<SEC-DOCUMENT>0001316463-12-000007.txt : 20120524
<SEC-HEADER>0001316463-12-000007.hdr.sgml : 20120524
<ACCEPTANCE-DATETIME>20120524171337
ACCESSION NUMBER:		0001316463-12-000007
CONFORMED SUBMISSION TYPE:	NSAR-B/A
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120524
DATE AS OF CHANGE:		20120524
EFFECTIVENESS DATE:		20120524

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clough Global Equity Fund
		CENTRAL INDEX KEY:			0001316463
		IRS NUMBER:				202248098
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		NSAR-B/A
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-21712
		FILM NUMBER:		12868469

	BUSINESS ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
		BUSINESS PHONE:		303-623-2577

	MAIL ADDRESS:	
		STREET 1:		P.O. BOX 328
		CITY:			DENVER
		STATE:			CO
		ZIP:			80201-0328
</SEC-HEADER>
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<TYPE>NSAR-B/A
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SIGNATURE   DAWN COTTEN
TITLE       ASSISTANT TREASURER

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<TITLE>To the Shareholders and</TITLE>
<META NAME="author" CONTENT="TIFFANY E. SNYDER">
<META NAME="date" CONTENT="05/22/2012">
</HEAD>
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<DIV style="width:624px"><P style="margin:0px; text-indent:96px" align=justify><B><U>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>To the Shareholders and Board of Trustees of</P>
<P style="margin:0px" align=justify>Clough Global Equity Fund</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>In planning and performing our audit of the financial statements of Clough Global Equity Fund (the &#147;Fund&#148;) as of and for the year ended March 31, 2012, in accordance with the standards of the Public Company Accounting Oversight Board (United States), we considered the Fund&#146;s internal control over financial reporting, including controls over safeguarding securities, as a basis for designing our auditing procedures for the purpose of expressing our opinion on the financial statements and to comply with the requirements of Form N-SAR, but not for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s internal control over financial reporting. &nbsp;Accordingly, we express no such opinion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The management of the Fund is responsible for establishing and maintaining effective internal control over financial reporting. &nbsp;In fulfilling this responsibility, estimates and judgments by management are required to assess the expected benefits and related costs of controls. &nbsp;A fund&#146;s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles (GAAP). &nbsp;A fund&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the fund; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with GAAP, and that receipts and expenditures of the fund are being made only in accordance with authorizations of management and trustees of the fund; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a fund&#146;s assets that could have a material effect on the financial statements. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. &nbsp;Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>A deficiency in internal control over financial reporting exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent or detect misstatements on a timely basis. &nbsp;A material weakness is a deficiency, or a combination of deficiencies, in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the Fund&#146;s annual or interim financial statements will not be prevented or detected on a timely basis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Our consideration of the Fund&#146;s internal control over financial reporting was for the limited purpose described in the first paragraph and would not necessarily disclose all deficiencies in internal control that might be material weaknesses under standards established by the Public Company Accounting Oversight Board (United States). &nbsp;However, we noted no deficiencies in the Fund&#146;s internal control over financial reporting and its operation, including controls over safeguarding securities, that we consider to be a material weakness as defined above as of March 31, 2012. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>This report is intended solely for the information and use of management and the Board of Trustees<B> </B>of the Fund and the Securities and Exchange Commission and is not intended to be and should not be used by anyone other than these specified parties.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>COHEN FUND AUDIT SERVICES, LTD.</P>
<P style="margin:0px" align=justify>Westlake, Ohio</P>
<P style="margin:0px" align=justify>May 22, 2012</P>
<P style="margin:0px" align=justify><BR>
<BR></P>
</DIV></BODY>
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<DIV style="width:624px"><P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">On March 16, 2012, the Audit Committees of the Board of Trustees of each of Clough Global Allocation Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each individually a <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>Fund<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>, and together, the <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>Funds<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>) dismissed Deloitte &amp; Touche LLP (<font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>D&amp;T<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>) as the independent registered public accounting firm of the respective Funds. