<SEC-DOCUMENT>0000930413-12-002980.txt : 20120510
<SEC-HEADER>0000930413-12-002980.hdr.sgml : 20120510
<ACCEPTANCE-DATETIME>20120510165005
ACCESSION NUMBER:		0000930413-12-002980
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		11
CONFORMED PERIOD OF REPORT:	20120331
FILED AS OF DATE:		20120510
DATE AS OF CHANGE:		20120510

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ETFS Precious Metals Basket Trust
		CENTRAL INDEX KEY:			0001483386
		STANDARD INDUSTRIAL CLASSIFICATION:	 [6221]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34917
		FILM NUMBER:		12830982

	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>10-Q
<SEQUENCE>1
<FILENAME>c69530_10q.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="100%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=4><B>UNITED STATES SECURITIES AND EXCHANGE COMMISSION</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=3><B>Washington,
D.C. 20549</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=5><B>Form
10-Q</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:10PX">
<TD WIDTH="5%" VALIGN=TOP>
<P><FONT SIZE=3 FACE=WINGDINGS><B>x</B></FONT></P>
</TD>
<TD WIDTH="95%" VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=3><B>QUARTERLY REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>For the
Quarterly Period Ended March 31, 2012</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN=2 VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><BR><B>or</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=3 FACE=WINGDINGS><B>o</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=3><B>TRANSITION REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><B>For the
Transition Period from _____________ to _____________</B></FONT></P>
</TD>
</TR>
</TABLE>

<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="20%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="40%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>

<TR>
<TD COLSPAN=3 VALIGN=TOP>
<div ALIGN=CENTER><FONT SIZE=2>Commission File Number: 001-34917</FONT></div>
</TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>
<TR>
<TD COLSPAN=3 VALIGN=TOP>
<HR SIZE=1 WIDTH="20%" NOSHADE COLOR=BLACK ALIGN=CENTER>
</TD>
</TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
</tr>
<TR>
<TD COLSPAN=3 VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=6><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN=3 VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2>(Exact
name of registrant as specified in its charter)</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="50%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
<TD WIDTH="50%" VALIGN=TOP>
<P ALIGN=CENTER>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>New York</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>27-2780046</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><I> (State or other jurisdiction of incorporation or</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><I> (I.R.S. Employer Identification No.)</I></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><I>organization)</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>c/o ETF Securities USA LLC</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>48 Wall Street, 11<SUP>th</SUP> Floor</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>New York, NY</B></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><B>10005</B></FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><I> (Address of principal executive offices)</I></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=CENTER><FONT SIZE=2><I> (Zip Code)</I></FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><B>Registrant&#146;s telephone number, including area code: <BR>
(212) 918-4954</B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Indicate by check mark
whether the registrant (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing requirements for the
past 90 days.</FONT></P>

<P ALIGN=RIGHT style=margin-top:-30><FONT SIZE=2>Yes <FONT FACE=WINGDINGS>x</FONT> No <FONT FACE=WINGDINGS>o</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Indicate by check mark
whether the registrant has submitted electronically and posted on its corporate
web site, if any, every Interactive Data File required to be submitted and
posted pursuant to Rule 405 of Regulation S-T (&sect;232.405 of this chapter) during
the preceding 12 months (or for such shorter period that the registrant was
required to submit and post such files).</FONT></P>

<P ALIGN=RIGHT style=margin-top:-30><FONT SIZE=2>Yes <FONT FACE=WINGDINGS>o</FONT> No <FONT FACE=WINGDINGS>x</FONT></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the definitions of
&#147;large accelerated filer&#148;, &#147;accelerated filer&#148;, and &#147;smaller reporting company&#148;
in Rule 12b-2 of the Exchange Act.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="21%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="22%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="55%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Large accelerated filer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Accelerated filer <FONT FACE=WINGDINGS>x</FONT></FONT></p>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Non accelerated filer</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2 FACE=WINGDINGS>o</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2>Smaller reporting company <FONT FACE=WINGDINGS>o</FONT></FONT></P>
</TD>
</TR>
</TABLE>

<P><FONT SIZE=2>Indicate by check mark
whether the registrant is a shell company (as defined in Rule 12b-2 of the
Exchange Act).</FONT></P>

<P ALIGN=RIGHT style="margin-top:-30;"><FONT SIZE=2>Yes <FONT FACE=WINGDINGS>o</FONT> No <FONT FACE=WINGDINGS>x</FONT></FONT></P>


