts;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">9.&#9;Make loans, except for (a)&nbsp;purchases

of portions of issues of publicly-distributed bonds, debentures and other securities, whether or not such purchases are made on

the original issuance of such securities, (b)&nbsp;repurchase agreements, bank certificates of deposit and other similar securities

and (c)&nbsp;loans of up to 25% of its assets to qualified brokers, dealers or institutions for their use relating to short sales

or other securities transactions (provided that such loans are fully collateralized at all times);</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">10.&#9;Invest in companies for the purpose

of exercising control of management;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">11.&#9;Purchase portfolio securities

from or sell such securities directly to any of its officers, directors, employees or investment adviser, as principal for their

own accounts; or</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">12.&#9;Invest more than 5% of its total

assets in warrants, rights and options.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust may

not, as a matter of operating policy, invest more than 5% of its net assets in lower-rated (high-risk) non-convertible debt securities.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust may

not, as a matter of operating policy, invest more than 35% of its net assets in the securities of companies headquartered in developing

countries.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Global Trust may

invest in the securities of other investment companies (open or closed-end) to the extent permitted under the 1940 Act.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a percentage

restriction is met at the time of investment, a later increase or decrease in percentage resulting from a change in the value of

portfolio securities or amount of total assets is not considered a violation of any of the above restrictions.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>Value Trust</B></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The policies set

forth below are fundamental policies of Value Trust and may not be changed without approvals of the holders of a majority of the

Fund&rsquo;s outstanding shares of common stock and preferred stock (if any), voting together as a single class, and a majority

of the outstanding preferred stock (if any), voting as a separate class (which for this purpose and under the 1940 Act means the

lesser of (i)&nbsp;67% or more of the relevant shares of capital stock of the Fund 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)&nbsp;more

than 50% of the outstanding relevant shares of capital stock of the Fund).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Except for the fundamental

investment policies set forth below, Value Trust does not consider its other policies, such as seeking current income, to be fundamental,

and such policies may be changed by the Board of Directors of Value Trust without stockholder approval or, except as required by

law, prior notice to stockholders.</P>

<p align="center"><font face="times new roman" size="2">A-2</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust may

not:</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">1.&#9;Issue any class of senior security,

or sell any such security of which it is the issuer, except as permitted by the 1940 Act;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">2.&#9;Purchase on margin or write call

options on its portfolio securities;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">3.&#9;Sell securities short;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">4.&#9;Underwrite 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.<A HREF="#note_ftn1" NAME="notea_ftnref1" STYLE="font-size: 65%; vertical-align: 35%">1</A></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">5.&#9;Invest more than 25% of its total

assets in any one industry;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">6.&#9;Purchase or sell real estate or

real estate mortgage loans, or invest in the securities of real estate companies unless such securities are publicly-traded;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">7.&#9;Purchase or sell commodities or

commodity contracts;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">8.&#9;Make loans, except for (a)&nbsp;purchases

of portions of issues of publicly-distributed bonds, debentures and other securities, whether or not such purchases are made on

the original issuance of such securities, (b)&nbsp;repurchase agreements with any bank that is the custodian of its assets covering

U.S.&nbsp;Treasury and agency obligations and having a term of not more than one week and (c)&nbsp;loans of up to 25% of its assets

to qualified brokers, dealers or institutions for their use relating to short sales or other security transactions (provided that

such loans are secured by collateral equal at all times to at least 100% of the value of the securities loaned);</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">9.&#9;Invest in companies for the purpose

of exercising control of management;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">10.&#9;Purchase portfolio securities

from or sell such securities directly to any of its officers, directors, employees or investment adviser, as principal for their

own accounts;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">11.&#9;Invest in the securities of any

one issuer (other than the United States or any agency or instrumentality of the United States) if, at the time of acquisition,

the Fund would own more than 10% of the voting securities of such issuer or, as to 75% of the Fund&rsquo;s total assets, more than

5% of such assets would be invested in the securities of such issuer; or</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">12.&#9;Invest more than 5% of its total

assets in warrants, rights or options.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a percentage

restriction is met at the time of investment, a later increase or decrease in percentage resulting from a change in the value of

portfolio securities or amount of total assets is not considered a violation of any of the above restrictions.</P>

<div><hr size="1" color="#000000" noshade width="20%" align="left"></div>

<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td width=3%" valign="top" align="left"><font face="Arial" size="1">1</font></td>

<td valign="top" align="left"><div align="justify"><font face="Times New Roman" size="2">If Proposal 2 is approved at the Special Meeting, investment restriction 4 will replaced with the

following: &ldquo;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.&rdquo;</font></div></td>

</tr>

</table>

<p align="center"><font face="times new roman" size="2">A-3</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition to issuing

and selling senior securities as set forth in No. 1 above, Value Trust may obtain (i)&nbsp;temporary bank borrowings (not in excess

of 5% of the value of its total assets) for emergency or extraordinary purposes and (ii)&nbsp;such short-term credits (not in excess

of 5% of the value of its total assets) as are necessary for the clearance of securities transactions. Under the 1940 Act, such

temporary bank borrowings would be treated as indebtedness in determining whether or not asset coverage was at least 200% for senior

securities of the Fund representing indebtedness.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Although there are

no liquidity restrictions on investments made by Value Trust and the Fund may, therefore, invest without limit in illiquid securities,

the Fund expects to invest only in securities for which market quotations are readily available.</P>



<p align="center"><font face="times new roman" size="2">A-4</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ROYCE VALUE TRUST, INC.<BR>

745 Fifth Avenue<BR>

New York, NY 10151<BR>

(800) 221-4268</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ROYCE GLOBAL VALUE TRUST, INC.<BR>

745 Fifth Avenue<BR>

New York, NY 10151<BR>

(800) 221-4268</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PART B<BR>

<BR>

STATEMENT OF ADDITIONAL INFORMATION</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">June 28, 2013</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This Statement of

Additional Information (this &ldquo;SAI&rdquo;) relates to the proposed contribution of a portion of the assets (which is anticipated

to consist largely or exclusively of cash, short-term fixed income instruments and unappreciated common stock and unappreciated

preferred stock) of Royce Value Trust, Inc. (&ldquo;Value Trust&rsquo;) having a value of approximately $100&nbsp;million (approximately

8.4% of Value Trust&rsquo;s net assets as of March&nbsp;31, 2013), to a newly-organized, diversified, closed-end management investment

company, Royce Global Value Trust, Inc. (&ldquo;Global Trust&rdquo;), and the distribution to common stockholders of Value Trust shares of common stock

of Global Trust (&ldquo;Global Trust Common Stock&rdquo;) at an approximate rate

of one (1)&nbsp;share of Global Trust Common Stock for every seven (7)&nbsp;shares of Value Trust&rsquo;s common stock (&ldquo;Value

Trust Common Stock&rdquo;). Each of Value Trust and Global Trust are referred to herein as a &ldquo;Fund,&rdquo; and together as

the &ldquo;Funds.&rdquo; The contribution of such Value Trust assets to Global Trust and the subsequent distribution of the Global

Trust&rsquo;s shares to Value Trust common stockholders are referred to herein as the &ldquo;Transaction.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This SAI contains

information which may be of interest to stockholders of Value Trust relating to the Transaction, but which is not included in the

Combined Prospectus/Proxy Statement dated June 28, 2013 (the &ldquo;Combined Prospectus/Proxy Statement&rdquo;).</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">This SAI is not

a prospectus, and should be read in conjunction with the Combined Prospectus/Proxy Statement. The Combined Prospectus/Proxy Statement

has been filed with the Securities and Exchange Commission (the &ldquo;Commission&rdquo;), and is available upon request and without

charge by calling call Investor Information at 1-800-221-4268.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Capitalized terms

used in this SAI and not otherwise defined herein have the meanings given them in the Combined Prospectus/Proxy Statement.</P>



<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TABLE OF CONTENTS</P>



<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td valign="bottom" align="left"><font face="Times New Roman" size="2">RISK FACTORS

 AND SPECIAL CONSIDERATIONS</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">1</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="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Funds&#146; Rights as Stockholders</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">1</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Lower-Rated

 (High-Risk) and Investment Grade Debt Securities</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">1</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Securities

 of Exchange-Traded Funds</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">2</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Repurchase

 Agreements</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">3</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Warrants,

 Rights and Options</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">3</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Reverse

 Repurchase Agreements</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">4</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="bottom" align="left"><font face="Times New Roman" size="2">MANAGEMENT

 OF VALUE TRUST AND GLOBAL TRUST</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">5</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="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Directors

 and Officers</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">5</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Board

 Committees and Meetings</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">11</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Boards&#146; Oversight Role in Management</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">12</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Officers</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">13</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="bottom" align="left"><font face="Times New Roman" size="2">PRINCIPAL

 STOCKHOLDERS</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">15</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="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Value

 Trust</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">15</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Global

 Trust</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">15</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="bottom" align="left"><font face="Times New Roman" size="2">EXPERTS AND

 FINANCIAL STATEMENTS</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">15</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="bottom" align="left"><font face="Times New Roman" size="2">ADDITIONAL

 INFORMATION</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">16</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="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio

 Transactions</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">16</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio

 Turnover</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">18</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Proxy

 Voting Policies and Procedures</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">18</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Code

 of Ethics and Related Matters</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">19</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Portfolio

 Manager Information</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">20</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Description

 of Portfolio Manager Compensation Structure</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">21</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Potential

 Conflicts of Interest</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">22</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="bottom" align="left"><font face="Times New Roman" size="2">INVESTMENT

 ADVISORY AND OTHER SERVICES</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">24</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="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Investment

 Management</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">24</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Investment

 Advisory Agreements</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">24</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Advisory

 Fee</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">25</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Custodian</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">27</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Transfer

 Agent</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">28</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="bottom" align="left"><font face="Times New Roman" size="2">ADMINISTRATION

 AGREEMENT</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">28</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="bottom" align="left"><font face="Times New Roman" size="2">TAXATION</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">28</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="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Taxation

 of a Fund</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">29</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Foreign

 Taxes</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">32</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Taxation

 of Stockholders</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">32</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Backup

 Withholding</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">35</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Tax

 on Net Investment Income</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">36</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Foreign Account Tax Compliance Act</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">36</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="bottom" align="left"><font face="Times New Roman" size="2">REPORT OF

 INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">37</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="bottom" align="left"><font face="Times New Roman" size="2">STATEMENT

 OF ASSETS AND LIABILITIES</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">38</font></td>

</tr>

<TR>
<TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; text-align: left"><FONT STYLE="font-size: 10pt">NOTES TO FINANCIAL STATEMENTS</FONT></TD>
<TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 10pt">39</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="bottom" align="left"><font face="Times New Roman" size="2">EXHIBIT A

 ROYCE &#038; ASSOCIATES PROXY VOTING GUIDELINES AND PROCEDURES</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">A-1</font></td>

</tr>

</table>





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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">RISK FACTORS AND SPECIAL CONSIDERATIONS</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Funds&rsquo; Rights as Stockholders</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither Value Trust

nor Global Trust may invest in a company for the purpose of exercising control of management. However, each of Value Trust and

Global Trust may exercise its rights as a stockholder and communicate its views on important matters of policy to the company&rsquo;s

management or its board of directors and/or other stockholders if Royce &amp; Associates, LLC, each Fund&rsquo;s investment adviser

(&ldquo;Royce&rdquo;) or the board of directors of the Fund determines that such matters could have a significant effect on the

value of the Fund&rsquo;s investment in the company. The activities that Value Trust and Global Trust may engage in, either individually

or in conjunction with others, may include, among others, supporting or opposing proposed changes in a company&rsquo;s corporate

structure or business activities; seeking changes in a company&rsquo;s board of directors or management; seeking changes in a company&rsquo;s

direction or policies; seeking the sale or reorganization of a company or a portion of its assets; or supporting or opposing third

party takeover attempts. This area of corporate activity is increasingly prone to litigation, and it is possible that a Fund could

be involved in lawsuits related to such activities. Royce will monitor such activities with a view to mitigating, to the extent

possible, the risk of litigation against the Funds and the risk of actual liability if a Fund is involved in litigation. However,

no guarantee can be made that litigation against a fund will not be undertaken or liabilities incurred.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may, at its expense or in conjunction with others, pursue litigation or otherwise exercise its rights as a security

holder to seek to protect the interests of security holders if Royce and the applicable board of directors (each, a &ldquo;Board

of Directors&rdquo;, or the &ldquo;Board&rdquo;) determine this to be in the best interests of the Fund&rsquo;s stockholders.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Lower-Rated (High-Risk) and Investment Grade Debt Securities</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may invest up to 5% of its net assets in lower-rated (high-risk) non-convertible debt securities. They may be

rated from Ba to Ca by Moody&rsquo;s Investors Service, Inc. (&ldquo;Moody&rsquo;s&rdquo;) or from BB to D by Standard &amp; Poor&rsquo;s

Financial Services LLC or may be unrated. These securities have poor protection with respect to the payment of interest and repayment

of principal and may be in default or about to be in default as to the payment of principal or interest. These securities are often

considered to be speculative and involve greater risk of loss or price changes due to changes in the issuer&rsquo;s capacity or

perceived capacity to make timely payment of principal and interest. The market prices of lower-rated (high-risk) debt securities

may fluctuate more than those of higher-rated debt securities and may decline significantly in periods of general economic difficulty,

which may follow periods of rising interest rates.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The market for lower-rated

(high-risk) debt securities may be thinner and less active than that for higher-rated debt securities, which can adversely affect

the prices at which the former are sold. If market quotations cease to be readily available for a lower-rated (high-risk) debt

security in which a fund has invested, the security will then be valued in accordance with procedures established by the applicable

Board of Directors. Judgment and other subjective factors play a greater role in the valuation of lower-rated (high-risk) debt

securities than securities for which more external sources for quotations and last sale information are available. Adverse publicity</P>





<p align="center"><font face="times new roman" size="2">1</font></p>

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<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">and changing investor perceptions may adversely affect the value of a Fund&rsquo;s investment in lower-rated (high-risk) debt securities

along with its ability to dispose of that investment.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Since the risk of

default is higher for lower-rated (high-risk) debt securities, Royce&rsquo;s research and credit analysis may play an important

part in managing securities of this type for the Funds. In considering such investments for the Funds, Royce will attempt to identify

those issuers of lower-rated (high-risk) debt securities whose financial condition is adequate to meet future obligations, has

improved or is expected to improve in the future. Royce&rsquo;s analysis may focus on relative values based on such factors as

interest or dividend coverage, asset coverage, earnings prospects and the experience and managerial strength of the issuer.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may also invest in non-convertible debt securities in the lowest rated category of investment grade debt. Such

securities may have speculative characteristics, and adverse changes in economic conditions or other circumstances are more likely

to lead to a weakened capacity to make principal and interest payments than is the case with higher grade securities.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may also invest in investment grade non-convertible debt securities. Such securities include those rated Aaa by

Moody&rsquo;s (which are considered to be of the highest credit quality and where the capacity to pay interest and repay principal

is extremely strong), those rated Aa by Moody&rsquo;s (where the capacity to repay principal is considered very strong, although

elements may exist that make risks appear somewhat larger than expected with securities rated Aaa), securities rated A by Moody&rsquo;s

(which are considered to possess adequate factors giving security to principal and interest) and securities rated Baa by Moody&rsquo;s

(which are considered to have an adequate capacity to pay interest and repay principal, but may have some speculative characteristics)

without regard to gradations within those ratings categories.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Securities of Exchange-Traded Funds</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may purchase, sell and invest in the securities of exchange-traded funds (&ldquo;ETFs&rdquo;). ETFs are ownership

interests in unit investment trusts, depositary receipts, and other pooled investment vehicles that are traded on an exchange and

that hold a portfolio of securities or other financial instruments (the &ldquo;Underlying Assets&rdquo;). The Underlying Assets

are typically selected to correspond to the securities that comprise a particular broad based, sector or international index, or

to provide exposure to a particular industry sector or asset class. From time to time the Fund may also purchase ETFs that sell

short a portfolio of securities or other financial asset. An investment in an ETF involves risks similar to investing directly

in the Underlying Assets, including the risk that the value of the Underlying Assets may fluctuate in accordance with changes in

the financial condition of their issuers, the value of securities and other financial instruments generally, and other market factors.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The performance

of an ETF will be reduced by transaction and other expenses, including fees paid by the ETF to service providers. Investors in

ETFs are eligible to receive their portion of dividends, if any, accumulated on the securities held in the portfolio, less fees

and expenses of the ETF.</P>



<p align="center"><font face="times new roman" size="2">2</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an ETF is an

investment company, unless an exemption has been obtained from the Commission, the limitations applicable to the Funds&rsquo; ability

to purchase securities issued by other investment companies will apply.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Repurchase Agreements</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In a repurchase

agreement, a Fund in effect makes a loan by purchasing a security and simultaneously committing to resell that security to the

seller at an agreed upon price on an agreed upon date within a number of days from the date of purchase. The resale price reflects

the purchase price plus an agreed upon incremental amount which is unrelated to the coupon rate or maturity of the purchased security.