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">During the fiscal years ended March 31, 2010 and March 31, 2011 and the subsequent interim period through March 16, 2012: (1) there were no disagreements with D&amp;T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&amp;T, would have caused D&amp;T to make reference to the subject matter of the disagreement in connection with its reports, and (2) there were no <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>reportable events<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font> as that term is defined in Item 304(a)(1)&#160;of Regulation S-K.&#160; The audit reports of D&amp;T on each of the Fund<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s financial statements for the fiscal years ended March 31, 2010 and March 31, 2011 did not contain an adverse opinion or a disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope, or accounting principles.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Also on March 16, 2012, the Audit Committees of each of the Funds engaged Cohen Fund Audit Services, Ltd. (<font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>Cohen<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>) as the independent registered public accounting firm to audit the financial statements of the respective Funds for the fiscal year ended March 31, 2012. &nbsp;During the fiscal years ended March 31, 2010 and March 31, 2011 and the subsequent interim period through March 16, 2012, none of the Funds nor anyone on their behalf consulted with Cohen regarding either: (1) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on any of the Funds<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> financial statements, and no written report or oral advice was provided to any of the Funds that Cohen concluded was an important factor considered by the respective Funds in reaching a decision as to an accounting, auditing or financial reporting issue or (2) any matter that was the subject of a disagreement or reportable event as defined in Item 304(a)(1) of Regulation S-K. </P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">The Audit Committees of each of the Funds dismissed D&amp;T from its engagement as the independent registered public accounting firm to audit the financial statements of the respective Funds as a result of an independence issue that D&amp;T recently brought to the Audit Committees<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> attention. &nbsp;Specifically, Deloitte Consulting LLP (<font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>Deloitte Consulting<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>), a firm affiliated with D&amp;T, purchased certain intellectual property in May 2006 from an entity and certain individuals, including an individual who serves as a Trustee of each of the Funds. &nbsp;In connection with the purchase, and subsequent to this purchase, Deloitte Consulting and its affiliates (together, <font style='font-family:Arial Unicode MS,Times New Roman'>&#8220;</font>Deloitte<font style='font-family:Arial Unicode MS,Times New Roman'>&#8221;</font>) engaged the Trustee to provide consulting services. &nbsp;The amounts paid to the Trustee in connection with the purchase and consulting services were significant to the Trustee. &nbsp;Deloitte ceased using the Trustee<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s services in 2010, with the final payment for services to the Trustee occurring in 2011. &nbsp;</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">D&amp;T conducted an investigation of the facts and circumstances surrounding the business relationships described above and the extent to which they may have impacted D&amp;T<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s audit process with respect to the financial statements of each of the Funds. &nbsp;D&amp;T informed the Audit Committees of each of the Funds that D&amp;T believes that the Trustee<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s relationship with Deloitte had no impact on the objectivity, integrity or impartiality of the audit teams conducting the audits of the Funds<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> financial statements. &nbsp;In reaching this conclusion, D&amp;T informed the Audit </P>
<P style="margin-top:0px; margin-bottom:16px"><BR>
<BR></P>
<P style="margin:0px; font-size:12pt" align=center>1</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt; page-break-before:always">Committees of each of the Funds that it had considered that the engagement partners and the primary audit managers of the D&amp;T audit engagement teams who conducted the audits of the financial statements of each of the Funds were unaware of the initial purchase and of the Trustee<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s consulting relationship with Deloitte and, as a result, the audit teams<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> objectivity, integrity and impartiality was not impacted in conducting the audits of the respective Funds<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> financial statements.&#160; D&amp;T acknowledged that certain aspects of the relationships described above with the Trustee caused a breach of D&amp;T<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s compliance with the SEC<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s independence rules relating to business relationships with audit clients.&#160; D&amp;T has further informed the Audit Committees of each of the Funds that, based upon D&amp;T<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s investigation of the facts and circumstances, D&amp;T does not believe that its prior audit reports with respect to any of the Funds financial statements need to be withdrawn.