<P><FONT SIZE=2>As of May 9, 2012, ETFS Precious Metals Basket Trust has 2,100,000 ETFS Physical PM Basket Shares outstanding.</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM 10-Q</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FOR THE QUARTER ENDED MARCH 31, 2012</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>INDEX</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="10%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="85%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="5%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a001_v1">PART
I. FINANCIAL INFORMATION</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a002_v1">Item
1.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a002_v1">Condensed Financial
Statements (Unaudited)</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a003_v1">Item
2.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a003_v1">Management&#146;s
Discussion and Analysis of Financial Condition and Results of Operations</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>11</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a004_v1">Item
3.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a004_v1">Quantitative
and Qualitative Disclosures About Market Risk</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a005_v1">Item
4.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a005_v1">Controls
and Procedures</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a006_v1">Item
4T.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a006_v1">Controls
and Procedures</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>13</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a007_v1">PART
II. OTHER INFORMATION</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a008_v1">Item
1.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a008_v1">Legal
Proceedings</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a009_v1">Item
1.A</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a009_v1">Risk
Factors</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a010_v1">Item
2.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a010_v1">Unregistered
Sales of Equity Securities and Use of Proceeds</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a011_v1">Item
3.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a011_v1">Defaults
Upon Senior Securities</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a012_v1">Item
4.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a012_v1">Mine
Safety Disclosures</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a013_v1">Item
5.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a013_v1">Other
Information</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>14</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a014_v1">Item
6.</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a014_v1">Exhibits</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>15</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD COLSPAN=2 VALIGN=TOP>
<P><FONT SIZE=2><A HREF="#c69530a015_v1">SIGNATURES</A></FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN=RIGHT><FONT SIZE=2>16</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>P<A NAME="c69530a001_v1"></A>ART I. FINANCIAL
INFORMATION</B></FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a002_v1"></A>tem 1. Condensed Financial Statements
(Unaudited) </B></FONT></P>

<P><FONT SIZE=3>Condensed Statements of
Financial Condition (Unaudited)<BR></FONT><FONT SIZE=2>
At March 31, 2012 and
December 31, 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="63%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="11%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>March 31, 2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM nowrap>
<P ALIGN=CENTER><FONT SIZE=2><B>December 31, 2011 (3)</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2><B>ASSETS</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Investment in Bullion (1)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Gold</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>90,868,067</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>95,031,713</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Silver</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>64,771,943</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>67,745,237</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Platinum</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>11,557,216</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>12,072,539</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Palladium</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>7,964,351</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>8,339,760</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>175,161,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>183,189,249</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Total assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>175,161,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>183,189,249</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2><B>LIABILITIES</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Fees payable to Sponsor</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>100,269</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>107,543</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>Bullion payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>8,694,716</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Total liabilities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>100,269</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>8,802,259</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>&nbsp;</TD>
<TD VALIGN=BOTTOM>


</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>


</TD>
<TD VALIGN=BOTTOM>


</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2><B>REDEEMABLE SHARES AND SHAREHOLDERS DEFICIT</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Shares at redemption value
to investors (2)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>199,885,830</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>182,586,013</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>Shareholders&#146; deficit</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(24,824,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(8,199,023</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Total liabilities,
redeemable Shares &amp; shareholders&#146; deficit</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>175,161,577</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>183,189,249</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(1)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>The market value of
investment in Bullion at March 31, 2012 was $199,986,099 and at December 31,
2011 was $191,388,272. Refer to Note 2.1 for a breakdown
of market value per metal.</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(2)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>Authorized share capital is
unlimited with no par value per share. Shares issued and outstanding at March
31, 2012 and at December 31, 2011 were 2,100,000. </FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>(3)</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>Derived from audited Statement of Financial Condition
    as of December 31, 2011. </FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><I><B>See Notes to the Unaudited Condensed
Financial Statements.</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>1</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=3>Condensed
Statements of Operations (Unaudited)<BR></FONT><FONT SIZE=2>For the three months ended March 31, 2012 and 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="64%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="13%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Three Months</B><B><BR>
</B><B>Ended</B><B><BR>
</B><B>March
31, 2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Three Months</B><B><BR>
</B><B>Ended</B><B><BR>
</B><B>March
31, 2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2><B>REVENUES</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Value of Bullion
transferred to pay expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>304,062</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>245,201
</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>Cost of Bullion
transferred to pay expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(273,285</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(233,362</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Gain on Bullion
transferred to pay expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>30,777</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>11,839
</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>Gain on Bullion
distributed for the redemption of Shares</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>1,171,634</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>438,080
</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Total gain on Bullion</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>1,202,411</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>449,919
</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2><B>EXPENSES</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Sponsor&#146;s Fee</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>296,788</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>280,348
</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>Total expenses</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>296,788</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>280,348
</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Net gain from operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>905,623</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>169,571
</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2><I>Net gain
per Share</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>0.44</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>0.08
</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2><I>Weighted
average number of Shares</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2,072,527</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>2,115,556
</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><I><B>See Notes to the Unaudited Condensed
Financial Statements</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>2</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=3>Condensed
Statements of Cash Flows (Unaudited)<BR></FONT><FONT SIZE=2>For the three months ended March 31, 2012 and 2011</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="66%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="12%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Three Months</B><B><BR>
</B><B>Ended</B><B><BR>
</B><B>March
31, 2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Three Months</B><B><BR>
</B><B>Ended</B><B><BR>
</B><B>March
31, 2011</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>INCREASE /