A repurchase agreement requires or obligates the seller to pay the agreed upon price, which obligation is in effect secured by

the value (at least equal to the amount of the agreed upon resale price and marked to market daily) of the underlying security.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may engage in repurchase agreements which mature in seven days or less, provided that such agreements are collateralized

by cash or securities issued by the U.S.&nbsp;Government or its agencies. While it does not presently appear possible to eliminate

all risks from these transactions (particularly the possibility of a decline in the market value of the underlying securities,

as well as delays and costs to the Funds in connection with bankruptcy proceedings), it is the policy of each Fund to enter into

repurchase agreements only with recognized securities dealers, banks and Fixed Income Clearing Corporation, a securities clearing

agency registered with the Commission, each determined by Royce to represent acceptable credit risk.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Warrants, Rights and Options</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each of Value Trust

and Global Trust may invest up to 5% of its total assets in warrants, rights and options. A warrant, right or call option entitles

the holder to purchase a given security within a specified period for a specified price and does not represent an ownership interest.

A put option gives the holder the right to sell a particular security at a specified price during the term of the option. These

securities have no voting rights, pay no dividends and have no liquidation rights. <FONT STYLE="letter-spacing: -0.15pt">In addition,

their market prices are not necessarily correlated with the market prices of the underlying securities.</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The sale of warrants,

rights or options held for more than one year generally results in a long-term capital gain or loss to a Fund, and the sale of

warrants, rights or options held for one year or less generally results in a short term capital gain or loss. The holding period

for securities acquired upon exercise of a warrant, right or call option, however, generally begins on the day after the date of

exercise, regardless of how long the warrant, right or option was held. The securities underlying warrants, rights and options

could include shares of common stock of a single company or securities market indices representing shares of the common stocks

of a group of companies, such as the S&amp;P SmallCap 600 Index (&ldquo;S&amp;P 600&rdquo;).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Investing in warrants,

rights and call options on a given security allows a Fund to hold an interest in that security without having to commit assets

equal to the market price of the underlying security and, in the case of securities market indices, to participate in a market

without having to purchase all of the securities comprising the index. Put options, whether on shares of common stock of a single

company or on a securities market index, would permit a </P>





<p align="center"><font face="times new roman" size="2">3</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">

Fund to protect the value of a portfolio security against a decline in

its market price and/or to benefit from an anticipated decline in the market price of a given security or of a market. Thus, investing

in warrants, rights and options permits a Fund to incur additional risk and/or to hedge against risk.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Reverse Repurchase Agreements</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 22.5pt">Global Trust is authorized

to enter into reverse repurchase agreements. In a reverse repurchase agreement, Global Trust sells a security to a securities dealer

or bank for cash and also agrees to repurchase the same security at an agreed-upon price and date. Reverse repurchase agreements

expose Global Trust to credit risk (that is, the risk that the counterparty will fail to resell the security to Global Trust).

When effecting repurchase transactions, liquid securities having a dollar amount equal in value to the securities subject to the

agreement are required to be segregated with Global Trust&rsquo;s custodian bank, and the reverse repurchase agreement is required

to be marked to market daily. Engaging in reverse repurchase agreements also may involve the use of leverage to the extent the

Global Trust reinvests the cash it receives in additional securities. Such practice may increase Global Trust&rsquo;s volatility

and magnify its losses.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">* * *</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce believes that

each of Value Trust and Global Trust are suitable for investment only by persons who can invest without concern for current income,

and that such Funds are suitable only for those investors who are in a financial position to assume above-average risks in search

for long-term capital appreciation.</P>



<p align="center"><font face="times new roman" size="2">4</font></p>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">MANAGEMENT OF VALUE TRUST AND GLOBAL

TRUST</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Directors and Officers</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The business and

affairs of each of Value Trust and Global Trust are managed under the direction of the Board of each Fund, and the day-to-day operations

of each Fund are conducted through or under the direction of its respective officers.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">The Board of Directors

of each of Value Trust and Global Trust is comprised of the same eight individuals. With respect to Value Trust, two of the Directors,

David L. Meister and Patricia W. Chadwick, who were elected by the holders of Value Trust Preferred Stock, voting as a separate

class, stand for election at each annual meeting of stockholders. The remaining six Directors are divided into three classes and

are elected by the holders of Value Trust Common Stock and Value Trust preferred stock (the &ldquo;Value Trust Preferred Stock&rdquo;),

voting together as a single class. The Class&nbsp;I Directors, Charles M. Royce and G. Peter O&rsquo;Brien, have terms that expire

in 2015; the Class II Directors W. Whitney George and Arthur S. Mehlman, have terms that expire in 2013; and the Class III Directors,

Richard M. Galkin and Stephen L. Isaacs, have terms that expire in 2014. To the extent permitted by the 1940 Act and Maryland law,

vacancies on the Board can be filled by a majority of the remaining Directors, even if the remaining Directors do not constitute

a quorum, for the remainder of the term of the respective Board position. All outstanding Value Trust Preferred Stock was redeemed

on November&nbsp;15, 2012; therefore, all eight directors will be elected by holders of Value Trust Common Stock until such time,

if ever, as additional Value Trust Preferred Stock is issued and outstanding. Because Global Trust has no issued and outstanding

Preferred Stock, all eight of its Directors will be elected by holders of Global Trust Common Stock. As of the date of this SAI,

all eight Global Trust Directors are members of the same class. Pursuant to the Articles of Incorporation of Global Trust, upon

completion of the Transaction, the eight Directors of Global Trust will be divided into three classes. The Class&nbsp;I Directors,

Charles M. Royce, G. Peter O&rsquo;Brien and David L. Meister, will have terms that expire in 2015; the Class II Directors, W.

Whitney George, Arthur S. Mehlman and Patricia W. Chadwick, will have terms that expire in 2016; and the Class III Directors, Richard

M. Galkin and Stephen L. Isaacs, will have terms that expire in 2014.</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: justify; text-indent: 0.5in">There are no family

relationships between any of the Funds&rsquo; Directors and officers. Each Director will hold office until his term expires and

his successor has been duly elected or until his earlier resignation or removal.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following table

sets forth certain information as to each Director of each Fund. The Directors are responsible for the overall supervision of the

operations of the Funds and have the various duties imposed on directors of registered investment companies by the 1940 Act. Each

Director became a Director of Global Trust in 2011, other than W. Whitney George, who became a Director in 2013.</P>

<p align="center"><font face="times new roman" size="2">5</font></p>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 16%; border: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Name, Age and Address</B><SUP>*</SUP></FONT></TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Position(s) with the Fund</TD>

    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Value Trust Term of Office and Length of Time Served</TD>

    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Principal Occupations During Past Five Years</TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Number of Portfolios in the Fund Complex Overseen by Director</TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Other Public Directorships held by Director</TD></TR>

<TR STYLE="vertical-align: top">

    <TD COLSPAN="6" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-style: italic">Interested Directors</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Charles M. Royce** (73)<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Class&nbsp;I Director and President</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Since 1986</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">President, Co&#45;Chief Investment Officer and member of Board of Managers of Royce &amp; Associates, LLC (&ldquo;Royce&rdquo;), investment adviser to the Funds, Royce Focus Trust, Inc. (&ldquo;RFT&rdquo;), Royce Micro-Cap Trust, Inc. (&ldquo;RMT&rdquo;), The Royce Fund (&ldquo;TRF&rdquo;) and Royce Capital Fund (&ldquo;RCF&rdquo;),&nbsp; (collectively, &ldquo;The Royce Funds&rdquo;).</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; text-align: center">34</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">TICC Capital Corp</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">W. Whitney George** (52)<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Class II Director and Vice President</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Since 2013</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Co&#45;Chief Investment Officer, Managing Director and Vice President of Royce, having been employed by Royce since October 1991.</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; text-align: center">4</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">None</TD></TR>

<TR STYLE="vertical-align: top">

    <TD COLSPAN="6" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; font-style: italic">Non-Interested Directors</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Patricia W. Chadwick (64)<BR>c/o The Royce Funds<BR>745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt">

        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0">Value Trust Director</P>

        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0">Global Trust Class II Director</P></TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Since 2010</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Consultant and President of Ravengate Partners LLC (since 2000).</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; text-align: center">34</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Wisconsin Energy Corp. and ING Mutual Funds</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Richard M. Galkin (74)<BR> c/o&nbsp;The Royce Funds<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Class III Director</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Since 1986</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Private investor.&nbsp; Mr.&nbsp;Galkin&rsquo;s prior business experience includes having served as President of Richard M. Galkin Associates, Inc., telecommunications consultants, President of Manhattan Cable Television (a subsidiary of Time Inc.), President of Haverhills Inc. (another Time Inc. subsidiary), President of Rhode Island Cable Television and Senior Vice President of Satellite Television Corp. (a subsidiary of Comsat).</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; text-align: center">34</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">None</TD></TR>

</table>


<p align="center"><font face="times new roman" size="2">6</font></p>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 16%; border: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Name, Age and Address</B><SUP>*</SUP></FONT></TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Position(s) with the Fund</TD>

    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Value Trust Term of Office and Length of Time Served</TD>

    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Principal Occupations During Past Five Years</TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Number of Portfolios in the Fund Complex Overseen by Director</TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Other Public Directorships held by Director</TD></TR>



<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Stephen L. Isaacs (73)<BR> c/o&nbsp;The Royce Funds<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Class III Director</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Since 1986</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">President of The Center for Health and Social Policy (since September 1996); Attorney and President of Health Policy Associates, Inc., consultants.&nbsp; Mr.&nbsp;Isaacs&rsquo;s prior business experience includes having served as Director of Columbia University Development Law and Policy Program and Professor at Columbia University (until August 1996).</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; text-align: center">34</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">None</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Arthur S. Mehlman (70)<BR> c/o&nbsp;The Royce Funds<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Class II Director</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Since 2004</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Director of The League for People with Disabilities, Inc.; Director of University of Maryland Foundation (non-profits).&nbsp; Formerly:&nbsp; Director of Municipal Mortgage &amp; Equity, LLC (from October 2004 to April 2011);&nbsp; Director of University of Maryland College Park Foundation (non-profit) (from 1998 to 2005); Partner, KPMG LLP (international accounting firm) (from 1972 to 2002); Director of Maryland Business Roundtable for Education (from July&nbsp;1984 to June 2002).</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt; text-align: center">48 (Director/Trustee of all Royce Funds consisting of 34 portfolios; Director/Trustee of the Legg Mason Family of Funds consisting of 14 portfolios)</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">None</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">David L. Meister (73)<BR> c/o&nbsp;The Royce Funds<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3pt; padding-left: 3pt">

        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0">Value Trust Director</P>

        <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 3pt 0">Global Trust Class&nbsp;I Director</P></TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Since 1986</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Consultant.&nbsp; Chairman and Chief Executive Officer of The Tennis Channel (from June 2000 to March 2005).&nbsp; Mr.&nbsp;Meister&rsquo;s prior business experience includes having served as a Chief Executive Officer of Seniorlife.com, a consultant to the communications industry, President of Financial News Network, Senior Vice President of HBO, President of Time-Life Films and Head of Broadcasting for Major League Baseball.</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; text-align: center">34</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">None</TD></TR>

</table>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 16%; border: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt"><B>Name, Age and Address</B><SUP>*</SUP></FONT></TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Position(s) with the Fund</TD>

    <TD STYLE="width: 15%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Value Trust Term of Office and Length of Time Served</TD>

    <TD STYLE="width: 21%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Principal Occupations During Past Five Years</TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Number of Portfolios in the Fund Complex Overseen by Director</TD>

    <TD STYLE="width: 16%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 8pt; font-weight: bold; text-align: center">Other Public Directorships held by Director</TD></TR>



<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">G. Peter O&rsquo;Brien (67)<BR> c/o&nbsp;The Royce Funds<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Class&nbsp;I Director</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Since 2001</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">Director, Bridges School (since 2006); Trustee Emeritus of Colgate University (since 2005); Board Member of Hill House, Inc. (since 1999); Formerly:&nbsp; Trustee of Colgate University (from 1996 to 2005), President of Hill House, Inc. (from 2001 to 2005); and Managing Director/Equity Capital Markets Group of Merrill Lynch &amp; Co. (from 1971 to 1999).</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">48 (Director/Trustee of all Royce Funds consisting of 34 portfolios; Director/Trustee of the Legg Mason Family of Funds consisting of 14 portfolios)</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-size: 8pt">TICC Capital Corp.</TD></TR>

</table>


<br>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>*</SUP></TD><TD STYLE="text-align: justify">Each Director

will hold office until their successors have been duly elected and qualified or until their earlier resignation or removal.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><SUP>**</SUP></TD><TD STYLE="text-align: justify">An &ldquo;interested

 person&rdquo; of each Fund and/or Royce under Section&nbsp;2(a)(19) of the 1940 Act (&#147;Interested Director&#148;).</TD></TR></TABLE>



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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Additional information

about each Director follows (supplementing the information provided in the table above) that describes some of the specific experiences,

qualifications, attributes or skills that each Director possesses which each Board of Directors believes has prepared them to be

effective Directors.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&bull;&#9;<I>Charles

M. Royce</I> &ndash; In addition to his tenure as a director/trustee of the open and closed-end registered investment companies

advised by Royce (&ldquo;The Royce Funds&rdquo;), Mr.&nbsp;Royce serves as the President, Co-Chief Investment Officer and as a

member of the Board of Managers of Royce, having been President of Royce since 1972. Mr.&nbsp;Royce has over 40&nbsp;years of investment

and business experience.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&bull;&#9;<I>W.

Whitney George</I> &ndash; In addition to his tenure as a director of the closed-end registered investment companies advised by

Royce, Mr.&nbsp;George serves as Managing Director, Vice President and Co-Chief Investment Officer of Royce, having been employed

by Royce since 1991. Mr.&nbsp;George has over 30 years of investment business experience.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&bull;&#9;<I>Richard

M. Galkin</I> &ndash; In addition to his tenure as a director/trustee of The Royce Funds, Mr.&nbsp;Galkin has served as the Chairman

of the Board&rsquo;s Audit Committee for more than 15&nbsp;years, acting as liaison between the Boards and the Funds&rsquo; independent

registered public accountants and as co-Chairman of the Boards&rsquo; Nominating Committee. Mr.&nbsp;Galkin has over 40&nbsp;years

of business experience, including extensive experience in the telecommunications industry.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&bull;&#9;<I>Stephen

L. Isaacs</I> &ndash; In addition to his tenure as a director/trustee of The Royce Funds, Mr.&nbsp;Isaacs serves as Attorney and

President of a private consulting firm. Mr.&nbsp;Isaacs has over 40&nbsp;years of business and academic experience, including extensive

experience related to public health and philanthropy.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&bull;&#9;<I>Arthur

S. Mehlman</I> &ndash; In addition to his tenure as a director/trustee of The Royce Funds and of the Legg Mason Family of Funds,

Mr.&nbsp;Mehlman is designated as an Audit Committee Financial Expert. Mr.&nbsp;Mehlman has over 35&nbsp;years of business experience,

including as Partner of an international accounting firm and a Director for various private companies and non-profit entities.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&bull;&#9;<I>David

L. Meister</I> &ndash; In addition to his tenure as a director/trustee of The Royce Funds, Mr.&nbsp;Meister has over 40&nbsp;years

of business experience, including extensive experience as an executive officer in and consultant to the communications industry.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&bull;&#9;<I>G.

