<SEC-DOCUMENT>0001450922-13-000015.txt : 20130822
<SEC-HEADER>0001450922-13-000015.hdr.sgml : 20130822
<ACCEPTANCE-DATETIME>20130604120326
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001450922-13-000015
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		3
FILED AS OF DATE:		20130604

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Gold Trust
		CENTRAL INDEX KEY:			0001450923
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
		BUSINESS PHONE:		212-918-4954

	MAIL ADDRESS:	
		STREET 1:		ETF SECURITIES USA LLC
		STREET 2:		48 WALL STREET, 11TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10005
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
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						<font style="display: inline;">, &nbsp;</font><font style="display: inline;">NY</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">10022-2585</font></p>
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						<font style="display: inline;"> tel</font></p>
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						<font style="display: inline;">575 Madison Avenue</font></p>
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						<font style="display: inline;">New York</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">NY</font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">10022-2585</font></p>
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						<font style="display: inline;">212.940.8800</font><font style="display: inline;"> tel</font></p>
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						<font style="display: inline;">212.940.8776</font><font style="display: inline;"> fax</font></p>
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						<font style="display: inline;">www.kattenlaw.com</font></p>
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						<font style="display: inline;font-family:Arial;font-weight:bold;font-size:7pt;">Kathleen H. Moriarty</font></p>
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						<font style="display: inline;">kathleen.moriarty@kattenlaw.com</font></p>
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						<font style="display: inline;">(212) 940-6304</font><font style="display: inline;"> direct</font></p>
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						<font style="display: inline;">(212) 894-5504</font><font style="display: inline;"> fax</font></p>
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			<font style="display: inline;">June </font><font style="display: inline;">3</font><font style="display: inline;">, 2013</font>
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			<font style="display: inline;font-weight:bold;text-decoration:underline;">Via EDGAR</font>
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			<font style="display: inline;">Securities and Exchange Commission</font>
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			<font style="display: inline;">Washington, DC&nbsp;&nbsp;20549</font>
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			<font style="display: inline;font-weight:bold;font-style:italic;">ETFS </font><font style="display: inline;font-weight:bold;font-style:italic;">Gold </font><font style="display: inline;font-weight:bold;font-style:italic;">Trust</font>
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		<p style="margin:0pt;text-align:center;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-weight:bold;font-style:italic;">File Nos.: </font><font style="display: inline;font-weight:bold;font-style:italic;">001-34441</font><font style="display: inline;font-weight:bold;font-style:italic;"> &amp; 333-173</font><font style="display: inline;font-weight:bold;font-style:italic;">472</font>
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			<font style="display: inline;font-weight:bold;font-style:italic;">Amendment to Form 10-K for the Year Ended December 31, 2012</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">Dear </font><font style="display: inline;">Ladies &amp; Gentlemen</font><font style="display: inline;">:</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">On behalf of the ETFS </font><font style="display: inline;">Gold</font><font style="display: inline;"> Trust (the &#x201C;</font><font style="display: inline;font-style:italic;">Trust</font><font style="display: inline;">&#x201D;) sponsored by our client ETF Securities USA LLC (the &#x201C;</font><font style="display: inline;font-style:italic;">Sponsor</font><font style="display: inline;">&#x201D;), we are </font><font style="display: inline;">(a) </font><font style="display: inline;">filing herewith an amendment </font><font style="display: inline;">(the &#x201C;</font><font style="display: inline;font-style:italic;">Amendment</font><font style="display: inline;">&#x201D;) </font><font style="display: inline;">to</font><font style="display: inline;"> the Trust&#x2019;s Form 10-K for the year ended December 31, 2012 (&#x201C;</font><font style="display: inline;font-style:italic;">Form 10</font><font style="display: inline;font-style:italic;">-K</font><font style="display: inline;">&#x201D;) </font><font style="display: inline;">solely</font><font style="display: inline;"> to file </font><font style="display: inline;">the consent of Deloitte &amp; </font><font style="display: inline;">Touche</font><font style="display: inline;"> LLP</font><font style="display: inline;">, the Trust&#x2019;s</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">independent registered public accounting firm (&#x201C;</font><font style="display: inline;font-style:italic;">Auditor</font><font style="display: inline;">&#x201D;), </font><font style="display: inline;">as </font><font style="display: inline;">Exhibit 23.1</font><font style="display: inline;"> thereto (the &#x201C;</font><font style="display: inline;font-style:italic;">Consent</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">, which was inadvertently omitted from the original filing of the Form 10-K on February </font><font style="display: inline;">28</font><font style="display: inline;">, 201</font><font style="display: inline;">3</font><font style="display: inline;"> and </font><font style="display: inline;">(b) submitting responses to oral comments by Thomas </font><font style="display: inline;">Kluck</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">of the staff of the Division of Corporation Finance of the Securities and Exchange Commission (&#x201C;</font><font style="display: inline;font-style:italic;">Commission</font><font style="display: inline;">&#x201D;) </font><font style="display: inline;">made during a telephonic conversation on May 29, 2013 with </font><font style="display: inline;">the undersigned</font><font style="display: inline;"> concerning the Form 10-K and the Trust&#x2019;s registration statement on Form S-3 (File No.: 333-173</font><font style="display: inline;">472</font><font style="display: inline;">) (the &#x201C;</font><font style="display: inline;font-style:italic;">Registration Statement</font><font style="display: inline;">&#x201D;)</font><font style="display: inline;">.&nbsp; </font><font style="display: inline;">For convenience, w</font><font style="display: inline;">e have </font><font style="display: inline;">numbered and summarized </font><font style="display: inline;">the substance of the Staff&#x2019;s </font><font style="display: inline;">oral </font><font style="display: inline;">comments </font><font style="display: inline;">in italics below, and then added </font><font style="display: inline;">the </font><font style="display: inline;">response to </font><font style="display: inline;">each </font><font style="display: inline;">immediately thereafter.</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">&nbsp;</font>