(DECREASE) IN CASH FROM OPERATIONS:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Cash proceeds received from

transfer of Bullion</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Cash expenses

paid</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Increase in cash resulting from

operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Cash and cash equivalents at

beginning of period</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Cash and cash equivalents at

end of period</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>SUPPLEMENTAL

DISCLOSURE OF NON-CASH FINANCING
ACTIVITIES:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><I>Value of Bullion
      received

for creation of Shares - net of Bullion receivable</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>4,726,778</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>53,630,974</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><I>Value of Bullion

distributed for redemption of
Shares - at average cost - net of Bullion payable </I></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>12,481,165</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>8,216,251</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>RECONCILIATION OF

NET GAIN TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net gain from

operations</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>905,623</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>169,571</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Adjustments to reconcile net

gain to net cash provided by operating
activities:</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT

SIZE=2>Decrease / (increase) in Bullion assets</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>8,027,672</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(45,181,361</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Increase

in Bullion receivable</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>(434,719</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT

SIZE=2>Decrease in Bullion payable</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(8,694,716</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>(Decrease)
    / increase in amounts payable to Sponsor</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>(7,274</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>35,146</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Increase / (decrease) in

redeemable Shares:</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT

SIZE=2>Creations</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>4,726,778</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>54,065,692</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT

SIZE=2>Redemptions</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(4,958,083</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(8,654,329</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2>Net cash provided by

operating activities</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><B>SUPPLEMENTAL

DISCLOSURE OF NON-CASH ACTIVITIES:</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2><I>Value of Bullion

transferred to pay expenses</I></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>304,062</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>245,201</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><I><B>See Notes to the Unaudited Condensed
Financial Statements</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>3</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=3>Condensed
Statement of Changes in Shareholders&#146; Deficit (Unaudited)<BR></FONT><FONT SIZE=2>
For the three months ended March 31, 2012</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="82%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="3%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
<TD WIDTH="15%" VALIGN=BOTTOM>
<P ALIGN=RIGHT>&nbsp;</P>
</TD>
<TD WIDTH="1%" VALIGN=BOTTOM>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD COLSPAN=2 VALIGN=BOTTOM>
<P ALIGN=CENTER><FONT SIZE=2><B>Three Months<BR>
Ended<BR>
March 31, 2012</B></FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>Shareholders&#146; deficit -
opening balance</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(8,199,023</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Net gain for the period</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>905,623
</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>Adjustment of redeemable
Shares to redemption value</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P ALIGN=RIGHT><FONT SIZE=2>(17,531,122</FONT></P>
</TD>
<TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
<P><FONT SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>Shareholders&#146; deficit &#150;
closing balance</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>$</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P ALIGN=RIGHT><FONT SIZE=2>(24,824,522</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=2>)</FONT></P>
</TD>
</TR>
<TR>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>

<HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

</TD>
<TD VALIGN=BOTTOM>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2><I><B>See Notes to the Unaudited Condensed
Financial Statements</B></I></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>4</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><B>Notes to the Unaudited Condensed Financial
Statements </B></FONT></P>