Peter O&rsquo;Brien</I> &ndash; In addition to his tenure as a director/trustee of The Royce Funds and of the Legg Mason Family

of Funds, Mr.&nbsp;O&rsquo;Brien serves as co-Chairman of the Boards&rsquo; Nominating Committee. Mr.&nbsp;O&rsquo;Brien has over

35&nbsp;years of business experience, including extensive experience in the financial sector. In addition, Mr.&nbsp;O&rsquo;Brien

has served on the boards of public companies and non-profit entities.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">&bull;&#9;<I>Patricia

W. Chadwick</I> &ndash; In addition to her tenure as a director/trustee of The Royce Funds, Ms.&nbsp;Chadwick is designated as

an Audit Committee Financial Expert. Ms.&nbsp;Chadwick has over 30&nbsp;years of investment and business experience, including

extensive experience in the financial sector and as a consultant to business and non-profit entities. In</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">addition, Ms.&nbsp;Chadwick

has served on the boards of a variety of public and private companies and non-profit entities, including currently serving on the

board of two public companies.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board of each

Fund believes that each Director&rsquo;s experience, qualifications, attributes and skills should be evaluated on an individual

basis and in consideration of the perspective such Director brings to the entire Board, with no single Director, or particular

factor, being indicative of Board effectiveness. However, each Board believes that Directors need to have the ability to critically

review, evaluate, question and discuss information provided to them, and to interact effectively with Fund management, service

providers and counsel, in order to exercise effective business judgment in the performance of their duties; the Board believes

that their members satisfy this standard. Experience relevant to having this ability may be achieved through a Director&rsquo;s

educational background; business, professional training or practice, public service or academic positions; experience from service

as a board member (including the Board of each Fund) or as an executive of investment funds, public companies or significant private

or non-profit entities or other organizations; and/or other life experiences.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">To assist them in

evaluating matters under federal and state law, the Directors of each Fund are counseled by their own independent legal counsel,

who participates in Board meetings and interacts with Royce, and also may benefit from information provided by Royce&rsquo;s internal

counsel; both Board and Royce&rsquo;s internal counsel have significant experience advising funds and fund board members. The Board

and its committees have the ability to engage other experts as appropriate. The Board evaluates its performance on an annual basis.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Board Composition and Leadership Structure</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The 1940 Act requires

that at least 40% of a Fund&rsquo;s directors not be &ldquo;interested persons&rdquo; (as defined in the 1940 Act) of the Fund

and as such are not affiliated with the Fund&rsquo;s investment adviser (&ldquo;Non-Interested Directors&rdquo;). To rely on certain

exemptive rules under the 1940 Act, a majority of a Fund&rsquo;s directors must be Non-Interested Directors, and for certain important

matters, such as the approval of investment advisory agreements or transactions with affiliates, the 1940 Act or the rules thereunder

require the approval of a majority of the Non-Interested Directors. Currently, 75% of the Funds&rsquo; Directors are Non-Interested

Directors. The Boards do not have a chairman, but the President, Mr.&nbsp;Royce, an interested person of the Funds, acts as chairman

at the Board meetings. The Non-Interested Directors have not designated a lead Non-Interested Director, but the Chairman of the

Audit Committee, Mr.&nbsp;Galkin, generally acts as chairman of meetings or executive sessions of the Non-Interested Directors

and, when appropriate, represents the views of the Non-Interested Directors to management. Each Board has determined that its leadership

structure is appropriate in light of the services that Royce and its affiliates provide to the Fund and potential conflicts of

interest that could arise from these relationships.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Information relating

to each Director&rsquo;s share ownership in Value Trust and in the other funds in the group of registered investment companies

comprising The Royce Funds that are overseen by the respective Directors as of December&nbsp;31, 2012 is set forth in the tables

below. Global Trust had not commenced operations as of December&nbsp;31, 2012; therefore, no Director owned shares of Global Trust

as of that date.</P>

<p align="center"><font face="times new roman" size="2">10</font></p>

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<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; border-bottom: black 0.5pt solid"><B>Name

        of Director</B></P></TD>

    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; border-bottom: black 0.5pt solid"><B>Dollar

        Range of Equity Securities in Value Trust</B></P></TD>

    <TD STYLE="width: 33%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: center; border-bottom: black 0.5pt solid"><B>Aggregate

        Dollar Range of Equity Securities in The Royce Funds</B></P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-style: italic">Interested Directors:</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-bottom: 6pt; padding-left: 0.25in">Charles M. Royce</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; font-style: italic">Non-Interested Directors:</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-bottom: 6pt; padding-left: 0.25in">Patricia W. Chadwick</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">None</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-bottom: 6pt; padding-left: 0.25in">Richard M. Galkin</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$10,001-$50,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-bottom: 6pt; padding-left: 0.25in">Stephen L. Isaacs</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$1-$10,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-bottom: 6pt; padding-left: 0.25in">Arthur S. Mehlman</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$10,001-$50,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-bottom: 6pt; padding-left: 0.25in">David L. Meister</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">None</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-bottom: 6pt; padding-left: 0.25in">G. Peter O&rsquo;Brien</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">$10,001-$50,000</TD>

    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Board Committees and Meetings</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board of Directors

of each Fund has an audit committee (the &ldquo;Audit Committee&rdquo;), comprised of Patricia W. Chadwick, Richard M. Galkin,

Stephen L. Isaacs, Arthur S. Mehlman, David L. Meister and G. Peter O&rsquo;Brien. The Audit Committee is responsible for, among

other things, recommending the selection and nomination of the Funds&rsquo; independent accountants and for conducting post-audit

reviews of the Funds&rsquo; financial statements with such independent accountants. Each Fund has adopted an Audit Committee charter.

Mr.&nbsp;Galkin serves as Chairman of the Audit Committee and Mr.&nbsp;Mehlman and Ms.&nbsp;Chadwick are designated as Audit Committee

Financial Experts, as defined under Commission Regulations. During the year ended December&nbsp;31, 2012, the Audit Committee of

Value Trust held three meetings. Global Trust had not commenced operations as of December&nbsp;31, 2012; therefore, the Audit Committee

of Global Trust held no meetings.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Board of Directors

of each Fund has a nominating committee (the &ldquo;Nominating Committee&rdquo;), comprised of Patricia W. Chadwick, Richard M.

Galkin, Stephen L. Isaacs, Arthur S. Mehlman, David L. Meister and G. Peter O&rsquo;Brien. The Nominating Committee is responsible

for, among other things, identifying individuals qualified to serve as Non-Interested Directors of the applicable Fund and recommending

its nominees for consideration by the Fund&rsquo;s full Board of Directors. Each Fund has adopted a Nominating Committee charter.

Messrs. Galkin and O&rsquo;Brien serve as co-Chairman of the Nominating Committee. During the year ended December&nbsp;31, 2012,

the Nominating Committee of each Fund did not meet. While the Committee is solely responsible for the selection and nomination

of the Fund&rsquo;s Non-Interested Directors, the Committee will review and consider nominations for the office of Director made

by management and by Fund stockholders as it deems appropriate. Stockholders who wish to recommend a nominee should send their

suggestions to the Secretary of the applicable Fund, which should include biographical information and set forth their proposed

nominee&rsquo;s qualifications.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Nominating Committee

charter of each Fund requires the Nominating Committee to identify individuals qualified to serve as Non-Interested Directors of

the Fund and to recommend its nominees for consideration by the Board. In considering potential nominees, the Nominating </P>





<p align="center"><font face="times new roman" size="2">11</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Committee

will take into consideration, among other factors it may deem relevant (i)&nbsp;the contribution which the person can make to the

Board, with consideration given to the person&rsquo;s business and professional experience, education and such other factors as

the Committee may consider relevant, including but not limited to whether a potential nominee&rsquo;s personal and professional

qualities and attributes would provide a beneficial diversity of skills, experience and/or perspective to the Board; (ii)&nbsp;the

character and integrity of the person; (iii)&nbsp;whether or not the person is an &ldquo;interested person&rdquo; as defined in

the 1940 Act and whether the person is otherwise qualified under applicable laws and regulations to serve as a Director or Non-Interested

Director of the Fund; (iv)&nbsp;whether or not the person has any relationships that might impair his or her independence, such

as any business, financial or family relationships with Fund management, the investment adviser of the Fund, Fund service providers

or their affiliates; (v)&nbsp;whether or not the person is financially literate pursuant to stock exchange audit committee membership

standards; (vi)&nbsp;whether or not the person serves on boards of, or is otherwise affiliated with, competing financial service

organizations or their related investment company complexes; (vii)&nbsp;whether or not the person is willing to serve as, and willing

and able to commit the time necessary for the performance of the duties of, a Director of the Fund; and (viii)&nbsp;whether or

not the selection and nomination of the person would be in the best interest of the Fund in light of the requirements of the Fund&rsquo;s

retirement policies. While the Nominating Committee does not have a formal policy regarding diversity, as noted above, it may consider

the diversity of skills, experience and/or perspective a potential nominee will bring to the Board as part of its evaluation of

the contribution such potential nominee will make to the Board. Such factors will be considered in light of the other factors described

above and in the context of the Board&rsquo;s existing membership at the time such potential candidate is considered.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Boards&rsquo; Oversight Role in Management</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Board&rsquo;s

role in management of the applicable Fund is oversight. As is the case with virtually all investment companies (as distinguished

from operating companies), service providers to the Funds, primarily Royce and its affiliates, have responsibility for the day-to-day

management of each Fund, which includes responsibility for risk management (including management of investment performance and

investment risk, valuation risk, issuer and counterparty credit risk, compliance risk and operational risk). As part of its oversight,

each Board, acting at its scheduled meetings, or the Chairman of the Audit Committee, acting between Board meetings, regularly

interacts with and receives reports from senior personnel of service providers, including the Funds&rsquo; and Royce&rsquo;s Chief

Compliance Officer and portfolio management personnel. Each Board&rsquo;s Audit Committee (which consists of the six Non-Interested

Directors) meets during its scheduled meetings, and between meetings the Chairman of the Audit Committee maintains contact with

the Funds&rsquo; independent registered public accounting firm and the Funds&rsquo; Vice President and Treasurer. The Boards also

receive periodic presentations from senior personnel of Royce or its affiliates regarding risk management generally, as well as

periodic presentations regarding specific operational, compliance or investment areas such as business continuity, anti-money laundering,

personal trading, valuation, investment research and securities lending. The Boards also receive reports from counsel to Royce

and the Boards&rsquo; own independent legal counsel regarding regulatory compliance and governance matters. The Boards&rsquo; oversight

role does not make either Board a guarantor of the Funds&rsquo; investments or activities.</P>

<p align="center"><font face="times new roman" size="2">12</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For the year ended

December&nbsp;31, 2012, the following Directors received compensation from Value Trust and/or the other funds in the group of registered

investment companies comprising The Royce Funds.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 30%; border: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Name, Position</TD>

    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Aggregate Compensation from Value Trust</TD>

    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Pension or Retirement Benefits Accrued as Part of Value Trust Expenses</TD>

    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Estimated Annual Benefits Upon Retirement</TD>

    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; font-weight: bold; text-align: center">Total Compensation From The Royce Funds Paid to Directors</TD>

    <TD STYLE="width: 14%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 9pt"><B>Total Compensation From Fund Complex</B><SUP>*</SUP></FONT></TD></TR>

<TR STYLE="vertical-align: top">

    <TD COLSPAN="6" STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; padding-right: 3pt; padding-left: 3pt; font-style: italic; text-align: left"><I>Non-Interested Directors<SUP>**</SUP>:</I></TD></TR>

<TR>

    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; padding-bottom: 3pt">Patricia W. Chadwick,<BR> Director</TD>



    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$20,500</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD></TR>

<TR>

    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; padding-bottom: 3pt">Richard M. Galkin,<BR> Director</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$20,500</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD></TR>

<TR>

    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; padding-bottom: 3pt">Stephen L. Isaacs,<BR> Director</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$20,500</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD></TR>

<TR>

    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; padding-bottom: 3pt">Arthur S. Mehlman,<BR> Director</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$20,500</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$350,000</TD></TR>

<TR>

    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; padding-bottom: 3pt">David L. Meister,<BR> Director</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$20,500</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD></TR>

<TR>

    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-right: 3pt; padding-left: 3pt; padding-bottom: 3pt">G. Peter O&rsquo;Brien,<BR> Director</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$20,500</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">None</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$210,000</TD>

    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">$340,000</TD></TR>

</TABLE>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Represents aggregate compensation paid to each Director during the calendar year ended December&nbsp;31,

2012 from the Fund Complex. The Fund Complex includes the 34 portfolios of The Royce Funds and the 14 portfolios of the Legg Mason

Funds.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">**</TD><TD STYLE="text-align: justify">The

Interested Directors received no compensation from Value Trust or the other funds in the group of registered investment companies

comprising The Royce Funds during the fiscal year ended December 31, 2012.</TD></TR></TABLE>





<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 3pt 0.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">Each

of the Non-Interested Directors receives a base fee of $18,000 per year for serving on the Value Trust Board plus

$1,100 for each meeting of the Board attended. Each Non-Interested Director receives a fee of $2,500 per year for serving on the Global

Trust Board plus $200 for each meeting of the Board attended.</FONT></P>





<P STYLE="font: bold 10pt Times New Roman Bold; margin: 0 0 12pt">Officers</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Certain biographical

and other information concerning the officers of Value Trust and Global Trust, other than Charles M. Royce and W. Whitney George,

is set forth below. Information regarding Mr. Royce and Mr. George is set forth in the tables above regarding Directors of the

Funds. Officers are elected by and serve at the pleasure of the Board of Directors. Each officer will hold office until his respective

successor is duly elected and qualified. Each officer became an officer of Global Trust in 2011.</P>

<p align="center"><font face="times new roman" size="2">13</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 20%; border: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Name, Age and<BR>
Address</TD>

    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Position(s) with each Fund</TD>

    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Value Trust Term of Office and Length of Time Served</TD>

    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Principal Occupations During Past Five Years</TD>

    <TD STYLE="width: 20%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Other Public Directorships</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">John D. Diederich&nbsp; (61)<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Vice President and Treasurer</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Since 1997</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Chief Operating Officer, Managing Director and member of the Board of Managers of Royce; Chief Financial Officer of Royce; Director of Administration of The Royce Funds; and President of Royce Fund Services, Inc. (&ldquo;RFS&rdquo;), having been employed by Royce since April 1993.</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">None</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Jack E. Fockler,&nbsp;Jr. (53)<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Vice President</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Since 1995</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Managing Director and Vice President of Royce; and Vice President of RFS, having been employed by Royce since October&nbsp;1989</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">None</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Daniel A. O&rsquo;Byrne (50)<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Vice President and Assistant Secretary</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Since 1994</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Principal and Vice President of Royce, having been employed by Royce since October&nbsp;1986</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">None</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">John E. Denneen (46)<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Secretary and Chief Legal Officer</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">1996-2001 and since April 2002</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">General Counsel, Principal, Chief Legal and Compliance Officer and Secretary of Royce; Secretary and Chief Legal Officer of The Royce Funds</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">None</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Lisa Curcio (53)<BR> 745 Fifth Avenue<BR> New York, NY<BR> 10151</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Chief Compliance Officer</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Since October&nbsp;1, 2004</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Chief Compliance Officer of The Royce Funds (since October 2004) and Compliance Officer of Royce (since June 2004).</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">None</TD></TR>

</TABLE>



<p align="center"><font face="times new roman" size="2">14</font></p>

<br clear="all" style="page-break-before:always;">

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">PRINCIPAL STOCKHOLDERS</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Value Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of March&nbsp;31,

2013, there were 70,693,385 shares of common stock and no shares of preferred stock outstanding. The following persons were known

to Value Trust to be beneficial owners or owners of record of 5% or more of its outstanding shares of common stock as of the Record

Date:</P>



<TABLE CELLSPACING="0" CELLPADDING="3" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 25%; border: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Name and Address of Owner</TD>

    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Class/Series of Stock</TD>

    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Amount and Nature of Ownership</TD>

    <TD STYLE="width: 25%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; font-weight: bold; text-align: center">Percent of Class/Series</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt">Cede &amp; Co.<SUP>*</SUP><BR>

Depository Trust Company<BR>

P.O.&nbsp;Box #20<BR>

Bowling Green Station<BR>

New York, NY 10028</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">Common Stock</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">69,241,909, Record</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-top: 3pt; padding-bottom: 3pt; text-align: center">97.95%</TD>