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">In addition to the information provided by D&amp;T, the Audit Committees considered that, to their knowledge and based upon their investigation: none of the current or former members of the Audit Committees (other than the Trustee who was providing the services to Deloitte) and none of the employees of ALPS Funds Services, the administrator of the Funds, that had responsibility for the functions that the administrator performed for the Funds during the relevant period, was aware that the Trustee had sold intellectual property, or was providing services, to Deloitte. &nbsp;The Trustee also confirmed to the other members of the Audit Committees that he had not attempted directly or indirectly to influence D&amp;T<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s planning or conduct of the audits of the Funds<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> financial statements.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">Based on their reviews, the Audit Committees, with the Trustee who provided the services to Deloitte abstaining: (1) determined that it does not appear that the Trustee attempted to influence at any time D&amp;T<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s planning or conduct of the audits of the Funds<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font> financial statements, (2) determined that D&amp;T<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s objectivity, integrity and professional skepticism was not impaired, and (3) agrees with the conclusion that the prior audit reports with respect to each of the Fund<font style='font-family:Arial Unicode MS,Times New Roman'>&#8217;</font>s financial statements do not need to be withdrawn.</P>
<P style="margin-top:0px; margin-bottom:16px; text-indent:48px; font-size:12pt">In accordance with Item 304(a)(3)&#160;of Regulation S-K of the SEC, the Funds provided D&amp;T with a copy of the foregoing disclosures and requested that D&amp;T furnish it with a letter addressed to the SEC stating whether or not D&amp;T agrees with the above statements. A copy of such letter, dated May 22, 2012, is filed as Exhibit&#160;77Q1(f) to this Semi-Annual Report on Form N-SAR.</P>
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<P style="margin:0px; font-size:8pt">AMECURRENT 701374867.1 21-Mar-12 16:26</P>
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<TYPE>EX-99.77Q1 OTHR EXHB
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<META NAME="author" CONTENT="Wilson, Stacey">
<META NAME="date" CONTENT="05/23/2012">
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<DIV style="width:624px"><P style="margin-top:117.333px; margin-bottom:0px; font-size:11pt">May 22, 2012</P>
<P style="margin-top:14.667px; margin-bottom:0px; font-size:11pt">Securities and Exchange Commission</P>
<P style="margin:0px; font-size:11pt">100 F Street, N.E.</P>
<P style="margin:0px; font-size:11pt">Washington, D.C. 20549-7561</P>
<P style="margin-top:29.333px; margin-bottom:0px; font-size:11pt">Dear Sirs/Madams:</P>
<P style="margin-top:14.667px; margin-bottom:0px; font-size:11pt">We have read Sub-Item 77K of the Clough Global Equity Fund&#146;s Form N-SAR (and have attached a copy of said Sub-Item 77K to this letter), and have the following comments:</P>
<P style=margin-top:14.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-size:11pt; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">We agree with the first, second, fourth, and fifth paragraphs, and the first sentence of the eighth paragraph. </P>
<P style="margin-top:14.667px; margin-bottom:0px; clear:left"><BR></P>
<P style=margin-top:14.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-size:11pt; float:left">2.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt">We have no basis to agree or disagree with the third, sixth, and seventh paragraphs, or the second sentence of the eighth paragraph. </P>
<P style="margin-top:14.667px; margin-bottom:0px; font-size:11pt; clear:left">Yours truly,</P>
<P style="margin-top:14.667px; margin-bottom:0px; font-size:11pt">/s/ DELOITTE &amp; TOUCHE LLP</P>
<P style="margin-top:14.667px; margin-bottom:0px; font-size:11pt">Denver, Colorado</P>
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<P style="margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:11pt">On March 16, 2012, the Audit Committees of the Board of Trustees of each of Clough Global Allocation Fund, Clough Global Equity Fund, and Clough Global Opportunities Fund (each individually a &#147;Fund&#148;, and together, the &#147;Funds&#148;) dismissed Deloitte &amp; Touche LLP (&#147;D&amp;T&#148;) as the independent registered public accounting firm of the respective Funds. &nbsp;</P>
<P style="margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:11pt">During the fiscal years ended March 31, 2010 and March 31, 2011 and the subsequent interim period through March 16, 2012: (1) there were no disagreements with D&amp;T on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which disagreements, if not resolved to the satisfaction of D&amp;T, would have caused D&amp;T to make reference to the subject matter of the disagreement in connection with its reports, and (2) there were no &#147;reportable events&#148; as that term is defined in Item 304(a)(1)&nbsp;of Regulation S-K.&nbsp; The audit reports of D&amp;T on each of the Fund&#146;s financial statements for the fiscal years ended March 31, 2010 and March 31, 2011 did not contain an adverse opinion or a disclaimer of opinion, nor were such reports qualified or modified as to uncertainty, audit scope, or accounting principles.</P>