<P><FONT SIZE=2><B>1. Organization </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The ETFS Precious Metals Basket Trust (the &#147;Trust&#148;) is an investment
trust formed on October 18, 2010, under New York law pursuant to a depositary
trust agreement (the &#147;Trust Agreement&#148;) executed by ETF Securities USA LLC (the
&#147;Sponsor&#148;) and the Bank of New York Mellon (the &#147;Trustee&#148;) at the time of the
Trust&#146;s organization. The Trust holds gold, silver, platinum and palladium in
set ratios (together, &#147;Bullion&#148;) and issues ETFS Physical PM Basket Shares
(&#147;Shares&#148;) (in minimum blocks of 50,000 Shares, also referred to as &#147;Baskets&#148;)
in exchange for deposits of Bullion and distributes Bullion in connection with
the redemption of Baskets. Shares represent units of fractional undivided
beneficial interest in and ownership of the Trust which are issued by the
Trust. The Sponsor is a Delaware limited liability company and a wholly-owned
subsidiary of ETF Securities Limited, a Jersey, Channel Islands based company.
The Trust is governed by the Trust Agreement. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The investment objective of the Trust is for the Shares to reflect the
performance of the price of gold, silver, platinum and palladium, less the
Trust&#146;s expenses and liabilities. The Trust is designed to provide an
individual owner of beneficial interests in the Shares (a &#147;Shareholder&#148;) an
opportunity to participate in the gold, silver, platinum and palladium market
through an investment in securities. The fiscal year end for the Trust is
December 31. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The accompanying unaudited condensed financial
    statements were prepared in accordance with the accounting principles generally
    accepted in the United States of America for interim financial information
    and with the instructions for the Form 10-Q. In the opinion of management
    of the Sponsor, all adjustments (which include normal recurring adjustments)
    necessary to present fairly the financial position, results of operations
    and cash flows as of and for the three months ended March 31, 2012 and for
    all periods presented have been made.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Certain information and footnote disclosures normally included in
financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been condensed or
omitted. These condensed financial statements should be read in conjunction
with the Trust&#146;s Annual Report on Form 10-K for the fiscal year ended December
31, 2011. The results of operations for the three months ended March 31, 2012
are not necessarily indicative of the operating results for the full year. </FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The preparation of financial statements in accordance with accounting
principles generally accepted in the United States of America requires those
responsible for preparing financial statements to make estimates and
assumptions that affect the reported amounts and disclosures. Actual results
could differ from those estimates. The following is a summary of significant
accounting policies followed by the Trust. </FONT></P>

<P><FONT SIZE=2><B>2.1. <I>Valuation
of Bullion</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Bullion is held by JPMorgan Chase Bank, N.A. (the &#147;Custodian&#148;), on
behalf of the Trust, at its London, England vaulting premises on a segregated
basis. The allocated Platinum and Palladium is held by UBS AG (the &#147;Zurich
Sub-Custodian&#148;) at its Zurich, Switzerland vaulting premises on a segregated
basis. The Trust&#146;s Bullion is valued, per individual metal type, for financial
statement purposes, at the lower of cost or market. The cost of Bullion is
determined according to the average cost method and the market value is based
on the London Fix for each metal held by the Trust used to determine the net
asset value (the &#147;NAV&#148;) of the Trust. Realized gains and losses on transfers of
Bullion, or Bullion distributed for the redemption of Shares, are calculated on
a trade date basis using average cost. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Once the value of Bullion has been determined, the NAV is computed by
the Trustee by deducting all accrued fees, expenses and other liabilities of
the Trust, including the remuneration due to the Sponsor (the &#147;Sponsor&#146;s Fee&#148;),
from the fair value of the Bullion and all other assets held by the Trust. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>5</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies
(Continued) </B></FONT></P>