</TABLE>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">*</TD><TD STYLE="text-align: justify">Shares held by brokerage firms, banks and other financial intermediaries on behalf of beneficial

owners are registered in the name of Cede &amp; Co.</TD></TR></TABLE>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Global Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of the date
of  the Combined Prospectus/Proxy Statement, ten thousand one hundred sixty (10,160) shares of Global Trust Common Stock
are outstanding, which are owned beneficially  and of record by Value Trust. These shares were issued in respect of
Value Trust&rsquo;s contribution of $100,076 of initial capital to  Global Trust. Value Trust has represented that these
shares were, or  will be, purchased for investment purposes only and that they will be sold only pursuant to a
registration statement under the  Securities Act of 1933, as amended or an applicable exemption therefrom.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">EXPERTS AND FINANCIAL STATEMENTS</P>




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Tait, Weller & Baker LLP (&#147;Tait Weller&#148;), serves as the

independent registered public accounting firm of each of Value Trust and Global Trust. Tait Weller annually renders, or will annually render,

an opinion on the financial statements of the respective Funds. Tait Weller has an office at 1818 Market Street, Suite 2400, Philadelphia, Pennsylvania 19103, and also performs tax and other professional

services for the Funds.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The statement of

assets and liabilities of Global Trust, as of June 19, 2013, contained in this SAI has been included herein in reliance on the report of

Tait Weller and upon the authority of such firm as experts in auditing and accounting. The statement of assets and liabilities of Value

Trust, as of December&nbsp;31, 2012, and the related statement of operations for the year then ended, the statements of changes

in net assets for each of the two years in the period then ended and the selected per share date and ratios for each of the five

years in the period then ended included in the Annual Report have been audited by Tait Weller as indicated in their report with respect

thereto, and are incorporated in this SAI by reference in reliance upon such report and upon the authority of such firm as experts

in accounting and auditing.</P>

<p align="center"><font face="times new roman" size="2">15</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Investors can call

800-221-4268 to request copies of Value Trust&rsquo;s annual and semi-annual reports, to request other information about Value

Trust, or to make stockholder inquiries. Value Trust&rsquo;s reports are also available at the website www.roycefunds.com. You

may also obtain Value Trust&rsquo;s reports, proxy and information statements and other information regarding Value Trust that

is filed electronically with the Commission on the Commission&rsquo;s web site (http://www.sec.gov).</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ADDITIONAL INFORMATION</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Portfolio Transactions</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce is responsible

for selecting the brokers who effect the purchases and sales of each Fund&rsquo;s portfolio securities. Royce does not select a

broker to effect a securities transaction for a Fund unless Royce believes such broker is capable of obtaining the best execution

for the security involved in the transaction. Best execution is comprised of several factors, including the liquidity of the market

for the security, the commission charged, the promptness and reliability of execution, priority accorded the order and other factors

affecting the overall benefit obtained.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In addition to considering

a broker&rsquo;s execution capability, Royce generally considers the research and brokerage services which the broker has provided

to it, including any research relating to the security involved in the transaction and/or to other securities. Royce may use commission

dollars generated by agency transactions for the Funds and its other client accounts to pay for such services. Research services

that may be paid for in this way assist Royce in carrying out its investment decision-making responsibilities. They may include

general economic research, market and statistical information, industry and technical research, strategy and company research,

advice as to the availability of securities or purchasers or sellers of a particular security, research related to performance

measurement, and may be written or oral. Brokerage services that may be paid for in this way include effecting securities transactions

and incidental functions such as clearance, settlement and custody.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce is authorized,

in accordance with Section&nbsp;28(e) of the Securities Exchange Act of 1934, as amended (the &ldquo;1934 Act&rdquo;) and under

its Investment Advisory Agreements (as defined in the section entitled &ldquo;Investment Advisory and Other Services &mdash; Investment

Advisory Agreements&rdquo;) with the Funds, to cause the Funds to pay brokerage commissions in excess of those which another broker

might have charged for effecting the same transaction, in recognition of the value of research and brokerage services provided

to Royce by the broker. Thus, the Funds generally pay higher commissions to those brokers who provide both such research and brokerage

services than those who provide only execution services. Royce determines the overall reasonableness of brokerage commissions paid

based on prevailing commission rates for similar transactions and the value it places on the research and/or brokerage services

provided to it by the broker, viewed in terms of either the particular transaction or Royce&rsquo;s overall responsibilities with

respect to its accounts. Liquidity rebates and payments for order flow are not considered by Royce to be significant factors when

selecting brokers and setting broker commission rates.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Research and brokerage

services furnished by brokers through whom a Fund effects securities transactions may be used by Royce in servicing all of its

accounts, and Royce may not use all of such services in connection with the Fund. Moreover, Royce&rsquo;s receipt of these services</P>





<p align="center"><font face="times new roman" size="2">16</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">



does not reduce the investment advisory fees payable to Royce, even though Royce might otherwise be required to purchase some of

them for cash. Royce may, therefore, be viewed as having a conflict of interest relating to its obtaining such research services

with Fund and other client account commission dollars.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In some cases Royce

may receive a service from a broker that has both a &ldquo;research/brokerage&rdquo; and a &ldquo;non-research/non-brokerage&rdquo;

use. When this occurs, Royce makes a good faith allocation between the research/brokerage and non-research/non-brokerage use of

the service. Only the portion of the service that is used for research/brokerage purposes may be paid for with commission dollars.</P>





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">Even

though Royce makes investment decisions for each Fund independently from those for the other Funds and the other accounts managed

by Royce, Royce frequently purchases, holds or sells securities of the same issuer for more than one Royce account because the

same security may be suitable for more than one of them. When Royce is purchasing or selling the same security for more than one

Royce account managed by the same primary portfolio manager on the same trading day, Royce generally seeks to average the transactions

as to price and allocate them as to amount in a manner believed by Royce to be equitable to each. Royce generally effects such

purchases and sales of the same security pursuant to Royce's Trade Allocation Guidelines and Procedures. Although Royce&rsquo;s

portfolio managers generally pre-allocate the majority of Royce&rsquo;s purchase or sale orders to one or more of its client accounts,

under such Guidelines and Procedures, Royce may place and execute unallocated orders with broker-dealers during the trading day

and then allocate the securities purchased or sold in such transactions to one or more of Royce's accounts at or shortly following

the close of trading, generally using the average net price obtained by accounts with the same primary portfolio manager. Royce

does such allocations based on a number of judgmental factors that it believes should result in fair and equitable treatment to

those of its accounts for which the securities may be deemed suitable. In some cases, this procedure may adversely affect the price

paid or received by a Fund or the size of the position obtained for a Fund. In addition, on a limited, infrequent basis, and in

accordance with its written procedures, Royce may change initial allocations from one Royce client account to another when: (i)

it is determined that a security is unsuitable or inappropriate for a particular Royce client account in the original allocation;

(ii) there is a lack of cash in a Royce client account to whom a security is initially allocated; (iii) there is a client-imposed

restriction on the purchase of the security being allocated; or (iv) the portfolio manager has decided to change his initial allocation

for some other reason. </FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">From

time to time, one or more of Royce&rsquo;s portfolio managers may sell short or purchase long a security for the client accounts

that he manages even though one or more other portfolio managers may have or acquire an opposite position in this same security

for the client accounts that they manage. In addition, from time to time, two portfolio managers with independent investment discretion

over separate portions of a single Fund's portfolio may place opposite direction trades for that Fund in the same security on the

same day or within a short period of time of one another. </P>





<p align="center"><font face="times new roman" size="2">17</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">Although Royce has taken certain steps designed to minimize the circumstances

under which this will occur, it nevertheless could result in adverse tax consequences to the Fund's taxable shareholders.</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">During each of the

three years ended December&nbsp;31, 2010, 2011 and 2012, Value Trust paid brokerage commissions as follows: $1,320,710, $1,191,915,

and $1,275,022. As of December&nbsp;31, 2012, Global Trust had not yet commenced operations.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Portfolio Turnover</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Neither Value Trust

nor Global Trust engages in the trading of securities for the purpose of realizing short-term profits, but adjusts its portfolio

as it deems advisable in view of prevailing or anticipated market conditions to accomplish its investment objective. A high rate

of portfolio turnover involves correspondingly greater brokerage commission expenses than a lower rate, which expenses must be

borne by the applicable Fund and its stockholders. High portfolio turnover may also result in the realization of substantial net

short-term capital gains and any distributions resulting from such gains will be taxable at ordinary income rates for U.S.&nbsp;federal

income tax purposes. Value Trust&rsquo;s portfolio turnover rates for the years ended December&nbsp;31, 2011 and December&nbsp;31,

2012 were 26% and 25%, respectively. The portfolio turnover rate is calculated by dividing the lesser of sales or purchases of

portfolio securities by the average monthly value of Value Trust&rsquo;s portfolio securities. For purposes of this calculation,

portfolio securities exclude purchases and sales of debt securities having a maturity at the date of purchase of one year or less.

As of December&nbsp;31, 2012, Global Trust had not yet commenced operations.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Proxy Voting Policies and Procedures</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce has adopted

written proxy voting policies and procedures (the &ldquo;Proxy Voting Procedures&rdquo;) for itself, the Funds and all The Royce

Funds and clients accounts for which Royce is responsible for voting proxies. (A copy of the Proxy Voting Procedures is attached

to this SAI as Exhibit A). The Board of Directors of each Fund has delegated all proxy voting decisions to Royce. In voting proxies,

Royce is guided by general fiduciary principles. Royce&rsquo;s goal is to act prudently, solely in the best interest of the beneficial

owners of the accounts it manages. Royce attempts to consider all factors of its vote that could affect the value of the investment

and will vote proxies in the manner it believes will be consistent with efforts to enhance and/or protect stockholder value.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce personnel

are responsible for monitoring receipt of all proxies and ensuring that proxies are received for all securities for which Royce

has proxy voting responsibility. Royce divides proxies into &ldquo;regularly recurring&rdquo; and &ldquo;non-regularly recurring&rdquo;

matters. Examples of regularly recurring matters include non-contested elections of directors and non-contested approvals of independent

auditors. Regularly recurring matters are generally voted as recommended by the issuer&rsquo;s board of directors or management.

Non-regularly recurring matters are brought to the attention of portfolio manager(s) for the applicable account(s) and, after giving

consideration to advisories provided by an independent third party research firm, the portfolio manager(s) directs that such matters

be voted in a way that he believes should better protect or enhance the value of the investment. If the portfolio manager determines

that information relating to a proxy requires additional analysis, is missing, or is incomplete, the portfolio manager will give

the proxy to an analyst or another portfolio manager for review and </P>





<p align="center"><font face="times new roman" size="2">18</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">analysis. Under certain circumstances, Royce may vote against

a proposal from the issuer&rsquo;s board of directors or management. Royce&rsquo;s portfolio managers decide these issues on a

case-by-case basis. A Royce portfolio manager may, on occasion, decide to abstain from voting a proxy or a specific proxy item

when such person concludes that the potential benefit of voting is outweighed by the cost or when it is not in the client&rsquo;s

best interest to vote.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">There may be circumstances

where Royce may not be able to vote proxies in a timely manner, including, but not limited to (a)&nbsp;when certain securities

are out on loan at the time of a record date, (b)&nbsp;when administrative or operational constraints impede the ability to cast

a timely vote, such as late receipt of proxy voting information, and/or (c)&nbsp;when systems, administrative or processing errors

occur (including errors by Royce or third party vendors).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In furtherance of

Royce&rsquo;s goal to vote proxies in the best interests of its client, Royce follows specific procedures outlined in the Proxy

Voting Procedures to identify, assess and address material conflicts that may arise between Royce&rsquo;s interests and those of

its clients before voting proxies on behalf of such clients. In the event such a material conflict of interest is identified, the

proxy will be voted by Royce in accordance with the recommendation given by an independent third party research firm.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Information regarding

how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June&nbsp;30 is available

without charge upon request, by calling the Funds toll-free at (800)&nbsp;221-4268 and on the Commission&rsquo;s Internet site

at http://www.sec.gov.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Code of Ethics and Related Matters</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce and each open

and closed-end registered investment companies advised by Royce, including the Funds has adopted a Code of Ethics under Rule&nbsp;17j-1

under the 1940 Act under which directors (other than non-management directors), officers and employees of Royce and RFS (&ldquo;Royce-related

persons&rdquo;) and interested trustees/directors, officers and employees of The Royce Funds are generally prohibited from personal

trading in any security which is then being purchased or sold or considered for purchase or sale by a Fund or any other Royce account.

The Code of Ethics permits such persons to engage in other personal securities transactions if (i)&nbsp;the securities involved

are certain debt securities, money market instruments/funds, shares of non-affiliated registered open-end investment companies

or shares acquired from an issuer in a rights offering or under an automatic investment plan, including among other things, dividend

reinvestment plans or employee-approved automatic payroll-deduction cash purchase plans, (ii)&nbsp;the transactions are either

non-volitional or are effected in an account over which such person has no direct or indirect influence or control or (iii)&nbsp;they

first obtain permission to trade from Royce&rsquo;s Compliance Officer and either an executive officer or Senior Portfolio Manager

of Royce. The Code contains standards for the granting of such permission, and permission to trade will usually be granted only

in accordance with such standards.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce&rsquo;s clients

include several private investment companies in which Royce, Royce-related persons and/or other Legg Mason, Inc. (&ldquo;Legg Mason&rdquo;)

affiliates have (and, therefore, may be deemed to beneficially own) a share of up to 15% of the company&rsquo;s realized and unrealized

net capital gains from securities transactions, but less than 25% of the company&rsquo;s</P>





<p align="center"><font face="times new roman" size="2">19</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">

equity interests. The Code of Ethics does

not restrict transactions effected by Royce for such private investment company accounts, and transactions for such accounts are

subject to Royce&rsquo;s allocation policies and procedures. See &ldquo;Additional Information &mdash; Portfolio Transactions&rdquo;.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.15pt">As

of March 31, 2013, Royce-related persons, interested trustees/directors, officers and employees of The Royce Funds and members

of their immediate families beneficially owned shares of The Royce Funds having a total value of over $165 million, and such persons

beneficially owned equity interests in Royce-related private investment companies totaling approximately $8 million.</FONT></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Code of Ethics

of each Fund can be reviewed and copied at the Commission&rsquo;s Public Reference Room in Washington, D.C. Information on the

operations of the Reference Room may be obtained by calling the Commission at 202-551-8090. The Code of Ethics of each Fund is

also available on the EDGAR database on the Commission&rsquo;s Internet web site at http://www.sec.gov. Copies of each Code of

Ethics may also be obtained, after paying a duplicating fee, by electronic request at the following e-mail address: publicinfo@sec.gov,

or by writing the Commission&rsquo;s Public Reference Room, Washington, D.C. 20549-0102.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Portfolio Manager Information</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Charles M. Royce

is the primary portfolio manager of Value Trust and Global Trust. Each of Christopher E. Flynn and David A. Nadel is an assistant

portfolio manager for Value Trust and Global Trust.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0.5in"><I>Other Funds and Accounts

Managed</I>. <FONT STYLE="letter-spacing: -0.15pt">The following chart contains information regarding all Royce client accounts

for which each Portfolio Manager has day-to-day management responsibilities.&nbsp; Information in the chart is provided as of December

31, 2012 for Charles M. Royce and Christopher E. Flynn and as of March 31, 2013 for David A. Nadel.&nbsp; Accounts are grouped

into three categories:&nbsp; (i) registered investment companies; (ii) private pooled investment vehicles; and (iii) other accounts.&nbsp;

</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR>

    <TD STYLE="vertical-align: top; padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">&nbsp;</TD>

    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Number

        of Other Accounts Managed and Assets by Account Type</B></P></TD>

    <TD COLSPAN="3" STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Number

        of Accounts and Assets for Which the Advisory Fee is Performance-Based</B></P></TD></TR>

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Names

        of Portfolio Managers</B></P></TD>

    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Registered

        Investment Companies</B></P></TD>

    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Other

        Pooled Investment Vehicles</B></P></TD>

    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Other

        Accounts</B></P></TD>

    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Registered

        Investment Companies</B></P></TD>

    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Other

        Pooled Investment Vehicles</B></P></TD>

    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt">

        <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 3pt 0; text-align: center; border-bottom: black 0.5pt solid"><B>Other

        Accounts</B></P></TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">Charles M. Royce</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">17</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">2</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">12</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">2</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">1</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&mdash;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">Christopher E. Flynn</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">4</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&mdash;</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&mdash;</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">2</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&mdash;</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&mdash;</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt">David A. Nadel</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">9</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">2</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&mdash;</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; font-size: 9pt; text-align: center">1</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&mdash;</TD>

    <TD STYLE="padding-top: 3pt; padding-bottom: 3pt; text-align: center">&mdash;</TD></TR>

