<SEC-DOCUMENT>0000950123-08-011849.txt : 20110815
<SEC-HEADER>0000950123-08-011849.hdr.sgml : 20110815
<ACCEPTANCE-DATETIME>20081001151459
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0000950123-08-011849
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081001

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL BOND TRUST
		CENTRAL INDEX KEY:			0000861185
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL BOND TRUST
		DATE OF NAME CHANGE:	19920703

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL TRUST
		CENTRAL INDEX KEY:			0000880161
		IRS NUMBER:				136993836
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19981221

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	INTERCAPITAL INSURED MUNICIPAL TRUST
		DATE OF NAME CHANGE:	19920929

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		CENTRAL INDEX KEY:			0000885601
		IRS NUMBER:				133647663
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		C/O MORGAN STANLEY TRUST
		STREET 2:		HARBORSIDE FINANCIAL CENTER, PLAZA TWO
		CITY:			JERSEY CITY
		STATE:			NJ
		ZIP:			07311
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090722

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	19981221

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCO
		CENTRAL INDEX KEY:			0000894146
		IRS NUMBER:				133701273
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1031

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CA INSURED MUNICIPAL INCOME TRUST
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY CALIFORNIA INSURED MUNICIPAL INCO
		DATE OF NAME CHANGE:	20011220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED CALIFORNIA MUNICIPAL SEC
		CENTRAL INDEX KEY:			0000913342
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED CALIFORNIA MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20090827

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED CALIFORNIA MUNICIPAL SEC
		DATE OF NAME CHANGE:	20080411

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED CALIFORNIA MUNICIPAL SEC
		DATE OF NAME CHANGE:	20011220

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MORGAN STANLEY INSURED MUNICIPAL SECURITIES
		CENTRAL INDEX KEY:			0000913345
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309
		BUSINESS PHONE:		404-439-3217

	MAIL ADDRESS:	
		STREET 1:		1555 PEACHTREE STREET, N.E.
		STREET 2:		SUITE 1800
		CITY:			ATLANTA
		STATE:			2Q
		ZIP:			30309

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY INSURED MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY  INSURED MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	20011220

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	MORGAN STANLEY DEAN WITTER INSURED MUNICIPAL SECURITIES
		DATE OF NAME CHANGE:	19981221
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML>
<HEAD>
<TITLE>CORRESP</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF">
<!-- PAGEBREAK -->
<DIV style="font-family: 'Times New Roman',Times,serif">


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Morgan Stanley California Insured Municipal Income Trust<BR>
Morgan Stanley Insured California Municipal Securities<BR>
Morgan Stanley Insured Municipal Bond Trust<BR>
Morgan Stanley Insured Municipal Income Trust<BR>
Morgan Stanley Insured Municipal Securities<BR>
Morgan Stanley Insured Municipal Trust<BR>
522 Fifth Avenue<BR>
New York, New York 10036</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">October&nbsp;1, 2008<BR>&nbsp;<BR>

Securities and Exchange Commission<BR>
Judiciary Plaza<BR>
100 F Street, NE<BR>
Washington, D.C. 20549

</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">Attention:</TD>
    <TD>&nbsp;</TD>
    <TD>Larry L. Greene, Division of Investment Management<BR>
Mail Stop 0505</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Re:</TD>
    <TD>&nbsp;</TD>
    <TD>Morgan Stanley California Insured Municipal Income Trust (File No.&nbsp;811-07344)<BR>
Morgan Stanley Insured California Municipal Securities (File No.&nbsp;811-07111)<BR>
Morgan Stanley Insured Municipal Bond Trust (File No.&nbsp;811-06053)<BR>
Morgan Stanley Insured Municipal Income Trust (File No.&nbsp;811-06590)<BR>
Morgan Stanley Insured Municipal Securities (File No.&nbsp;811-07109)<BR>
Morgan Stanley Insured Municipal Trust (File No.&nbsp;811-06434)<BR>
(each a &#147;Trust&#148; and, collectively, the &#147;Trusts&#148;)</TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 12pt">Dear Mr.&nbsp;Greene:
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Thank you for your telephonic comments on September&nbsp;23, 2008 regarding the preliminary proxy
statement for the Trusts, filed with the Securities and Exchange Commission on September&nbsp;16, 2008.
Below, we describe the changes made to the proxy statement in response to the Staff&#146;s comments and
provide any responses to or any supplemental explanations of such comments, as requested. These
changes will be reflected in the definitive proxy statement for the Trusts, which will be filed via
EDGAR on or about October&nbsp;1, 2008.
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 1.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please file a letter responding to these comments from the Staff of the Commission that
incorporates the &#147;Tandy&#148; language via EDGAR.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 1.</U> This SEC response letter, which incorporates the
&#147;Tandy&#148; language, will be filed via EDGAR as correspondence separate from
the definitive proxy statement filing.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 2.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>To the extent that a Proposal will raise the level of risk with respect to a Trust, please add appropriate
disclosure.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 2.</U> The requested disclosure has been included.
</DIV>




<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 2
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;1, 2008
</DIV>