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			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;line-height:150%;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">AUSTIN&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CENTURY CITY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHARLOTTE&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CHICAGO&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;HOUSTON&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IRVING&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LOS ANGELES&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><br /><font style="display: inline;font-family:Arial;font-size:6pt;">NEW YORK&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ORANGE COUNTY&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SAN FRANCISCO BAY AREA&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;SHANGHAI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;WASHINGTON, DC</font>
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		<p style="margin:0pt;line-height:150%;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">LONDON: KATTEN MUCHIN ROSENMAN UK LLP</font>
		</p>
		<p style="margin:0pt;text-align:center;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 6pt">
			<font style="display: inline;font-family:Arial;font-size:6pt;">A limited liability partnership including professional corporations</font>
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			<font style="display: inline;"><img src="sgol-20130604x10qg2.jpg" style="width: 1.375in; height: 0.4583333in" alt="Katten logo_1_375"></font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Securities and Exchange Commission</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">June 3, 2013</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Page </font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;"></font><font style="display: inline;">2</font><font style="display: inline;"></font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;">1.</font><font style="display: inline;font-style:italic;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-style:italic;"></font><font style="display: inline;font-style:italic;">We note that the Trust did not file the consent of its independent registered public accounting firm as an exhibit </font><font style="display: inline;font-style:italic;">to</font><font style="display: inline;font-style:italic;"> its annual report on Form 10-K.&nbsp;&nbsp;Please explain this omission and amend the annual report promptly to submit a copy </font><font style="display: inline;font-style:italic;">of</font><font style="display: inline;font-style:italic;"> the </font><font style="display: inline;font-style:italic;">c</font><font style="display: inline;font-style:italic;">onsent.</font>
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			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">T</font><font style="display: inline;">he Trust </font><font style="display: inline;">is filing the Amendment </font><font style="display: inline;">to provide the Consent </font><font style="display: inline;">concurrently with the submission of this response letter.&nbsp; </font><font style="display: inline;">T</font><font style="display: inline;">he Sponsor ha</font><font style="display: inline;">s</font><font style="display: inline;"> taken very seriously the inadvertent failure to </font><font style="display: inline;">provide </font><font style="display: inline;">the Consent </font><font style="display: inline;">with the original filing of the Form 10-K </font><font style="display: inline;">and ha</font><font style="display: inline;">s</font><font style="display: inline;"> adopted procedures </font><font style="display: inline;">reasonably </font><font style="display: inline;">designed to prevent </font><font style="display: inline;">this </font><font style="display: inline;">oversight </font><font style="display: inline;">in the future</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Among other things, t</font><font style="display: inline;">he Sponsor, i</font><font style="display: inline;">n consultation with the Auditor</font><font style="display: inline;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">has </font><font style="display: inline;">amended its current</font><font style="display: inline;"> checklist </font><font style="display: inline;">for pre-filing </font><font style="display: inline;">communications </font><font style="display: inline;">that </font><font style="display: inline;">is</font><font style="display: inline;"> used </font><font style="display: inline;">in connection with </font><font style="display: inline;">the </font><font style="display: inline;">preparation</font><font style="display: inline;"> of </font><font style="display: inline;">annual report</font><font style="display: inline;">s</font><font style="display: inline;"> on </font><font style="display: inline;">Form 10-K for the Trust</font><font style="display: inline;"> or any other filing pursuant to the Securities Exchange Act of 1934 that contains a report of an expert that would require the filing of </font><font style="display: inline;">a &nbsp;</font><font style="display: inline;">written consent of such expert pursuant to Rule 439 under the Securities Act of 1933 and Item 601</font><font style="display: inline;"> of Regulation S-K where such a report is incorporated by reference into a then current and effective registration statement</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;"> This </font><font style="display: inline;">checklist </font><font style="display: inline;">explicitly state</font><font style="display: inline;">s</font><font style="display: inline;"> &nbsp;t</font><font style="display: inline;">hat</font><font style="display: inline;"> the inclusion of a copy of the </font><font style="display: inline;">A</font><font style="display: inline;">uditor&#x2019;s Consent</font><font style="display: inline;">,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">with respect to the Registration Statement or any future registration statement incorporating by reference subsequent reports of the Auditor, </font><font style="display: inline;">is </font><font style="display: inline;">required</font><font style="display: inline;"> as an exhibit to</font><font style="display: inline;"> the Trust&#x2019;s</font><font style="display: inline;"> Form</font><font style="display: inline;">s</font><font style="display: inline;"> 10-K, and</font><font style="display: inline;"> also must </font><font style="display: inline;">be listed in the </font><font style="display: inline;">e</font><font style="display: inline;">xhibit index to Form 10-K.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">In addition,</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">an identification of the specific</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Sponsor personnel charged with coordinating receipt </font><font style="display: inline;">of the Consent from the Auditor</font><font style="display: inline;"> will be maintained </font><font style="display: inline;">in such procedures </font><font style="display: inline;">and updated</font><font style="display: inline;"> as necessary</font><font style="display: inline;">.</font>
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			<font style="display: inline;">&nbsp;</font>
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</div>