</TABLE>



<p align="center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center">&nbsp;</P>

<P STYLE="text-align: center"><font face="times new roman" size="2">20</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><I>Securities Ownership

of Portfolio Managers</I>. The following table sets forth the dollar range of securities beneficially owned by each portfolio manager

in Value Trust as of December&nbsp;31, 2012.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 35%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Portfolio Manager</TD>

    <TD STYLE="width: 65%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Dollar Range of Equity Securities Held in Value Trust</TD></TR>

<TR>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Charles M. Royce</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

<TR>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Christopher E. Flynn</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">Over $100,000</TD></TR>

<TR>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">David A. Nadel</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">None</TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As of the date of

this SAI, none of the portfolio managers of Global Trust own any equity securities of Global Trust.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Description of Portfolio Manager Compensation Structure</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce seeks to maintain

a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. All Royce

portfolio managers for the Funds (&ldquo;Portfolio Managers&rdquo;) receive from Royce a base salary, Performance-Related Variable

Compensation (generally the largest element of each Portfolio Manager&rsquo;s compensation with the exception of Charles M. Royce),

Firm-Related Variable Compensation based primarily on registered investment company and other client account revenues generated

by Royce and a benefits package. Portfolio Manager compensation is reviewed and may be modified from time to time as appropriate

to reflect changes in the market, as well as to adjust the factors used to determine variable compensation. Except as described

below, each Portfolio Manager&rsquo;s compensation consists of the following elements:</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></FONT></TD><TD STYLE="text-align: justify">BASE SALARY. Each Portfolio Manager is paid a base salary. In setting the base salary, Royce seeks

to be competitive in light of the particular Portfolio Manager&rsquo;s experience and responsibilities.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></FONT></TD><TD STYLE="text-align: justify">PERFORMANCE-RELATED VARIABLE COMPENSATION. Each Portfolio Manager receives quarterly Performance-Related

Variable Compensation that is either asset-based, or revenue-based and therefore in part based on the value of the net assets of

the account for which he or she is being compensated, determined with reference to each of the registered investment company and

other client accounts they are managing. The revenue used to determine the quarterly Performance-Related Variable Compensation

received by Charles M. Royce that relates to each of Royce Micro-Cap Trust, Inc. (&ldquo;Micro-Cap Trust&rdquo;) and Value Trust

is performance-based fee revenue. For all Portfolio Managers, the Performance-Related Variable Compensation applicable to the registered

investment company accounts managed by the Portfolio Manager is subject to downward adjustment or elimination based on a combination

of 3-year, 5-year and 10-year risk-adjusted pre-tax returns of such accounts relative to all small-cap objective funds with three

years of history tracked by Morningstar (as of December&nbsp;31, 2012 there were 374 such funds tracked by Morningstar), the 5-year

absolute returns of such accounts relative to 5-year U.S.&nbsp;Treasury Notes and absolute returns over the prior full market cycle

and current cycle to date vs. the accounts&rsquo; benchmark. The Performance-Related Variable Compensation applicable to non-registered

investment company accounts managed by a Portfolio Manager is not subject to performance-related adjustment.</TD></TR></TABLE>





<p align="center"><font face="times new roman" size="2">21</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->









<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Payment of the Performance-Related

Variable Compensation may be deferred, and any amounts deferred are forfeitable, if the Portfolio Manager is terminated by Royce

with or without cause or resigns. The amount of the deferred Performance-Related Variable Compensation will appreciate or depreciate

during the deferral period, based on the total return performance of one or more Royce-managed registered investment company accounts

selected by the Portfolio Manager at the beginning of the deferral period. The amount deferred will depend on the Portfolio Manager&rsquo;s

total direct, indirect beneficial and deferred unvested investments in the Royce registered investment company accounts for which

he or she is receiving portfolio management compensation.</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></FONT></TD><TD STYLE="text-align: justify">FIRM-RELATED VARIABLE COMPENSATION. Each Portfolio Manager receives quarterly variable compensation

based on Royce&rsquo;s net revenues.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 14pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></FONT></TD><TD STYLE="text-align: justify">BENEFIT PACKAGE. Each Portfolio Manager also receives benefits standard for all Royce employees,

including health care and other insurance benefits, and participation in Royce&rsquo;s 401(k) Plan and Money Purchase Pension Plan.

From time to time, on a purely discretionary basis, Portfolio Managers may also receive options to acquire stock in Royce&rsquo;s

parent company, Legg Mason, Inc. Those options typically represent a relatively small portion of a Portfolio Manager&rsquo;s overall

compensation.</TD></TR></TABLE>



<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Charles M. Royce,

in addition to the above-described compensation, also receives variable compensation based on Royce&rsquo;s retained pre-tax operating

profit. This variable compensation, along with the Performance-Related Variable Compensation and Firm-Related Variable Compensation,

generally represents the most significant element of Mr. Royce&rsquo;s compensation. A portion of the above-described compensation

payable to Mr.&nbsp;Royce relates to his responsibilities as Royce&rsquo;s Chief Executive Officer, Co-Chief Investment Officer

and President of The Royce Funds.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Potential Conflicts of Interest</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Portfolio Manager&rsquo;s

day-to-day management responsibility for more than one client account may create actual, potential or only apparent conflicts of

interest. For example, the Portfolio Manager may have an opportunity to purchase securities of limited availability. In this circumstance,

the Portfolio Manager is expected to review each account&rsquo;s investment guidelines, restrictions, tax considerations, cash

balances, liquidity needs and other factors to determine the suitability of the investment for each account and to ensure that

his or her managed accounts are treated equitably. The Portfolio Manager may also decide to purchase or sell the same security

for multiple managed accounts at approximately the same time. To address any conflicts that this situation may create, the Portfolio

Manager will generally combine managed account orders (i.e., enter a &ldquo;bunched&rdquo; order) in an effort to obtain best execution

or a more favorable commission rate. In addition, if orders to buy or sell a security for multiple accounts managed by common Portfolio

Managers on the same day are executed at different prices or commission rates, the transactions will generally be allocated by

Royce to each of such managed accounts at </P>





<p align="center"><font face="times new roman" size="2">22</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">the weighted average execution price and commission. In circumstances where a pre-allocated

bunched order is not completely filled, each account will normally receive a pro-rated portion of the securities based upon the

account&rsquo;s level of participation in the order. Royce may under certain circumstances allocate securities in a manner other

than pro-rata if it determines that the allocation is fair and equitable under the circumstances and does not discriminate against

any account. See also, &ldquo;&mdash;Portfolio Transactions&rdquo; above.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As described above,

there is a revenue-based component of each Portfolio Manager&rsquo;s Performance-Related Variable Compensation and the Portfolio

Managers also receive Firm-Related Variable Compensation based on revenues (adjusted for certain imputed expenses) generated by

Royce. In addition, Charles M. Royce receives variable compensation based on Royce&rsquo;s retained pre-tax profits from operations.

As a result, the Portfolio Managers may receive a greater relative benefit from activities that increase the value to Royce of

the Funds and/or other Royce client accounts, including, but not limited to, increases in sales of The Royce Funds&rsquo; shares

and assets under management.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Also, as described

above, the Portfolio Managers generally manage more than one client account, including, among others, registered investment company

accounts, separate accounts and private pooled accounts managed on behalf of institutions (e.g., pension funds, endowments and

foundations) and for high-net-worth individuals. The appearance of a conflict of interest may arise where Royce has an incentive,

such as a performance-based management fee (or any other variation in the level of fees payable by Funds or other Royce client

accounts to Royce), which relates to the management of one or more Funds or accounts with respect to which the same Portfolio Manager

has day-to-day management responsibilities. Except as described below, no Royce Portfolio Manager&rsquo;s compensation is tied

to performance fees earned by Royce for the management of any one client account. Although variable and other compensation derived

from Royce revenues or profits is impacted to some extent, the impact is relatively minor given the small percentage of Royce firm

assets under management for which Royce receives performance-measured revenue. Notwithstanding the above, the Performance-Related

Variable Compensation paid to Charles M. Royce as Portfolio Manager of two registered investment company accounts (Value Trust

and Micro-Cap Trust) is based, in part, on performance-based fee revenues. Value Trust and Micro-Cap Trust pay Royce a fulcrum

fee that is adjusted up or down depending on the performance of the Fund relative to its benchmark index.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Finally, conflicts

of interest may arise when a Portfolio Manager personally buys, holds or sells securities held or to be purchased or sold for a

Fund or other Royce client account or personally buys, holds or sells the shares of one or more of The Royce Funds. To address

this, Royce has adopted a written Code of Ethics designed to prevent and detect personal trading activities that may interfere

or conflict with client interests (including Fund stockholders&rsquo; interests). See &ldquo;&mdash;Code of Ethics and Related

Matters&rdquo; above. Royce generally does not permit its Portfolio Managers to purchase small- or micro-cap securities in their

personal investment portfolios.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce and each of

the Funds have adopted certain compliance procedures which are designed to address the above-described types of conflicts. However,

there is no guarantee that such procedures will detect each and every situation in which a conflict arises.</P>

<p align="center"><font face="times new roman" size="2">23</font></p>

<br clear="all" style="page-break-before:always;">

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">INVESTMENT ADVISORY AND OTHER SERVICES</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Investment Management</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce serves as

the investment adviser to Value Trust and Global Trust pursuant to an Investment Advisory Agreement with each Fund (as defined

below in the section entitled &ldquo;&mdash;Investment Advisory Agreements&rdquo;). Royce (which term as used in this Combined

Prospectus/Proxy Statement includes its corporate predecessor), a Delaware limited liability company, is an investment advisory

firm whose predecessor was organized in February&nbsp;1967. Royce is registered as an investment adviser under the Investment Advisers

Act of 1940, as amended. Royce became investment adviser of Value Trust in November&nbsp;1986, when Value Trust commenced operations.

The Board of Directors of Global Trust, including all of the Directors who are not &ldquo;interested persons&rdquo; of the Fund

under the 1940 Act, approved Royce as the investment adviser of Global Trust in February, 2011. Royce also serves as investment

adviser to other management investment companies and institutional accounts. As of March 31, 2013, Royce managed approximately

$37&nbsp;billion in assets for Value Trust and other client accounts. Royce&rsquo;s principal business address is 745 Fifth Avenue,

New York, NY 10151.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">On October&nbsp;1,

2001, Royce became an indirect wholly-owned subsidiary of Legg Mason. On March&nbsp;31, 2002, Royce&rsquo;s corporate predecessor

was merged into Royce Holdings, LLC (a wholly-owned subsidiary of Legg Mason), which then changed its name to Royce &amp; Associates,

LLC. As a result of this merger, Royce &amp; Associates, LLC became Value Trust&rsquo;s investment adviser and a direct wholly-owned

subsidiary of Legg Mason. Founded in 1899, Legg Mason is a publicly-held financial services company primarily engaged in providing

asset management, securities brokerage, investment banking and related financial services through its subsidiaries. As of March&nbsp;31,

2013, Legg Mason&rsquo;s asset management subsidiaries had aggregate assets under management of approximately $665&nbsp;billion.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Under each of the

Value Trust Charter and the Global Trust Charter, and Maryland law, each Fund&rsquo;s business and affairs are managed under the

direction of its Board of Directors. Investment decisions for the Fund are made by Royce, subject to any direction it may receive

from the Fund&rsquo;s Board of Directors, which periodically reviews the Funds&rsquo; investment performance.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Investment Advisory Agreements</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 00pt; text-align: justify; text-indent: 0.5in">Under the Investment

Advisory Agreement between Value Trust and Royce dated October&nbsp;1, 2001 (the &ldquo;Value Trust Investment Advisory Agreement&rdquo;),

and the Investment Advisory Agreement between Global Trust and Royce dated June 26, 2013 (the &ldquo;Global Trust Investment Advisory

Agreement,&rdquo; and together with the Value Trust Investment Advisory Agreement, the &ldquo;Investment Advisory Agreements&rdquo;),

Royce (i)&nbsp;determines the composition of each Fund&rsquo;s portfolio, the nature and timing of the changes in it and the manner

of implementing such changes, subject to any directions it may receive from the applicable Fund&rsquo;s Board of Directors; (ii)&nbsp;provides

each Fund with investment advisory, research and related services for the investment of its assets; and (iii)&nbsp;pays expenses

incurred in performing its investment advisory duties under the Investment Advisory Agreements.</P>

<p align="center"><font face="times new roman" size="2">24</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->





<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Fund pays all

administrative and other costs and expenses attributable to its operations and transactions, including, without limitation, transfer

agent and custodian fees; legal, administrative and clerical services; rent for its office space and facilities; auditing; preparation,

printing and distribution of its prospectuses, proxy statements, shareholder reports and notices; supplies and postage; Federal

and state registration fees; Federal, state and local taxes; non-affiliated directors&rsquo; fees; and brokerage commissions. Please

see the section of this SAI entitled, &ldquo;Administration Agreement&rdquo; for more information.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Pursuant to its

terms, the Value Trust Investment Advisory Agreement had, and the Global Trust Investment Advisory Agreement will have, an initial

term of two years, and each continues from year to year thereafter if approved annually (i)&nbsp;by the respective Board or by

the holders of a majority of its outstanding voting securities and (ii)&nbsp;by a majority of the Directors who are not &ldquo;interested

persons&rdquo; (as defined in the 1940 Act) of any party to an Investment Advisory Agreement, by vote cast in person at a meeting

called for the purpose of voting on such approval. Each Investment Advisory Agreement may be terminated by the respective Fund

at any time, without penalty, on 60&nbsp;days&rsquo; written notice, and will automatically terminate in the event of its &ldquo;assignment&rdquo;

(as defined in the 1940 Act).</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Advisory Fee</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Value Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As compensation

for its services under the Value Trust Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee (&ldquo;Basic

Fee&rdquo;) and an adjustment to the Basic Fee based on the investment performance of the Fund in relation to the investment record

of the S&amp;P 600.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The Basic Fee is

a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&rsquo;s month-end net assets applicable

to common stockholders, plus the liquidation value of preferred stock, for the rolling 60-month period ending with such month (the

&ldquo;performance period&rdquo;). The Basic 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 the Fund exceeds, or is exceeded by, the percentage change in the investment

record of the S&amp;P 600 for the performance period by more than two percentage points. The performance period for each such month

is a rolling 60-month period ending with such month. The maximum increase or decrease in the Basic Fee for any month may not exceed

1/12 of 0.5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for performance is 1/12 of 1.5% and is payable

if the investment performance of the Fund exceeds the percentage change in the investment record of the S&amp;P 600 by 12 or more

percentage points for the performance period, and the minimum monthly fee rate as adjusted for performance is 1/12 of 0.5% and

is payable if the percentage change in the investment record of the S&amp;P 600 exceeds the investment performance of the Fund

by 12 or more percentage points for the performance period. As a result, the actual investment advisory fee rate may at times be

greater than the fee rate paid by many other funds.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Notwithstanding

the foregoing, Royce is not entitled to receive any fee for any month when the investment performance of the Fund for the rolling

36-month period ending with such month is negative. In the event that the Fund&rsquo;s investment performance for such a performance period is less than zero, Royce will not be required to refund to the Fund any fee earned in respect of any prior performance period.</P>





<p align="center"><font face="times new roman" size="2">25</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Royce has voluntarily

committed to waive the portion of its investment advisory fee attributable to an issue of the Fund&rsquo;s preferred stock for

any month in which the Fund&rsquo;s average annual NAV total return since issuance of the preferred stock fails to exceed the applicable

preferred stock&rsquo;s dividend rate.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For the twelve rolling

60-month periods in 2012, Value Trust&rsquo;s investment performance ranged from 12% to 24% below the investment performance of

the S&amp;P 600. Accordingly, the net investment advisory fee consisted of a Basic Fee of $11,677,855 and a net downward adjustment

of $5,838,926 for the performance of the Fund relative to that of the S&amp;P 600. Additionally, Royce voluntarily waived a portion

of its investment advisory fee ($50,000) attributable to Value Trust Preferred Stock for those months in which the Fund&rsquo;s

average annual NAV total return failed to exceed Value Trust Preferred Stock&rsquo;s dividend rate. For the year ended December&nbsp;31,

2012, Value Trust accrued and paid Royce investment advisory fees totaling $5,788,929.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following table

illustrates, on an annualized basis, the full range of permitted increases or decreases to the Basic Fee.</P>