<P><FONT SIZE=2><B>2.1. <I>Valuation
of Bullion (Continued)</I></B></FONT></P>

<P><FONT SIZE=2>The table
below summarizes the unrealized gains or losses on the Trust&#146;s Bullion holdings
as of March 31, 2012 and December 31, 2011: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="99%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>March 31, 2012</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Gold</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Silver</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Platinum</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Palladium</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Total</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</tr>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Investment in Bullion-average cost</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>90,868,067</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>64,771,943</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>11,557,216</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>7,964,351</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>175,161,577</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Unrealized gain on investment in Bullions</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13,015,812</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>9,530,805</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,106,508</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>171,397</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>24,824,522</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Investment in Bullion-market value</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>103,883,879</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>74,302,748</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>13,663,724</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8,135,748</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>199,986,099</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>December 31, 2011</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Gold</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Silver</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Platinum</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Palladium</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Total</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</tr>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Investment in Bullion-average cost</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>95,031,713</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>76,742,076</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>15,338,914</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>9,528,862</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>196,641,565</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Realized loss on investment in Bullion</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(8,996,839</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(3,266,375</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(1,189,102</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(13,452,316</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Investment in Bullion-lower of cost or market value</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>95,031,713</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>67,745,237</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12,072,539</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8,339,760</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>183,189,249</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Unrealized gain on investment in Bullion</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,199,023</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,199,023</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Investment in Bullion-market value</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>103,230,736</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>67,745,237</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12,072,539</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8,339,760</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>191,388,272</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust recognizes the diminution in value of the investment in
Bullion which arises from market declines on an interim basis. Increases in the
value of the investment in Bullion through market price recoveries in later
interim periods of the same fiscal year are recognized in the later interim
period. Increases in value recognized on an interim basis may not exceed the
previously recognized diminution in value. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The per Share amount of Bullion exchanged for a purchase or redemption
is calculated daily by the Trustee, using the London Fix for each metal held by
the Trust to calculate the Bullion amount in respect of any liabilities for
which covering Bullion sales have not yet been made, and represents the per
Share amount of Bullion held by the Trust, after giving effect to its
liabilities, to cover expenses and liabilities and any losses that may have
occurred. </FONT></P>

<P><FONT SIZE=2><I><B>2.2. Bullion
Receivable and Payable</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Bullion receivable or payable represents the quantity of Bullion
covered by contractually binding orders for the creation or redemption of
Shares respectively, where the Bullion has not yet been transferred to or from
the Trust&#146;s account. Generally, ownership of the Bullion is transferred within
three business days of the trade date. Bullion receivable or payable at March
31, 2012 and December 31, 2011 is set out below: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="63%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="11%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>March 31, 2012</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>December 31, 2011</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P></TD>
</tr>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Bullion receivable</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Bullion payable</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,694,716</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>6</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies
(Continued) </B></FONT></P>

<P><FONT SIZE=2><B>2.3. <I>Creations
and Redemptions of Shares</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust expects to create and redeem Shares from time to time, but
only in one or more Baskets. The Trust issues Shares in Baskets to Authorized
Participants on an ongoing basis. Individual investors cannot purchase or
redeem Shares in direct transactions with the Trust. An Authorized Participant
is a person who (1) is a registered broker-dealer or other securities market
participant such as a bank or other financial institution which is not required
to register as a broker-dealer to engage in securities transactions, (2) is a
participant in The Depository Trust Company, (3) has entered into an Authorized
Participant Agreement with the Trustee and the Sponsor, and (4) has established
an Authorized Participant Unallocated Account with the Trust&#146;s Custodian or
other Bullion clearing bank. An Authorized Participant Agreement is an
agreement entered into by each Authorized Participant, the Sponsor and the
Trustee which provides the procedures for the creation and redemption of
Baskets and for the delivery of the Bullion required for such creations and
redemptions. An Authorized Participant Unallocated Account is an unallocated
Bullion account, either loco London or loco Zurich, established with the
Custodian or a Bullion clearing bank by an Authorized Participant. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The creation and redemption of Baskets is only made in exchange for the
delivery to the Trust or the distribution by the Trust of the amount of Bullion
represented by the Baskets being created or redeemed, the amount of which is
based on the combined NAV of the number of Shares included in the Baskets being
created or redeemed determined on the day the order to create or redeem Baskets
is properly received. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Authorized Participants may, on any business day, place an order with
the Trustee to create or redeem one or more Baskets. The typical settlement
period for Shares is three business days. In the event of a trade date at
period end, where a settlement is pending, a respective account receivable and/or
payable will be recorded. When Bullion is exchanged in settlement of a
redemption, it is considered a sale of Bullion for financial statement
purposes. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The amount of bullion represented by the Baskets created or redeemed
can only be settled to the nearest 1/1000<SUP>th </SUP>of an ounce. As a
result, the value attributed to the creation or redemption of Shares may differ
from the value of bullion to be delivered or distributed by the Trust. In order
to ensure that the correct metal is available at all times to back the Shares,
the Sponsor accepts an adjustment to its management fees in the event of any
shortfall or excess. For each transaction, this amount is not more than 1/1000<SUP>th</SUP>
of an ounce. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Shares of the Trust are classified as &#147;Redeemable
    Capital Shares&#148;
for financial statement purposes, since they are subject to redemption at the
option of Authorized Participants. Outstanding Shares are reflected at
redemption value, which represents the maximum obligation (based on NAV per
Share), with the difference from historical cost recorded as an offsetting
amount to retained earnings. When Bullion is exchanged in settlement of a
redemption, a gain or loss in the amount of the difference between the market
value on the trade date and the historical cost is recorded to the Condensed
Statement of Operations. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Changes in the Shares for the three months ended March 31, 2012 and for
the year ended December 31, 2011 are set out below: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="63%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="14%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Three Months<BR>
 Ended<BR>
 March 31, 2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Year<BR>
 Ended<BR>
 December 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE="2"><B><U>Number of redeemable Shares</U></B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1,900,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Creations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,450,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Redemptions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(1,250,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE="2"><B><U>Redeemable Shares</U></B> </FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>182,586,013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>166,379,066</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Creations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>4,726,778</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>143,112,185</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Redemptions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(4,958,083</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(120,762,519</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Adjustment to redemption
 value</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>17,531,122</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(6,142,719</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>199,885,830</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>182,586,013</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Redemption value per Share
 at period end</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>95.18</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>86.95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>7</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST </B></FONT></P>