<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 3.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>In the question and answer section, please include the word &#147;fundamental&#148; in (i)&nbsp;and (ii)&nbsp;of the first answer.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 3. </U>We respectfully acknowledge your comment; however,
because the Proposals to which (i)&nbsp;and (ii)&nbsp;relate are proposing to change
certain of the Trusts&#146; investment policies to non-fundamental, we believe
that the addition of this reference will confuse shareholders of the
Trusts.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 4.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>In the second answer in the question and answer section, consider clarifying what the
&#147;conditions&#148; referenced are.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 4.</U> We respectfully acknowledge your comment; however, we
believe that this clarification is included in the body of the proxy
statement and to add additional detail regarding the conditions in the
question and answer section would defeat the reason for including the
question and answer section (i.e., to include a simplified introduction to
the Proposal).
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Proposal No.&nbsp;1</I></U>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 5.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>The current 80% investment policy refers to &#147;insurance issued by insurers rated...&#148; and the proposed 80% investment
policy refers to &#147;insurance issued by insurers whose claims-paying ability is rated...&#148; Please clarify the
difference between these two phrases.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 5.</U> The phrase &#147;claims-paying ability&#148; has been deleted.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 6.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>In the fifth paragraph of this Proposal, please include the reference to a NRSRO.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 6.</U> The disclosure has been revised accordingly.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Proposal No.&nbsp;2</I></U>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 7.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please include a definition of an &#147;escrow secured obligation.&#148;</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 7.</U> The requested disclosure has been included.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 8.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please remove the phrase &#147;or to keep cash on hand fully invested&#148; in the current investment policy.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 8.</U> The above referenced phrase is not included in the proposed investment policy.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 9.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please clarify whether the Trusts&#146; investments in swaps may include credit default swaps.</B></TD>
</TR>
</TABLE>
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

<!-- PAGEBREAK -->
<P><HR noshade><P>
<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 3
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;1, 2008
</DIV>



<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 9.</U> While the Trusts&#146; investments in swaps may include credit default swaps, the Trusts&#146; have no
current intention to engage in credit default swaps. To the extent that the Trusts invest in credit default swaps
in the future, appropriate disclosure will be included in the Trusts&#146; shareholder reports.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 10.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please include risk disclosure regarding the Trusts&#146; investments in options, futures, swaps and other derivatives.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 10.</U> The requested disclosure has been included.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U><I>Proposal Nos. 3 and 4</I></U>
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 11.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>In the fourth sentence of the last paragraph on page 7, please include &#147;fundamental&#148; before &#147;policy.&#148;</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 11.</U> The disclosure has been revised accordingly.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 12.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please confirm that each time a Proposal includes &#147;to the extent permitted by the Investment
Company Act or the rules and regulations thereunder&#148; that the disclosure explains what the current
requirements are.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 12.</U> The requested disclosure has been included.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 13.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please include additional disclosure to Proposal 3.J. about the temporary limitations on short
selling.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 13.</U> As currently stated in the proxy statement
for each Trust, no Trust has any current intention to
engage in short selling. Therefore, we do not believe
such disclosure is appropriate.
</DIV>

<DIV align="left" style="margin-top: 12pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; background: transparent; color: #000000">
<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 14.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please note whether Proposal 3.K. includes investments in hedge funds.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 14.</U> The Trusts do not currently intend to
invest in hedge funds but have the ability to do so.
</DIV>

<DIV align="left" style="margin-top: 12pt">
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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 15.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please include the disclosure requested in Comment 12 above in Proposal 4.B.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 15.</U> The requested disclosure has been included.
</DIV>

<DIV align="left" style="margin-top: 12pt">
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<TR>
    <TD width="3%"></TD>
    <TD width="1%"></TD>
    <TD></TD>
</TR>
<TR valign="top">
    <TD nowrap align="left"><B>Comment 16.</B></TD>
    <TD>&nbsp;</TD>
    <TD><B>Please include the disclosure requested in Comment 12 above in Proposal 4.C.</B></TD>
</TR>
</TABLE>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 18%"><U>Response 16.</U> The requested disclosure had been included
in the preliminary proxy filing.
</DIV>

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<H5 align="left" style="page-break-before:always">&nbsp;</H5><P>

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<DIV align="right" style="font-size: 10pt; margin-top: 12pt">Page 4
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt">October&nbsp;1, 2008
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As you have requested and consistent with SEC Release 2004-89, we hereby acknowledge that:
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">

<TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Trust is responsible for the adequacy and accuracy of the disclosure in the filing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>should the Commission or the staff, acting pursuant to delegated authority, declare the filing effective, it does not
foreclose the Commission from taking any action with respect to the filing;</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>the action of the Commission or the staff, acting pursuant to delegated authority, in declaring the filing effective,
does not relieve a Trust from its full responsibility for the adequacy and accuracy of the disclosure in the filing;
and</TD>
</TR>

<TR>
    <TD style="font-size: 6pt">&nbsp;</TD>
</TR><TR valign="top" style="font-size: 10pt; color: #000000; background: transparent">
    <TD width="3%" nowrap align="left"><B>&#149;</B></TD>
    <TD width="1%">&nbsp;</TD>
    <TD>each Trust may not assert this action as a defense in any proceeding initiated by the Commission or any person under
the federal securities laws of the United States.</TD>
</TR>

</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If you would like to discuss any of these responses in further detail or if you have any
questions, please feel free to contact me at (212)&nbsp;296-6961, Stuart Strauss of Clifford Chance US
LLP at (212)&nbsp;878-4931 or Brynn D. Peltz of Clifford Chance US LLP at (212)&nbsp;878-8055. Thank you.
</DIV>

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    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
    <TD width="48%">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">&nbsp;<BR>Best regards,<BR>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top" align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" style="border-bottom: 1px solid #000000" align="left">/s/ Joanne Antico&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
<TR>
    <TD colspan="3" align="left">Joanne Antico&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left">&nbsp;</TD>
</TR>
</TABLE>

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