<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">

<TR STYLE="vertical-align: bottom">

    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 20pt; font-weight: bold; text-align: center">Difference between Performance <BR>

of Fund and&nbsp; % Change in<br>S&amp;P 600 Record</TD>

    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Adjustment to 1% Basic Fee</TD>

    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-weight: bold; text-align: center">Fees as Adjusted</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+12 or more</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.50%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.50%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+11</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.45%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.45%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+10</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.40%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.40%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+9</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.35%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.35%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+8</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.30%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.30%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+7</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.25%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.25%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+6</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.20%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.20%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+5</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.15%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.15%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+4</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.10%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.10%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+3</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">+0.05%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.05%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">+/-2</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.00%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">1.00%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-3</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.05%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.95%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-4</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.10%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.90%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-5</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.15%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.85%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-6</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.20%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.80%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-7</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.25%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.75%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-8</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.30%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.70%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-9</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.35%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.65%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-10</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.40%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.60%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-11</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.45%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.55%</TD></TR>

<TR STYLE="vertical-align: top">

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 60pt; text-align: left">-12 or less</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">-0.50%</TD>

    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">0.50%</TD></TR>

</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 6pt">&nbsp;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In calculating the

investment performance of Value Trust and the percentage change in the investment record of the S&amp;P 600, all dividends paid

from investment income and other distributions of realized capital gains during the performance period are treated as having been

reinvested at net asset value on the record date for the payment of such dividends and </P>





<p align="center"><font face="times new roman" size="2">26</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">distributions, and no effect is given to

gain or loss resulting from capital share transactions of the Fund. Fractions of a percentage point are rounded to the nearest

whole point (to the higher whole point if exactly one-half).</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Because Royce&rsquo;s

fee is partially based on the average net assets of the Fund (including assets obtained from the sale of preferred stock), Royce

has generally benefited from the Fund&rsquo;s issuance of preferred stock.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For each of the

three years ended December&nbsp;31, 2010, 2011 and 2012, as applicable, Royce received advisory fees from Value Trust (net of any

amounts waived by Royce): $999,933, $9,250,388 and $5,788,929, respectively.</P>



<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 12pt 0.5in">Global Trust</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As compensation

for its services under the Global Trust Investment Advisory Agreement, Global Trust will pay Royce a monthly fee equal to 1/12

of 1.25% (1.25% on an annualized basis) of the average net assets of the Fund for each month during the term of the investment

advisory agreement. The net assets of the Fund shall be computed by subtracting the amount of any indebtedness and other liabilities

of the Fund from the value of the total assets of the Fund, and the liquidation preference of and any potential redemption premium

for any preferred stock of the Fund that may hereafter be issued and outstanding shall not be treated as an indebtedness or other

liability of the Fund for this purpose.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Because the fee

is computed based on the Fund&rsquo;s net assets and not on its total assets, Royce will not receive any fee in respect of those

assets of the Fund equal to the aggregate unpaid principal amount of any indebtedness of the Fund. However, because preferred stock

is a form of equity for these purposes, Royce will receive a fee in respect of any assets of the Fund equal to the initial liquidation

preference of and any potential redemption premium for any preferred stock that may be issued and sold by the Fund.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Because Royce&rsquo;s

fee is based on the average net assets of the Fund (including net assets applicable to both Global Trust Common Stock and Global

Trust Preferred Stock), Royce would generally benefit from the Fund&rsquo;s issuance of preferred stock.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Custodian</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">State Street Bank

and Trust Company (&ldquo;State Street&rdquo;) is the custodian for the securities, cash and other assets of each Fund but it does

not participate in either Fund&rsquo;s investment decisions. Each Fund has authorized State Street to deposit certain domestic

and foreign portfolio securities in several central depository systems and to use foreign sub-custodians for certain foreign portfolio

securities, as allowed by Federal law. State Street&rsquo;s main office is at John Adams Building, 2 North, 1776 Heritage Drive,

North Quincy, MA 02171.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">State Street is

responsible for calculating each Fund&rsquo;s daily net asset value per share and for maintaining its portfolio and general accounting

records and also provides certain shareholder services.</P>

<p align="center"><font face="times new roman" size="2">27</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Transfer Agent</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Computershare Trust

Company, N.A., PO Box 43010, Providence, RI 02940-3010, is the transfer agent, dividend-paying agent and registrar for each Fund&rsquo;s

shares, but it does not participate in either Fund&rsquo;s investment decisions.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">ADMINISTRATION AGREEMENT</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Effective January&nbsp;1,

2008, Value Trust and Royce entered into an administration agreement (the &ldquo;Value Trust Administration Agreement&rdquo;).

Global Trust and Royce also have entered into an administration agreement (the &ldquo;Global Trust Administration Agreement,&rdquo;

and together with the Value Trust Administration Agreement the &ldquo;Administration Agreements&rdquo;). Under the terms of the

Administration Agreements, Royce provides the Funds with, among other things, administrative, professional, compliance and clerical

services; necessary personnel, office space and facilities and equipment; preparation of its prospectuses, statements of additional

information and proxy statements, shareholders&rsquo; reports and notices and other reports and filings made to and with the Commission

and/or other regulators; administering shareholder accounts, handling shareholder relations and such other services as Royce, subject

to the Funds&rsquo; Board of Directors, shall from time to time determine to be necessary or useful to perform its obligations

under the terms of the Administration Agreement. Royce also, on behalf of the Funds, conducts relations with custodians, depositories,

transfer agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers

and dealers, corporate fiduciaries, insurers, banks and other such persons in any such other capacity deemed to be necessary or

desirable. Royce does not receive a fee under the terms of either Administration Agreement but rather is reimbursed by the Funds

on a monthly, or more frequent basis, for any and all costs and expenses that it may incur in providing services under the Administration

Agreement, including, without limitation, the costs and expenses relating to necessary personnel, rent, telephone, technology and

supplies. In accordance with the Value Trust Administration Agreement, for the fiscal years ended December&nbsp;31, 2012, December&nbsp;31,

2011, and December&nbsp;31, 2010, Royce received $154,393, $158,114 and $142,721, respectively, in reimbursements from Value Trust.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center">TAXATION</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The following discussion

summarizes certain U.S. federal income tax considerations affecting Value Trust and Global Trust and each of their stockholders.

The discussion is based on the tax laws of the United States and the interpretations thereof, in effect on the date of this SAI.

Such tax laws are subject to change and to new interpretations by the courts and the Internal Revenue Service (the &ldquo;IRS&rdquo;)

and such changes and new interpretations can apply retroactively. No attempt is made to present a detailed explanation of all U.S.

federal, state, local and foreign tax concerns affecting Value Trust, Global Trust and their stockholders and this discussions

does not constitute tax advice. Investors are urged to consult their tax advisers to determine the tax consequences to them of

investing in Value Trust and Global Trust in their particular circumstances.</P>

<p align="center"><font face="times new roman" size="2">28</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Taxation of a Fund</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0pt; text-align: justify; text-indent: 0.5in">Value Trust has

qualified and intends to continue to qualify, as a regulated investment company (a &ldquo;RIC&rdquo;) under Subchapter M of the

Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;). Global Trust intends to elect to and qualify as a RIC. To qualify

and remain qualified as a RIC, each Fund must, among other conditions, (i) derive in each taxable year at least 90% of its gross

income from (a) dividends, interest (including tax-exempt interest), payments with respect to securities loans, and gains from

the sale or other disposition of stock, securities or foreign currencies, or other income (including but not limited to gain from

options, futures and forward contracts) derived with respect to its business of investing in such stock, securities or currencies

and (b) net income derived from interests in certain &ldquo;publicly traded partnerships&rdquo; (as defined under the Code) that

derive less than 90% of their gross income from the items described in (a) above (each a &ldquo;Qualified Publicly Traded Partnership&rdquo;);

and (ii) diversify its assets so that, at the end of each quarter of each taxable year (a) at least 50% of the value of its total

assets consists of cash and cash items, U.S. government securities, the securities of other RICs and other securities, with such

other securities limited, in respect of any one issuer, to an amount not greater than 5% of the value of a fund&rsquo;s total assets

and not more than 10% of the outstanding voting securities of such issuer and (b) not more than 25% of the value of a fund&rsquo;s

total assets is invested in the securities of (I) any one issuer (other than U.S. government securities and the securities of other

RICs), (II) any two or more issuers in which a fund owns more than 20% or more of the voting securities and that are determined

to be engaged in the same business or similar or related trades or businesses or (III) any one or more Qualified Publicly Traded

Partnerships.</P>


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 12 0 12pt; text-align: justify; text-indent: 0.5in">If a RIC fails a

gross income test for any taxable year, it nevertheless may qualify as a RIC for the year if it is entitled to relief under certain

savings provisions of the Code and pays a penalty tax. The savings provisions generally will be available if (i) after the RIC

identifies such failure, it files a schedule describing each item of gross income for such taxable year that fails the gross income

tests, and (ii) the RIC&rsquo;s failure to meet the test was due to reasonable cause and not due to willful neglect. The penalty

tax equals the amount (if any) by which the gross income that fails the RIC gross income test exceeds 1/9 of the RIC gross income

that satisfies the RIC gross income test.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Similarly, if a

RIC fails to meet an asset test, the RIC will not lose its RIC status if (i) once the RIC identifies the failure, the RIC describes

each asset that caused the failure in a schedule filed with the IRS; (ii) the failure is due to reasonable cause and not willful

neglect; (iii) within six months of the close of the quarter in which the RIC identifies the failure, the RIC either disposes of

the asset or otherwise passes the asset test; and (iv) unless the failure is a &ldquo;de minimis&rdquo; failure, the RIC pays a

tax in an amount equal to the greater of (a) $50,000, or (b) the amount equal to the product of (I) the net income generated by

the non-qualifying assets, and (II) the highest rate of corporate income tax. A failure of the assets tests is &ldquo;de minimis&rdquo;

if the total value of the non-qualifying assets does not exceed the lesser of (i) 1% of the total value of the RIC&rsquo;s assets,

and (ii) $10,000,000.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If Value Trust or

Global Trust invests in any partnership, including a Qualified Publicly Traded Partnership, it may subject that Fund to state,

local, or foreign income, franchise or withholding tax liabilities.</P>

<p align="center"><font face="times new roman" size="2">29</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As a RIC, each Fund

generally will not be subject to U.S. federal income tax on its income and gains provided that for each taxable year it distributes

to stockholders an amount equal to at least 90% of the sum of its (i) investment company taxable income (which includes dividends,

interest and the excess of any net short-term capital gain over net long-term capital loss and other taxable income, other than

any net long-term capital gain, reduced by deductible expenses) determined without regard to the deduction for dividends paid and

(ii) its net tax-exempt interest (the excess of its gross tax-exempt interest over certain disallowed deductions). Each fund intends

to distribute at least annually substantially all of such income.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Amounts not distributed

on a timely basis in accordance with a calendar year distribution requirement are subject to a nondeductible 4% excise tax at the

Fund level. To avoid the tax, each of Value Trust and Global Trust must or will, as the case may be, distribute during each calendar

year an amount at least equal to the sum of (i) 98% of its ordinary income (not taking into account any capital gain or loss) for

the calendar year, (ii) 98.2% of its capital gain in excess of its capital loss (adjusted for certain ordinary losses) for a one-year

period generally ending on October 31 of the calendar year (unless an election is made to use the Fund&rsquo;s fiscal year), and

(iii) certain undistributed amounts from previous years on which the Fund paid no federal income tax. While each Fund intends to

distribute any income and capital gain in the manner necessary to minimize imposition of the 4% excise tax, there can be no assurance

that sufficient amounts of the Fund&rsquo;s taxable income and capital gain will be distributed to avoid entirely the imposition

of the tax. In that event, each Fund will be liable for the tax only on the amount by which it fails to meet these distribution

requirements.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A distribution will

be treated as paid by a Fund during the calendar year if it is (i) paid during the calendar year or (ii) declared by the Fund in

October, November or December of the year, payable to its stockholders of record on a date during such a month and paid by the

Fund during January of the following year. Any such distributions paid during January of the following year will be deemed to be

received no later than December 31 of the year the distributions are declared, rather than when the distributions are paid.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a Fund were unable

to satisfy the 90% distribution requirement or, notwithstanding the savings provisions of the Code, otherwise were to fail to qualify

as a RIC in any year, it would be taxed in the same manner as an ordinary corporation and distributions to the Fund&rsquo;s stockholders

would not be deductible by the Fund in computing its taxable income. To re-qualify to be taxed as a RIC in a subsequent year, a

Fund would be required to distribute to its stockholders its earnings and profits attributable to its non-RIC years. In addition,

if a Fund failed to qualify as a RIC for a period greater than two taxable years, it would be required to elect to recognize and

pay tax on any net built-in gain (the excess of aggregate gain, including items of income, over aggregate loss that would have

been realized if the Fund had been liquidated) or, alternatively, be subject to taxation on such built-in gain recognized for a

period of ten years, in order to qualify as a RIC in a subsequent year.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Gain or loss on

the sales of securities by each Fund will generally be long-term capital gain or loss if the securities have been held by the Fund

for more than one year. Gain or loss on the sale of securities held for one year or less will be short-term capital gain or loss.</P>

<p align="center"><font face="times new roman" size="2">30</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Foreign currency

gain or loss on non-U.S. dollar-denominated securities and on any non-U.S. dollar-denominated futures contracts, options and forward

contracts that are not section 1256 contracts (as defined below) generally will be treated as ordinary income and loss.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Investments by either

Value Trust or Global Trust in certain &ldquo;passive foreign investment companies&rdquo; (&ldquo;PFICs&rdquo;) could subject the

Fund to federal income tax (including interest charges) on certain distributions or dispositions with respect to those investments

that cannot be eliminated by making distributions to stockholders. Elections may be available to a Fund to mitigate the effect

of this tax provided that the PFIC complies with certain reporting requirements, but such elections generally accelerate the recognition

of income without the receipt of cash. Dividends paid by PFICs will not qualify for the reduced tax rates discussed below under

&ldquo;Taxation of Stockholders.&rdquo;</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Each Fund may invest

in debt obligations purchased at a discount with the result that each Fund may be required to accrue income for U.S. federal income

tax purposes before amounts due under the obligations are paid. Each Fund may also invest in securities rated in the medium to

lower rating categories of nationally recognized rating organizations, and in unrated securities (&ldquo;high yield securities&rdquo;).

A portion of the interest payments on such high yield securities may be treated as dividends for certain U.S. federal income tax

purposes.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">As a result of investing

in stock of PFICs or securities purchased at a discount or any other investment that produces income that is not matched by a contemporaneous

cash distribution, a Fund could be required to include in taxable income amounts it has not yet received. Any such income would

be treated as income earned by each Fund and therefore would be subject to the distribution requirements of the Code. This might

prevent a Fund from distributing an amount equal to 90% of its investment company taxable income as is required in order to avoid

fund-level federal income taxation on all of its income, or might prevent a Fund from distributing enough ordinary income and capital

gain net income to avoid completely the imposition of the excise tax. To avoid this result, a Fund may be required to borrow money,

or dispose of securities it would rather retain, in order to be able to make distributions to its stockholders.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If either of Value

Trust or Global Trust does not meet the asset coverage requirements of the 1940 Act and, in the case of Value Trust, the Articles

Supplementary, the Fund will be required to suspend distributions to the holders of common shares until the asset coverage is restored.