<P><FONT SIZE=2><B>2.4. <I>Revenue
Recognition Policy</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The primary expense of the Trust is the Sponsor&#146;s Fee, which is paid by
the Trust through in-kind transfers of Bullion to the Sponsor. With respect to
expenses not otherwise assumed by the Sponsor, the Trustee will, at the
direction of the Sponsor or in its own discretion, sell the Trust&#146;s Bullion as
necessary to pay these expenses. When selling Bullion to pay expenses, the
Trustee will endeavor to sell the smallest amounts of Bullion needed to pay
these expenses in order to minimize the Trust&#146;s holdings of assets other than
Bullion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Unless otherwise directed by the Sponsor, when selling Bullion the
Trustee will endeavor to sell at the price established by the London Fix for
each metal held by the Trust. The Trustee will place orders with dealers (which
may include the Custodian) through which the Trustee expects to receive the
most favorable price and execution of orders. The Custodian may be the
purchaser of such Bullion only if the sale transaction is made at the London
Fix for each metal held by the Trust used by the Trustee to value the Trust&#146;s
Bullion. A gain or loss is recognized based on the difference between the
selling price and the average cost of the Bullion sold. Neither the Trustee nor
the Sponsor is liable for depreciation or loss incurred by reason of any sale. </FONT></P>

<P><FONT SIZE=2><B>2.5. <I>Income
Taxes</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust is classified as a &#147;grantor trust&#148; for U.S. federal income
tax purposes. As a result, the Trust itself will not be subject to U.S. federal
income tax. Instead, the Trust&#146;s income and expenses will &#147;flow through&#148; to the
Shareholders, and the Trustee will report the Trust&#146;s proceeds, income,
deductions, gains, and losses to the Internal Revenue Service on that basis. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Sponsor has evaluated whether or not there are uncertain tax
positions that require financial statement recognition and has determined that
no reserves for uncertain tax positions are required as of March 31, 2012 and
December 31, 2011. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>8</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies
(Continued) </B></FONT></P>

<P><FONT SIZE=2><B>2.6. <I>Investment
in Bullion</I></B></FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2>Changes in
ounces of Bullion and the respective values for the three months ended March
31, 2012 and for the year ended December 31, 2011 are set out below: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="10%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Three Months Ended March 31, 2012</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Gold</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Silver</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Platinum</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Palladium</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Ounces of Bullion:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>65,564.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,404,018.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,741.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13,112.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,491,437.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Creations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,487.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>54,533.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>198.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>297.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>56,516.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(4,467.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(163,792.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(595.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(893.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(169,748.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Transfers of Bullion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(97.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(3,586.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(13.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(19.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(3,716.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>62,486.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,291,173.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,331.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12,497.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,374,488.7</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Investment in Bullion (lower of cost or market):</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>95,031,713</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>67,745,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12,072,539</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,339,760</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>183,189,249</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Creations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>2,452,885</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,743,432</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>325,217</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>205,244</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>4,726,778</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(6,474,759</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(4,615,662</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(822,534</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(568,210</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(12,481,165</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Transfers of Bullion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(141,772</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(101,064</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(18,006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(12,443</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(273,285</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>90,868,067</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>64,771,943</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,557,216</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,964,351</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>175,161,577</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=14 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Year Ended December 31, 2011</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Gold</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Silver</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Platinum</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Palladium</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Ounces of Bullion:</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>55,461.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,033,601.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,395.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>11,092.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,107,550.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions <I>(excluding bullion payable at December 31, 2011 - 2,978.6,
 109,213.9, 397.1, and 595.7, respectively)</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>44,859.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,644,859.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>5,981.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8,972.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>1,704,672.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(34,336.6</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(1,259,007.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(4,578.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(6,867.3</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(1,304,789.5</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Transfers of Bullion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(421.0</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(15,434.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(56.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(84.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(15,996.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>