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		<p style="margin:30pt 0pt 0pt;text-align:right;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;"><img src="sgol-20130604x10qg2.jpg" style="width: 1.375in; height: 0.4583333in" alt="Katten logo_1_375"></font>
		</p>
		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Securities and Exchange Commission</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">June 3, 2013</font>
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		<p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Page 3</font>
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			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;font-style:italic;">2.</font><font style="display: inline;font-style:italic;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;font-style:italic;"></font><font style="display: inline;font-style:italic;">Please provide us with your analysis as to what impact, if any, the Trust&#x2019;s failure to timely file the </font><font style="display: inline;font-style:italic;">consent of its independent registered public accounting firm</font><font style="display: inline;font-style:italic;"> has had on the Trust&#x2019;s ability to keep its registration statement on Form S-3 current.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">We believe that the Trust&#x2019;s inadvertent failure to file the Consent as an exhibit to its </font><font style="display: inline;">F</font><font style="display: inline;">orm</font><font style="display: inline;">(s)</font><font style="display: inline;"> 10-K did not render its Registration Statement or </font><font style="display: inline;">the </font><font style="display: inline;">prospectus contained therein (&#x201C;</font><font style="display: inline;font-style:italic;">Prospectus</font><font style="display: inline;">&#x201D;) non-current or ineffective.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">One of the Trust&#x2019;s </font><font style="display: inline;">important structural feature</font><font style="display: inline;">s</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">is that it be able to </font><font style="display: inline;">continuously offer and sell its </font><font style="display: inline;">s</font><font style="display: inline;">hares to the public</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">P</font><font style="display: inline;">ersonnel of the Sponsor</font><font style="display: inline;">, &nbsp;</font><font style="display: inline;">the </font><font style="display: inline;">Auditor and </font><font style="display: inline;">Sponsor&#x2019;s c</font><font style="display: inline;">ounsel</font><font style="display: inline;"> are all aware of this aspect of the Trust when they </font><font style="display: inline;">work together </font><font style="display: inline;">in connection with the preparation, audit and filing</font><font style="display: inline;">, respectively,</font><font style="display: inline;"> of </font><font style="display: inline;">the Trust&#x2019;s regulatory filings required by the Commission, including those made on Form S-3 and Form 10-K.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Although we acknowledge that the Trust unintentionally failed to comply with the Commission&#x2019;s Rule 439 by omitting to file the Consent in a timely fashion in connection with the filing of its Form</font><font style="display: inline;">(s)</font><font style="display: inline;"> 10-K, we are unaware</font><font style="display: inline;">, after consultation with the Auditor&#x2019;s personnel,</font><font style="display: inline;"> of any reason that w</font><font style="display: inline;">ould have prevented the Auditor</font><font style="display: inline;"> from providing </font><font style="display: inline;">its</font><font style="display: inline;"> Consent for such purpose</font><font style="display: inline;"> at the time of the original filing of Trust&#x2019;s annual reports on Form 10-K</font><font style="display: inline;">.</font><font style="display: inline;">&nbsp;</font><font style="display: inline;">Therefore, we believe </font><font style="display: inline;">that </font><font style="display: inline;">the failure to file the Consent did not cause the Trust&#x2019;s financial statements </font><font style="display: inline;">filed under Form 10-K after the effectiveness of the Registration Statement to </font><font style="display: inline;">be disregarded or to be</font><font style="display: inline;"> deemed stale. </font><font style="display: inline;">&nbsp;</font><font style="display: inline;">The Trust&#x2019;s updated financial statements, which were filed with the Commission on Form 10-K in a timely fashion,&nbsp;&nbsp;met the requirements of Section 10(a)(3) of the Securities Act and Rule 427 despite the omission of a filed Consent as an exhibit to such form. </font><font style="display: inline;">Thus, </font><font style="display: inline;">we</font><font style="display: inline;"> believe that the Trust&#x2019;s</font><font style="display: inline;"> financial statements were brought up to date on the day that the deficient 10-K was filed, and that the </font><font style="display: inline;">Registration</font><font style="display: inline;"> Statement</font><font style="display: inline;">, which wholly incorporated such financial statements by reference, </font><font style="display: inline;">remained effective</font><font style="display: inline;"> on such day, and </font><font style="display: inline;">that it </font><font style="display: inline;">continues </font><font style="display: inline;">to remain effective</font><font style="display: inline;"> as the eligibility to use Form S-3 remains</font><font style="display: inline;">. &nbsp;</font><font style="display: inline;"> We believe</font><font style="display: inline;"> that </font><font style="display: inline;">all </font><font style="display: inline;">offers and sales of the Trust&#x2019;s </font><font style="display: inline;">shares </font><font style="display: inline;">were made in reliance upon the Registration Statement </font><font style="display: inline;">that properly incorporated by reference the information contained in the timely-filed Form(s) 10-K of the Trust </font><font style="display: inline;">during</font><font style="display: inline;"> the period in question,</font><font style="display: inline;"> and that </font><font style="display: inline;">such </font><font style="display: inline;">&nbsp;</font><font style="display: inline;">transactions were made </font><font style="display: inline;">through the use of a current and effective Prospectus</font><font style="display: inline;"> despite the inadvertent omission of the Consent exhibits</font><font style="display: inline;"> to such Form(s) 10-K</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">If you have </font><font style="display: inline;">additional </font><font style="display: inline;">questions,</font><font style="display: inline;"> or if I can be of any further assistance, </font><font style="display: inline;"> please</font><font style="display: inline;"> do not hesitate to call me at </font><font style="display: inline;"> (212) 940-</font><font style="display: inline;">6304</font><font style="display: inline;"> or, in my absence, Peter Shea at (212) 940-6447</font><font style="display: inline;">.</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Very truly yours,</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">/s/ Kathleen H. Moriarty</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">Kathleen H. Moriarty</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">&nbsp;</font>
		</p>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