Such a suspension of distributions might prevent the Fund from distributing 90% of its investment company taxable income as is

required in order to avoid fund-level federal income taxation on all of its income, or might prevent the Fund from distributing

enough income and capital gain net income to avoid completely imposition of the excise tax.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Certain of the Funds&rsquo;

investment practices are subject to special and complex U.S. federal income tax provisions that may, among other effects, (i) disallow,

suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert lower taxed long-term capital gains into

higher taxed short-term capital gains or ordinary income, (iii) convert ordinary loss or a deduction into capital loss (the deductibility

of which is more limited), (iv) cause a Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely

change the date on which a purchase or sale of stock or securities is deemed to occur, (vi) adversely change the </P>





<p align="center"><font face="times new roman" size="2">31</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in">

characterization

of certain complex financial transactions and (vii) produce income that will not qualify as good income for purposes of the 90%

annual gross income test described above. Each of Value Trust and Global Trust will monitor its transactions and may make certain

tax elections to mitigate the effect of these rules and prevent disqualification of the Fund as a RIC.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Foreign Taxes</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Since each of Value

Trust and Global Trust may invest in foreign securities, income from such securities may be subject to non-U.S. taxes. Each Fund

expects to invest less than 50% of its total assets in foreign securities. As long as a Fund continues to invest less than 50%

of its assets in foreign securities, its stockholders will be unable to claim the foreign tax deduction or foreign tax credit with

respect to certain foreign taxes paid by the Fund.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Taxation of Stockholders</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust and

Global Trust each will determine either to distribute or to retain for reinvestment all or part of its net capital gain. Any such

gain retained by a Fund will be subject to a 35% tax. In that event, each Fund expects to designate the retained amount as undistributed

capital gain in a notice to its stockholders, each of whom (i) will be required to include in income for tax purposes as long-term

capital gain its share of such undistributed amounts, (ii) will be entitled to credit its proportionate share of the tax paid by

each Fund against its federal income tax liability and to claim refunds to the extent that the credit exceeds such liability and

(iii) will increase its basis in its shares of the Fund by an amount equal to 65% of the amount of undistributed capital gain included

in such stockholder&rsquo;s gross income.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Distributions paid

by each Fund from its investment company taxable income, which includes net short-term capital gain, generally are taxable as ordinary

income to the extent of the distributing Fund&rsquo;s earnings and profits. Such distributions, if reported by the distributing

Fund in a written statement furnished to its stockholders, may, however, qualify (provided holding period and other requirements

are met by the distributing Fund and its stockholders) (i) for the dividends received deduction available to corporations, but

only to the extent that the distributing Fund&rsquo;s income consists of dividend income from U.S. corporations and (ii) as qualified

dividend income eligible for the reduced maximum federal tax rate available to individuals (a maximum rate of 15% for individuals

with no more than $400,000 of income ($450,000 if married filing jointly) and 20% for any portion of dividend income that exceeds

those amounts) but only to the extent that the distributing Fund receives qualified dividend income. Qualified dividend income

is, in general, dividend income from taxable domestic corporations and certain qualified foreign corporations (for example, foreign

corporations incorporated in a possession of the United States or in certain countries with a qualifying comprehensive tax treaty

with the United States, or whose shares with respect to which such dividend is paid is readily tradable on an established securities

market in the United States). A qualified foreign corporation does not include a foreign corporation which for the taxable year

of the corporation in which the dividend was paid, or the preceding taxable year, is a &ldquo;passive foreign investment company,&rdquo;

as defined in the Code. If either of Value Trust or Global Trust engages in certain securities lending transactions, the amount

received by the Fund that is the equivalent of the dividends paid by the issuer on the securities loaned will not be eligible for

qualified dividend income treatment.</P>

<p align="center"><font face="times new roman" size="2">32</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Distributions of

net capital gain (if any) reported as capital gain distributions in written statements furnished to a stockholder are taxable at

rates applicable to long-term capital gain, whether paid in cash or in shares, and regardless of how long the stockholder has held

its Fund shares. Capital gain distributions are not eligible for the dividends received deduction. The maximum federal tax rate

on net long-term capital gain of individuals is 15% for individuals with no more than $400,000 of income ($450,000 if married filing

jointly) and 20% for any portion of net long-term capital gain that exceeds those amounts). Distributions in excess of a distributing

Fund&rsquo;s earnings and profits will first reduce the adjusted tax basis of a holder&rsquo;s shares and, after such adjusted

tax basis is reduced to zero, will constitute capital gain to such holder (assuming the shares are held as a capital asset). For

non-corporate taxpayers, investment company taxable income (other than qualified dividend income) will be taxable at a maximum

rate of 39.6%. For corporate taxpayers, both investment company taxable income and net capital gain are taxed at a maximum rate

of 35%.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If an individual

receives a dividend that is eligible for qualified dividend income treatment, and such dividend constitutes an &ldquo;extraordinary

dividend,&rdquo; then any loss on the sale or exchange of the Fund shares in respect of which the extraordinary dividend was paid,

will be long-term capital loss to the extent of such extraordinary dividend. An &ldquo;extraordinary dividend&rdquo; for this purpose

is generally a dividend (i) in an amount greater than or equal to 10% or 5% of the taxpayer&rsquo;s tax basis (or trading value)

in a share of common stock or preferred stock, respectively, aggregating dividends with ex-dividend dates within an 85-day period

or (ii) in an amount greater than 20% of the taxpayer&rsquo;s tax basis (or trading value) in a share of common or preferred stock,

aggregating dividends with ex-dividend dates within a 365-day period.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The IRS requires

a RIC that has two or more classes of stock to allocate to each such class proportionate amounts of each type of the RIC&rsquo;s

income (such as ordinary income, capital gains, dividends qualifying for the dividends received deduction (&ldquo;DRD&rdquo;) and

qualified dividend income) based upon the percentage of total dividends paid out of current or accumulated earnings and profits

to each class for the taxable year. Accordingly, Value Trust and Global Trust each intends for each taxable year to allocate its

capital gain dividends, dividends qualifying for the DRD and dividends that constitute qualified dividend income (if any) between

its common stock and preferred stock in proportion to the total dividends paid out of current or accumulated earnings and profits

to each class with respect to such taxable year. Distributions in excess of Value Trust&rsquo;s and Global Trust&rsquo;s current

and accumulated earnings and profits, if any, however, will not be allocated proportionately between the common stock and preferred

stock. Since each of Value Trust&rsquo;s and Global Trust&rsquo;s current and accumulated earnings and profits will first be used

to pay dividends on its preferred stock, if any, distributions in excess of such earnings and profits (if any) will be made disproportionately

to holders of such Fund&rsquo;s common stock.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Stockholders may

be entitled to offset their capital gain distributions (but not distributions eligible for qualified dividend income treatment)

with capital loss. There are a number of statutory provisions affecting whether capital loss may be offset against capital gain,

and limiting the use of loss from certain investments and activities. Stockholders with capital loss are urged to consult their

tax advisers on such limitations.</P>

<p align="center"><font face="times new roman" size="2">33</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">The price of stock

purchased at any time may reflect the amount of a forthcoming distribution. Those purchasing stock just prior to a distribution

will receive a distribution which will be taxable to them even though it represents in part a return of invested capital.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Certain types of

income received by Value Trust or Global Trust from real estate investment trusts (&ldquo;REITs&rdquo;), real estate mortgage investment

conduits (&ldquo;REMICs&rdquo;), taxable mortgage pools or other investments may cause the Fund to report some or all of its distributions

as &ldquo;excess inclusion income.&rdquo; To Fund stockholders such excess inclusion income may (1) constitute taxable income,

as &ldquo;unrelated business taxable income&rdquo; (&ldquo;UBTI&rdquo;) for those stockholders who would otherwise be tax-exempt

such as individual retirement accounts, 401(k) accounts, Keogh plans, pension plans and certain charitable entities; (2) not be

offset against net operating losses for tax purposes; (3) not be eligible for reduced U.S. withholding for non-U.S. stockholders

even from tax treaty countries; and (4) cause a Fund to be subject to tax if certain &ldquo;disqualified organizations&rdquo; as

defined by the Code are Fund stockholders.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Upon a sale, exchange,

redemption or other disposition of stock, a stockholder will generally realize a taxable gain or loss equal to the difference between

the amount of cash and the fair market value of other property received and the stockholder&rsquo;s adjusted tax basis in the stock.

Such gain or loss will be treated as long-term capital gain or loss if the shares have been held for more than one year. Any loss

realized on a sale or exchange will be disallowed to the extent the shares disposed of are replaced by substantially identical

shares within a 61-day period beginning 30 days before and ending 30 days after the date that the shares are disposed of. In such

a case, the basis of the shares acquired will be adjusted to reflect the disallowed loss.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Any loss realized

by a stockholder on the sale of Value Trust or Global Trust shares held by the stockholder for six months or less will be treated

for tax purposes as a long-term capital loss to the extent of any capital gain distributions received by the stockholder (or amounts

credited to the stockholder as an undistributed capital gain) with respect to such shares.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Ordinary income

distributions and capital gain distributions also may be subject to state and local taxes. Stockholders are urged to consult their

tax advisers regarding specific questions about federal (including the application of the alternative minimum tax rules), state,

local or foreign tax consequences to them of investing in Value Trust or Global Trust.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Stockholders will

be furnished, if appropriate, various written statements after the close of each of Value Trust and Global Trust&rsquo;s taxable

years reporting the U.S. federal income tax status of certain dividends, distributions and deemed distributions that were paid

(or that are treated as having been paid) by each Fund to its stockholders during the preceding taxable year.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">If a stockholder

recognizes a loss with respect to Value Trust or Global Trust&rsquo;s shares of $2 million or more for an individual stockholder

or $10 million or more for a corporate stockholder, the stockholder must file with the IRS a disclosure statement on Form 8886.

Direct stockholders of portfolio securities are in many cases exempted from this reporting requirement, but under current guidance,

stockholders of a regulated investment company are not exempted. The fact that a loss is reportable under these regulations does

not affect the legal determination of whether the taxpayer&rsquo;s treatment of the loss is proper. Stockholders are encouraged

to consult their tax advisers to determine the applicability of these regulations in light of their individual circumstances.</P>

<p align="center"><font face="times new roman" size="2">34</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Dividends paid or

distributions made by Value Trust or Global Trust to stockholders who are non-resident aliens or foreign entities (&ldquo;foreign

investors&rdquo;) are generally subject to withholding tax at a 30% rate or a reduced rate specified by an applicable income tax

treaty to the extent derived from investment income and short-term capital gains. In order to obtain a reduced rate of withholding,

a foreign investor will be required to provide an IRS Form W-8BEN certifying its entitlement to benefits under a treaty. The withholding

tax does not apply to regular dividends paid or distributions made to a foreign investor who provides a Form W-8ECI, certifying

that the dividends or distributions are effectively connected with the foreign investor&rsquo;s conduct of a trade or business

within the United States. Instead, the effectively connected dividends or distributions will be subject to regular U.S. income

tax as if the foreign investor were a U.S. stockholder. A non-U.S. corporation receiving effectively connected dividends or distributions

may also be subject to additional &ldquo;branch profits tax&rdquo; imposed at a rate of 30% (or lower treaty rate). A foreign investor

who fails to provide an IRS Form W-8BEN or other applicable form may be subject to backup withholding at the appropriate rate.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">In general, United

States federal withholding tax will not apply to any gain or income realized by a foreign investor in respect of any distributions

of net long-term capital gains over net short-term capital losses, exempt-interest dividends, or upon the sale or other disposition

of shares of Value Trust or Global Trust.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">For taxable years

of a Fund beginning before January 1, 2014, properly-reported dividends or distributions are generally exempt from United States

federal withholding tax if they (i) are paid in respect of a Fund&rsquo;s &ldquo;qualified net interest income&rdquo; (generally,

the Fund&rsquo;s U.S. source interest income other than certain contingent interest and interest from obligations of a corporation

or partnership in which the Fund is a 10% or greater stockholder, reduced by expenses that are allocable to such income) or (ii)

are paid in respect of the Fund&rsquo;s &ldquo;qualified short-term capital gains&rdquo; (generally, the excess of a Fund&rsquo;s

net short-term capital gain over its long-term capital loss for such taxable year). Depending on its circumstances, however, Value

Trust or Global Trust may report its potentially eligible dividends or distributions as a combination of qualified net interest

income, qualified short-term capital gains, and income not qualifying for this withholding exemption. In order to qualify for this

exemption from withholding, a foreign investor will need to comply with applicable certification requirements relating to its non-U.S.

status (including, in general, furnishing an IRS Form W-8BEN or substitute Form to the Fund). In the case of shares held through

an intermediary, the intermediary may withhold even if Value Trust or Global Trust reports the payment as qualified net interest

income or qualified short-term capital gain. Foreign investors should contact their intermediaries with respect to the application

of these rules to their accounts.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Backup Withholding</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Value Trust and

Global Trust each may be required to withhold U.S. federal income tax on all taxable distributions and redemption proceeds payable

to non-corporate stockholders who fail to provide the Fund with their correct taxpayer identification number or to make required

certifications, or who have been notified by the IRS that they are subject to backup withholding.</P>





<p align="center"><font face="times new roman" size="2">35</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->







<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in"> Backup withholding is not an

additional tax. Any amounts withheld may be refunded or credited against such stockholder&rsquo;s U.S. federal income tax liability,

if any, provided that the required information is furnished to the IRS.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Tax on Net Investment Income</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A new 3.8% tax is

imposed on certain U.S. stockholders that are individuals, estates or trusts with incomes exceeding certain thresholds. This new

tax applies to dividends on and gain from the disposition of each Fund&rsquo;s shares.</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">Foreign Account Tax Compliance Act</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">A 30% withholding

tax may be imposed on dividends paid after December 31, 2013 and sales proceeds received after December 31, 2016 to (i) certain

foreign financial institutions and investment funds, and (ii) certain other foreign entities. To avoid withholding, foreign financial

institutions and investment funds will generally need to either (a) collect and report to the IRS detailed information identifying

their U.S. accounts and U.S. account holders, comply with due diligence procedures for identifying U.S. accounts and withhold tax

on certain payments made to noncomplying foreign entities and account holders or (b) if an intergovernmental agreement is entered

into and implementing legislation is adopted, comply with the agreement and legislation. Other foreign entities will generally

need to either provide detailed information identifying each substantial U.S. owner or certify there are no such owners.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in">Stockholders and

prospective investors are encouraged to consult their tax advisers regarding the possible implications of this recently enacted

legislation on their investment in the Funds&rsquo; common stock.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0.5in"><B>The foregoing

is a general summary of the provisions of the Code and Treasury regulations presently in effect. For the complete provisions, reference

should be made to the pertinent Code sections and the Treasury regulations promulgated thereunder. The Code and the Treasury regulations

are subject to change by legislative, judicial or administrative action, and any change can apply retroactively. Stockholders and

prospective investors are encouraged to consult their tax advisers regarding the purchase, ownership and disposition of shares

of common stock of the Funds.</B></P>



<p align="center"><font face="times new roman" size="2">36</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->


<div><font face="Times New Roman" size="2"><b>REPORT OF INDEPENDENT REGISTERED PUBLIC

 ACCOUNTING FIRM<br></b></font></div>

<p><font face="Times New Roman" size="2"><b>To the Board of Directors</b><br><b>The Royce Funds</b><br><b>Royce Global Value Trust, Inc.</b></font></p>

<p align="justify"><font face="Times New Roman" size="2">We have audited the accompanying statement

 of assets and liabilities of Royce Global Value Trust, Inc. as of June 19, 2013.

 This financial statement is the responsibility of the Fund&#146;s management. Our

 responsibility is to express an opinion on this financial statement based on our

 audit.</font></p>

<p align="justify"><font face="Times New Roman" size="2">We conducted our audit in accordance with

 the standards of the Public Company Accounting Oversight Board (United States).

 Those standards require that we plan and perform the audit to obtain reasonable

 assurance about whether the financial statement is free of material misstatement.

 The Fund is not required to have, nor were we engaged to perform an audit of its

 internal control over financial reporting. Our audit included consideration of internal

 control over financial reporting as a basis for designing audit procedures that

 are appropriate in the circumstances, but not for the purpose of expressing an opinion

 on the effectiveness of the Fund&#146;s internal control over financial reporting.

 Accordingly, we express no such opinion. An audit includes examining, on a test

 basis, evidence supporting the amounts and disclosures in the financial statement.