 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>65,564.1</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,404,018.4</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>8,741.9</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>13,112.8</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>2,491,437.2</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2><B>Investment in Bullion (lower of cost or market):</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Opening balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>76,213,472</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>54,148,351</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>12,716,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>7,566,140</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>150,644,616</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Creations</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>68,061,096</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>61,734,789</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>10,720,634</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>6,974,063</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>147,490,582</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Redemptions<I> (excluding
       bullion payable at December 31, 2011 - $4,317,263, $3,077,647, $548,453,
      and $378,873, respectively)*</I></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(48,650,097</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(38,678,514</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(8,000,519</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(4,951,043</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(100,280,173</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Transfers of Bullion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(592,758</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(462,550</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(97,854</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(60,298</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>(1,213,460</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Realized loss on investment in Bullion</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(8,996,839</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(3,266,375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(1,189,102</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>(13,452,316</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  SIZE=2>Closing balance</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>95,031,713</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>67,745,237</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>12,072,539</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>8,339,760</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>183,189,249</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=3 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="4%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
<TD WIDTH="96%" VALIGN=TOP>
<P>&nbsp;</P>
</TD>
</TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=2>*</FONT></P>
</TD>
<TD VALIGN=TOP>
<P ALIGN="JUSTIFY"><FONT SIZE=2>Market value of Bullion payable at December 31,
    2011 - $4,689,743, $3,077,647, $548,453 and $378,873, respectively.</FONT></P>
</TD>
</TR>
</TABLE>

<P ALIGN=CENTER><FONT SIZE=2>9</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><B>2. Significant Accounting Policies
(Continued) </B></FONT></P>

<P><FONT SIZE=2><B>2.7. <I>Expenses</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust will transfer Bullion to the Sponsor to pay the Sponsor&#146;s Fee
that will accrue daily at an annualized rate equal to 0.60% of the adjusted net
asset value (the &#147;ANAV) of the Trust, paid monthly in arrears. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Sponsor has agreed to assume administrative and marketing expenses
incurred by the Trust, including the Trustee&#146;s monthly fee and out of pocket
expenses, the Custodian&#146;s fee and the reimbursement of the Custodian&#146;s
expenses, exchange listing fees, United States Securities and Exchange
Commission (the &#147;SEC&#148;) registration fees, printing and mailing costs, audit
fees and certain legal expenses. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>For the three months ended March 31, 2012 and March 31, 2011 the
Sponsor&#146;s Fee was $296,788 and $280,348, respectively. At March 31, 2012 and at
December 31, 2011, the fees payable to the Sponsor were $100,269 and $107,543,
respectively. </FONT></P>

<P><FONT SIZE=2><B>2.8.<I>
Subsequent Events</I></B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In accordance with the provisions set forth in
    Financial Accounting Standards Board Accounting Standards Codification 855-10, <I>Subsequent
    Events</I>,
    the Trust&#146;s
    management has evaluated the possibility of subsequent events existing in
    the Trust&#146;s
financial statements through the filing date. During this period, no material
subsequent events were identified. </FONT></P>

<P><FONT SIZE=2><B>3. Related Parties </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Sponsor and the Trustee are considered to be related parties to the
Trust. The Trustee&#146;s fee is paid by the Sponsor and is not a separate expense
of the Trust. The Trustee and the Custodian and their affiliates may from time
to time act as Authorized Participants or purchase or sell Bullion or Shares
for their own account, as agent for their customers and for accounts over which
they exercise investment discretion. </FONT></P>

<P><FONT SIZE=2><B>4. Concentration of Risk </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust&#146;s sole business activity is the investment in Bullion, and
substantially all the Trust&#146;s assets are holdings of Bullion which creates a
concentration risk associated with fluctuations in the price of Bullion.
Several factors could affect the price of Bullion, including: (i) global
Bullion supply and demand, which is influenced by factors such as forward
selling by Bullion producers, purchases made by Bullion producers to unwind
Bullion hedge positions, central bank purchases and sales, and production and
cost levels in major Bullion-producing countries; (ii) investors&#146; expectations
with respect to the rate of inflation; (iii) currency exchange rates; (iv)
interest rates; (v) investment and trading activities of hedge funds and
commodity funds; and (vi) global or regional political, economic or financial
events and situations. In addition, there is no assurance that Bullion will
maintain its long-term value in terms of purchasing power in the future. In the
event that the price of Bullion declines, the Sponsor expects the value of an
investment in the Shares to decline proportionately. Each of these events could
have a material effect on the Trust&#146;s financial position and results of
operations. </FONT></P>