<P style="margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:11pt">Also on March 16, 2012, the Audit Committees of each of the Funds engaged Cohen Fund Audit Services, Ltd. (&#147;Cohen&#148;) as the independent registered public accounting firm to audit the financial statements of the respective Funds for the fiscal year ended March 31, 2012. &nbsp;During the fiscal years ended March 31, 2010 and March 31, 2011 and the subsequent interim period through March 16, 2012, none of the Funds nor anyone on their behalf consulted with Cohen regarding either: (1) the application of accounting principles to a specified transaction, either completed or proposed, or the type of audit opinion that might be rendered on any of the Funds&#146; financial statements, and no written report or oral advice was provided to any of the Funds that Cohen concluded was an important factor considered by the respective Funds in reaching a decision as to an accounting, auditing or financial reporting issue or (2) any matter that was the subject of a disagreement or reportable event as defined in Item 304(a)(1) of Regulation S-K. </P>
<A NAME="S1PB_1_215928_7056"></A><P style="margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:11pt">The Audit Committees of each of the Funds dismissed D&amp;T from its engagement as the independent registered public accounting firm to audit the financial statements of the respective Funds as a result of an independence issue that D&amp;T recently brought to the Audit Committees&#146; attention. &nbsp;Specifically, Deloitte Consulting LLP (&#147;Deloitte Consulting&#148;), a firm affiliated with D&amp;T, purchased certain intellectual property in May 2006 from an entity and certain individuals, including an individual who serves as a Trustee of each of the Funds. &nbsp;In connection with the purchase, and subsequent to this purchase, Deloitte Consulting and its affiliates (together, &#147;Deloitte&#148;) engaged the Trustee to provide consulting services. &nbsp;The amounts paid to the Trustee in connection with the purchase and consulting services were significant to the Trustee. &nbsp;Deloitte ceased using the Trustee&#146;s services in 2010, with the final payment for services to the Trustee occurring in 2011. &nbsp;</P>
<P style="margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:11pt">D&amp;T conducted an investigation of the facts and circumstances surrounding the business relationships described above and the extent to which they may have impacted D&amp;T&#146;s audit process with respect to the financial statements of each of the Funds. &nbsp;D&amp;T informed the Audit Committees of each of the Funds that D&amp;T believes that the Trustee&#146;s relationship with Deloitte had no impact on the objectivity, integrity or impartiality of the audit teams conducting the audits of the Funds&#146; financial statements. &nbsp;In reaching this conclusion, D&amp;T informed the Audit Committees of each of the Funds that it had considered that the engagement partners and the primary audit managers of the D&amp;T audit engagement teams who conducted the audits of the financial statements of each of the Funds were unaware of the initial purchase and of the Trustee&#146;s consulting relationship with Deloitte and, as a result, the audit teams&#146; objectivity, integrity and impartiality was not impacted in conducting the audits of the respective Funds&#146; financial statements.&nbsp; D&amp;T acknowledged that certain aspects of the relationships described above with the Trustee caused a breach of D&amp;T&#146;s compliance with the SEC&#146;s independence rules relating to business relationships with audit clients.&nbsp; D&amp;T has further informed the Audit </P>
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<P style="margin-top:14.667px; margin-bottom:0px; font-size:11pt">Committees of each of the Funds that, based upon D&amp;T&#146;s investigation of the facts and circumstances, D&amp;T does not believe that its prior audit reports with respect to any of the Funds financial statements need to be withdrawn.</P>
<P style="margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:11pt">In addition to the information provided by D&amp;T, the Audit Committees considered that, to their knowledge and based upon their investigation: none of the current or former members of the Audit Committees (other than the Trustee who was providing the services to Deloitte) <A NAME="S1PB_2_215958_5335"></A>and none of the employees of ALPS Funds Services, the administrator of the Funds, that had responsibility for the functions that the administrator performed for the Funds during the relevant period, was aware that the Trustee had sold intellectual property, or was providing services, to Deloitte. &nbsp;The Trustee also confirmed to the other members of the Audit Committees that he had not attempted directly or indirectly to influence D&amp;T&#146;s planning or conduct of the audits of the Funds&#146; financial statements.</P>
<P style="margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:11pt">Based on their reviews, the Audit Committees, with the Trustee who provided the services to Deloitte abstaining: (1) determined that it does not appear that the Trustee attempted to influence at any time D&amp;T&#146;s planning or conduct of the audits of the Funds&#146; financial statements, (2) determined that D&amp;T&#146;s objectivity, integrity and professional skepticism was not impaired, and (3) agrees with the conclusion that the prior audit reports with respect to each of the Fund&#146;s financial statements do not need to be withdrawn.</P>
<P style="margin-top:14.667px; margin-bottom:0px; text-indent:48px; font-size:11pt">In accordance with Item 304(a)(3)&nbsp;of Regulation S-K of the SEC, the Funds provided D&amp;T with a copy of the foregoing disclosures and requested that D&amp;T furnish it with a letter addressed to the SEC stating whether or not D&amp;T agrees with the above statements. A copy of such letter, dated May 22, 2012, is filed as Exhibit&nbsp;77Q1(f) to this Semi-Annual Report on Form N-SAR.</P>
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