		</p>
		<p><font size="1"> </font></p><div style="width:100%">

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			&nbsp;

		</p>

</div><hr size="3" style="color:#999999" width="100%" align="center"></hr><p style="page-break-after:always">&nbsp;</p><div style="width:100%">

		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">

			&nbsp;

		</p>

</div>
		<p style="margin:0pt;text-align:left;text-justify:inter-ideograph;font-family:Times New Roman;;font-size: 12pt"><font style="display: inline;"></font>
		</p>
		<p style="margin:0pt;text-align:left;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;">cc (w/ enclosures):</font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Mr. Thomas </font><font style="display: inline;">Kluck</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">Branch Chief</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">Division of Corporation Finance</font>
		</p>
		<p style="margin:0pt;text-align:left;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;"> &nbsp; &nbsp;</font><font style="display: inline;">Securities and Exchange Commission</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;">M</font><font style="display: inline;">r. Graham Tuckwell</font>
		</p>
		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;border-bottom:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Mr. Chris</font><font style="display: inline;">topher</font><font style="display: inline;"> Foulds</font>
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		<p style="margin:0pt;border-top:1pt none #D9D9D9 ;text-align:justify;text-justify:inter-ideograph;font-family:Times New Roman;font-size: 12pt">
			<font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;"></font><font style="display: inline;;font-size:12pt;font-family:Times New Roman;text-indent:0pt;margin-left:0pt;width:36pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font style="display: inline;">Mr. Peter Shea</font>
		</p>
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<DOCUMENT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