 An audit also includes assessing the accounting principles used and significant

 estimates made by management, as well as evaluating the overall financial statement

 presentation. We believe that our audit provides a reasonable basis for our opinion.</font></p>

<p align="justify"><font face="Times New Roman" size="2">In our opinion, the financial statement

 referred to above present fairly, in all material respects, the financial position

 of Royce Global Value Trust, Inc. as of June 19, 2013 in conformity with accounting

 principles generally accepted in the United States of America.</font></p><br><br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td width="65%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>TAIT, WELLER

 &#038; BAKER LLP</b></font></td>

</tr>

<tr>

<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="bottom" align="left"><font face="Times New Roman" size="2"><b>Philadelphia,

 Pennsylvania</b></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><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>June 21,

 2013</b></font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

</table>


<br>

<p align="center"><font face="Times New Roman" size="2">37</font></p>

<!--page-->

<br clear="all" style="page-break-before:always;">


<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Royce

 Global Value Trust, Inc.</b></font></td>

</tr>

<tr>

<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>STATEMENT

 OF ASSETS AND LIABILITIES</b></font></td>

</tr>

<tr>

<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>June

 19, 2013</b></font></td>

</tr>

</table><br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>ASSETS:

</b></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>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Cash</font></p></td>

<td width="2%"><font face="Times New Roman" size="1">&#160;</font></td>

<td width="1%" valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td>

<td width="3%" valign="bottom" align="right"><font face="Times New Roman" size="2">100,076</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><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><font face="Times New Roman" size="2">Total assets</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 valign="bottom" align="right"><font face="Times New Roman" size="2">100,076</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><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>NET ASSETS

</b></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">$</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">100,076</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><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>COMPONENTS

 OF NET ASSETS:</b></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>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2">Paid-in

 capital - $0.001 par value per share</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">100,076</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><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>NET ASSETS

</b></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">$</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">100,076</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><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>COMPUTATION

 OF NET ASSET VALUE:</b></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>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Times New Roman" size="2"><b>

Investor Shares:</b></font></p></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>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Net

 assets</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Times New Roman" size="2">$</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">100,076</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Shares

 outstanding (unlimited shares authorized)</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">10,160</font></td>

</tr>

<tr>

<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Times New Roman" size="2">Net

 asset value, offering and redemption price per share</font></p></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td><font face="Times New Roman" size="1">&#160;</font></td>

<td valign="bottom" align="right"><font face="Times New Roman" size="2">$9.85</font></td>

</tr>

</table><br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td valign="bottom" align="center"><font face="Times New Roman" size="2">The accompanying

 notes are an integral part of these financial statements.</font></td>

</tr>

<tr>

<td valign="bottom" align="center"><hr size="2" color="#000000" noshade></td>

</tr>

</table>


<br>

<p align="center"><font face="Times New Roman" size="2">38</font></p>

<!--page-->

<br clear="all" style="page-break-before:always;">


<table border="0" cellpadding="0" cellspacing="0" width="100%">

<tr>

<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>Royce

 Global Value Trust, Inc.</b></font></td>

</tr>

<td><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>NOTES

 TO FINANCIAL STATEMENTS</b></font></td>

</tr>

<td><font face="Times New Roman" size="1">&#160;</font></td>

</tr>

<tr>

<td valign="bottom" align="center"><font face="Times New Roman" size="2"><b>June

 19, 2013</b></font></td>

</tr>

</table>

<p><font face="Times New Roman" size="2"><b>1.&#160;&#160;&#160;Organization<br></b><br>Royce Global

 Value Trust, Inc. (&#147;Global Trust&#148;) was incorporated under the laws of

 the State of Maryland on February 14, 2011. Global Trust is authorized to issue

 150,000,000 shares of common stock, par value $0.001 per share. Each share of common

 stock of Global Trust has equal dividend, distribution and liquidation rights and

 is entitled to one vote per share on each matter submitted to a vote of Global Trust

 common stockholders.<br></font></p>

<p><font face="Times New Roman" size="2">Global Trust has had no operations to date

 other than matters relating to its organization and registration as a closed-end

 management investment company under the Investment Company Act of 1940, as amended,

 and the sale and issuance to Royce Value Trust, Inc. of 10,160 shares of common

 stock of Global Trust for $100,076 on June 19, 2013.<br></font></p>

<p><font face="Times New Roman" size="2">The investment goal of Global Trust is long-term

 growth of capital.<br></font></p>

<p><font face="Times New Roman" size="2"><b>2.&#160;&#160;&#160;Summary of Significant Accounting

 Policies<br></b></font></p>

<p><font face="Times New Roman" size="2">The following is a summary of significant

 accounting policies followed by Global Trust. These policies are in conformity with

 accounting principles generally accepted in the United States of America (U.S. GAAP).

<br></font></p>

<p><font face="Times New Roman" size="2"><u><i><b><i><b>Use of Estimates</b></i>

</b></i></u><br>The preparation of financial statements

 in conformity with U.S. GAAP requires management to make estimates and assumptions

 that affect the reported amounts of assets and liabilities and disclosure of contingent

 assets and liabilities at the date of the statement of assets and liabilities. Actual

 amounts could differ from those estimates.</font></p>

<p><font face="Times New Roman" size="2"><u><i><b><i><b>Federal Income Taxes</u>

<br><u></b></i></b></i></u>Global Trust intends to qualify as a &#147;regulated investment

 company&#148; under Subchapter M of the Internal Revenue Code of 1986, as amended.

 If so qualified, Global Trust will not be subject to federal income tax if it distributes

 substantially all of its net investment income and capital gains to shareholders.

<br></font></p>

<p><font face="Times New Roman" size="2"><b>3.&#160;&#160;&#160;Investment Adviser, Transfer

 Agent, and Custodian<br></b></font></p>

<p><font face="Times New Roman" size="2">Royce &#038; Associates, LLC (&#147;Royce&#148;) serves as the investment adviser to Global Trust. Royce also provides certain

 administrative services to Global Trust. Certain officers of Global Trust are employees

 of Royce.<br></font></p>

<p><font face="Times New Roman" size="2">State Street Bank and Trust Company (&#147;State

 Street&#148;) serves as Global Trust&#146;s custodian. State Street is also responsible

 for calculating Global Trust&#146;s daily net asset value per share and for maintaining

 its portfolio and general accounting records and also provides certain shareholder

 services. Computershare Trust Company, N.A., is the transfer agent, dividend-paying

 agent, and registrar for Global Trust&#146;s shares of common stock.<br></font></p>

<p><font face="Times New Roman" size="2"><b>4.&#160;&#160;&#160;Organization and Offering Costs</b></font></p>

<div><font face="Times New Roman" size="2">Expenses incurred in connection with the

 organization and the offering of Global Trust will be paid for by Royce. Global

 Trust does not have an obligation to reimburse Royce for organizational and offering

 expenses paid on its behalf.</font></div>


<br>

<p align="center"><font face="Times New Roman" size="2">39</font></p>

<!--page-->

<br clear="all" style="page-break-before:always;">





<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 24pt; text-align: right">EXHIBIT A</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: right">June&nbsp;5, 2003, as amended<BR>

through October&nbsp;22, 2009</P>



<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><U>Royce &amp; Associates Proxy

Voting Guidelines and Procedures</U></P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">These procedures apply to Royce &amp;

Associates, LLC (&ldquo;Royce&rdquo;) and all funds and other client accounts for which it is responsible for voting proxies, including

all open and closed-end registered investment companies (&ldquo;The Royce Funds&rdquo;), limited partnerships, limited liability

companies, separate accounts, other accounts for which it acts as investment adviser and any accounts for which it acts as sub-adviser

that have delegated proxy voting authority to Royce. Such authority is determined at the inception of each client account and generally:

(i)&nbsp;is specifically authorized in the applicable investment management agreement or other written instrument or (ii)&nbsp;where

not specifically authorized, is granted to Royce where general investment discretion is given to it in the applicable investment

management agreement. The Boards of Trustees/Directors of The Royce Funds (the &ldquo;Boards&rdquo;) have delegated all proxy voting

decisions to Royce subject to these policies and procedures. Notwithstanding the above, from time to time the Boards may reserve

voting authority for specific securities.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>Receipt of Proxy Material</U>. Under

the continuous oversight of the Head of Administration, an Administrative Assistant designated by him is responsible for monitoring

receipt of all proxies and ensuring that proxies are received for all securities for which Royce has proxy voting responsibility.

All proxy materials are logged in upon receipt by Royce&rsquo;s Librarian.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>Voting of Proxies</U>. Once proxy

material has been logged in by Royce&rsquo;s Librarian, it is then promptly reviewed by the designated Administrative Assistant

to evaluate the issues presented. Regularly recurring matters are usually voted as recommended by the issuer&rsquo;s board of directors

or &ldquo;management.&rdquo; The Head of Administration or his designee, in consultation with the Chief Investment Officer, develops

and updates a list of matters Royce treats as &ldquo;regularly recurring&rdquo; and is responsible for ensuring that the designated

Administrative Assistant has an up-to-date list of these matters at all times, including instructions from Royce&rsquo;s Chief

Investment Officer on how to vote on those matters on behalf of Royce clients. Examples of &ldquo;regularly recurring&rdquo; matters

include non-contested elections of directors and non-contested approval of independent auditors. Non-&rdquo;regularly recurring&rdquo;

matters are brought to the attention of the portfolio manager(s) for the account(s) involved by the designated Administrative Assistant,

and, after giving some consideration to advisories from Glass Lewis &amp; Co., an independent third party research firm, the portfolio

manager directs that such matters be voted in a way that he or she believes should better protect or enhance the value of the investment.

If the portfolio manager determines that information concerning any proxy requires analysis, is missing or incomplete, he or she

then gives the proxy to an analyst or another portfolio manager for review and analysis.</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">a.</TD><TD STYLE="text-align: justify">From time to time, it is possible that one Royce portfolio manager will decide (i)&nbsp;to vote

shares held in client accounts he or she manages differently from the vote of another Royce portfolio manager whose client accounts

hold the same security or (ii)&nbsp;to abstain from voting on behalf of client accounts he or she manages when another Royce portfolio

manager is casting votes on behalf of other Royce client accounts.</TD></TR></TABLE>

<p align="center"><font face="times new roman" size="2">A-1</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->




<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">b.</TD><TD STYLE="text-align: justify">The designated Administrative Assistant reviews all proxy votes collected
    from Royce&rsquo;s portfolio managers prior to such votes being cast. If any difference exists among the voting instructions
    given by Royce&rsquo;s portfolio managers, as described above, the designated Administrative Assistant then presents these
    proposed votes to the Head of Administration, or his designee, and the Chief Investment Officer. The Chief Investment Officer,
    after consulting with the relevant portfolio managers, either reconciles the votes or authorizes the casting of differing
    votes by different portfolio managers. The Head of Administration, or his designee, maintains a log of all votes for which
    different portfolio managers have cast differing votes, that describes the rationale for allowing such differing votes and
    contains the initials of both the Chief Investment Officer and Head of Administration, or his designee, allowing such differing
    votes. The Head of Administration, or his designee, performs a weekly review of all votes cast by Royce to confirm that any
    conflicting votes were properly handled in accordance with the above-described procedures.</FONT></TD></TR>
</TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt 1in; text-align: justify"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">c.</TD><TD STYLE="text-align: justify">There are many circumstances that might cause Royce to vote against an issuer&rsquo;s board of

directors or &ldquo;management&rdquo; proposal. These would include, among others, excessive compensation, unusual management stock

options, preferential voting and poison pills. The portfolio managers decide these issues on a case-by-case basis as described

above.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">d.</TD><TD STYLE="text-align: justify">A portfolio manager may, on occasion, determine to abstain from voting a proxy or a specific proxy

item when he or she concludes that the potential benefit of voting is outweighed by the cost, when it is not in the client account&rsquo;s

best interest to vote.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">e.</TD><TD STYLE="text-align: justify">When a client has authorized Royce to vote proxies on its behalf, Royce will generally not accept

instructions from the clients regarding how to vote proxies.</TD></TR></TABLE>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">

<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in">f.</TD><TD STYLE="text-align: justify">If a security is on loan under The Royce Funds&rsquo; Securities Lending Program with State Street

Bank and Trust Company (&ldquo;Loaned Securities&rdquo;), the Head of Administration, or his designee, will recall the Loaned Securities

and request that they be delivered within the customary settlement period after the notice, to permit the exercise of their voting

rights if the number of shares of the security on loan would have a material effect on The Royce Funds&rsquo; voting power at the

up-coming stockholder meeting. A material effect is defined as any case where the Loaned Securities are 1% or more of a class of

a company&rsquo;s outstanding equity securities. Monthly, the Head of Administration or his designee will review the summary of

this activity by State Street. A quarterly report detailing any exceptions that occur in recalling Loaned Securities will be given

to the Boards.</TD></TR></TABLE>

<p align="center"><font face="times new roman" size="2">A-2</font></p>

<br clear="all" style="page-break-before:always;">

<!--page-->



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Custodian banks are authorized to release

all proxy ballots held for Royce client account portfolios to Glass Lewis &amp; Co. for voting, utilizing the Viewpoint proxy voting

platform. Substantially all portfolio companies utilize Broadridge to collect their proxy votes.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Under the continuous oversight of the

Head of Administration, or his designee, the designated Administrative Assistant is responsible for voting all proxies in a timely

manner. Votes are returned to Broadridge using Viewpoint as ballots are received, generally two weeks before the scheduled meeting

date. The issuer can thus see that the shares were voted, but the actual vote cast is not released to the company until 4:00 pm

on the day before the meeting. If proxies must be mailed, they go out at least ten business days before the meeting date.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>Conflicts of Interest</U>. The designated

Administrative Assistant reviews reports generated by Royce&rsquo;s portfolio management system (&ldquo;Quest PMS&rdquo;) that

set forth by record date, any security held in a Royce client account which is issued by a (i)&nbsp;public company that is, or

a known affiliate of which is, a separate account client of Royce (including sub-advisory relationships), (ii)&nbsp;public company,

or a known affiliate of a public company, that has invested in a privately-offered pooled vehicle managed by Royce or (iii)&nbsp;public

company, or a known affiliate of a public company, by which the spouse of a Royce employee or an immediate family member of a Royce

employee living in the household of such employee is employed, for the purpose of identifying any potential proxy votes that could

present a conflict of interest for Royce. The Head of Administration, or his designee, develops and updates the list of such public

companies or their known affiliates which is used by Quest PMS to generate these daily reports. This list also contains information

regarding the source of any potential conflict relating to such companies. Potential conflicts identified on the &ldquo;conflicts

reports&rdquo; are brought to the attention of the Head of Administration or his designee by the designated Administrative Assistant.

An R&amp;A Compliance Officer then reviews them to determine if business or personal relationships exist between Royce, its officers,

managers or employees and the company that could present a material conflict of interest. Any such identified material conflicts

are voted by Royce in accordance with the recommendation given by an independent third party research firm (Glass Lewis &amp; Co.).

The Head of Administration or his designee maintains a log of all such conflicts identified, the analysis of the conflict and the

vote ultimately cast. Each entry in this log is signed by the Chief Investment Officer before the relevant votes are cast.</P>



<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>Recordkeeping</U>. A record of the

issues and how they are voted is stored in the Viewpoint system. Copies of all physically executed proxy cards, all proxy statements

(with it being permissible to rely on proxy statements filed and available on Edgar) and any other documents created or reviewed

that are material to making a decision on how to vote proxies are retained in the Company File maintained by Royce&rsquo;s Librarian

in an easily accessible place for a period of not less than six years from the end of the fiscal year during which the last entry

was made on such record, the first two years at Royce&rsquo;s office. In addition, copies of each written client request for information

on how Royce voted proxies on behalf of that client, and a copy of any written response by Royce to any (written or oral) client

request for information on how Royce voted proxies on behalf of that client will be maintained by Royce&rsquo;s Head of Administration

and/or Royce&rsquo;s Director of Alternative Investments, or their designee (depending on who received such request) for a period

of not less than six years from the end of the fiscal year during which the last entry was made on such record, the first two years

at Royce&rsquo;s office. Royce&rsquo;s Compliance Department shall maintain a copy of any proxy voting policies and procedures

in effect at any time within the last five years.</P>





<p align="center"><font face="times new roman" size="2">A-3</font></p>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><U>Disclosure</U>. Royce&rsquo;s proxy

voting procedures will be disclosed to clients upon commencement of a client account. Thereafter, proxy voting records and procedures

are generally disclosed to those clients for which Royce has authority to vote proxies as set forth below:</P>



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<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></TD><TD>The Royce Funds &ndash; proxy voting records are disclosed annually on Form N-PX (with such voting records also available at

www.roycefunds.com). Proxy voting procedures are available in the Statement of Additional Information for the open-end funds, in

the annual report on Form N-CSR for the closed-end funds and at www.roycefunds.com.</TD></TR></TABLE>



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<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></TD><TD>Limited Liability Company and Limited Partnership Accounts &ndash; proxy voting records are disclosed to members/partners upon

request and proxy voting procedures (along with a summary thereof) are provided to members/partners annually (and are available

at www.roycefunds.com.)</TD></TR></TABLE>



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<TD STYLE="width: 27.35pt"></TD><TD STYLE="width: 27.35pt"><FONT STYLE="font-family: Symbol"><FONT STYLE="font-family: Times New Roman, Times, Serif">&bull;</FONT></FONT></TD><TD>Separate Accounts &ndash; proxy voting records and procedures are disclosed to separate account clients annually.</TD></TR></TABLE>



<p align="center"><font face="times new roman" size="2">A-4</font></p>


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