<P><FONT SIZE=2><B>5. Indemnification </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Under the Trust&#146;s organizational documents, the Trustee (and its
directors, employees and agents) and the Sponsor (and its members, managers,
directors, officers, employees and affiliates) is indemnified by the Trust
against any liability, cost or expense it incurs without gross negligence, bad
faith or willful misconduct on its part and without reckless disregard on its
part of its obligations and duties under the Trust&#146;s organizational documents. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust&#146;s maximum exposure under these arrangements is unknown as
this would involve future claims that may be made against the Trust that have
not yet occurred. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>10</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a003_v1"></A>tem 2.
Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2><I>This information should be read in
conjunction with the unaudited condensed financial statements and notes to the
      unaudited condensed financial statements included in Item 1 of Part 1 of
      this Form 10-Q. The discussion and analysis that follows may contain forward-looking
      statements with respect to the Trust&#146;s
financial conditions, operations, future performance and business. These
statements can be identified by the use of the words &#147;may&#148;, &#147;should&#148;, &#147;expect&#148;,
&#147;plan&#148;, &#147;anticipate&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;predict&#148;, &#147;potential&#148; or
similar words and phrases. These statements are based upon certain assumptions
and analyses the Sponsor has made based on its perception of historical trends,
current conditions and expected future developments. Neither the Trust nor the
Sponsor is under a duty to update any of the forward looking statements, to
conform such statements to actual results or to reflect a change in
management&#146;s expectations or predictions. </I></FONT></P>

<P><FONT SIZE=2><I><B>Introduction</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust is a common law trust, formed under the laws of the state of
New York on the October 18, 2010. The Trust is not managed like a corporation
or an active investment vehicle. It does not have any officers, directors, or
employees and is administered by the Trustee pursuant to the Trust. The Trust
is not registered as an investment company under the Investment Company Act of
1940 and is not required to register under such act. It will not hold or trade
in commodity futures contracts, nor is it a commodity pool, subject to
regulation as a commodity pool operator or a commodity trading adviser in
connection with issuing Shares. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust holds Bullion (consisting of gold, silver, platinum and
palladium bullion in specified proportions) and is expected to issue Baskets in
exchange for deposits of Bullion, and to distribute Bullion in connection with
redemptions of Baskets. Shares issued by the Trust represent units of undivided
beneficial interest in the ownership of the Trust. The investment objective of
the Trust is for the Shares to reflect the performance of the price of gold,
silver, platinum and palladium in the proportions held by the Trust, less the
Trust&#146;s expenses. The Trust holds Bullion in a ratio such that for every 0.03
ounces of gold, it holds 1.1 ounces of silver, 0.004 ounces of platinum and
0.006 ounces of palladium. The Sponsor believes that, for many investors, the
Shares will represent a cost effective investment relative to traditional means
of investing in Bullion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust issues and redeems Shares only with Authorized Participants
in exchange for Bullion, only in aggregations of 50,000 or integral multiples
thereof. A list of current Authorized Participants is available from the
Sponsor or the Trustee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Shares of the Trust trade on the New York Stock Exchange (the &#147;NYSE&#148;)
Arca under the symbol &#147;GLTR.&#148; </FONT></P>

<P><FONT SIZE=2><I><B>Valuation of Bullion
and Computation of Net Asset Value</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>On each business day, as promptly as practicable after 4:00 p.m., New
York time, on such day (the &#147;Evaluation Time&#148;), the Trustee values the Bullion
held by the Trust and determines both the ANAV and the NAV of the Trust. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>At the Evaluation Time, the Trustee values the Trust&#146;s Bullion on the
basis of that day&#146;s &#147;London Fix&#148; for such metal (the applicable fix for each
metal of the price of an ounce of such metal and is performed in London,
England by fixing members of the London Bullion Market Association (&#147;LBMA&#148;) or
London Platinum and Palladium (&#147;LPPM&#148;), as applicable), or if no London Fix is
made for a metal on such day or has not been announced by the Evaluation Time,
the next most recent London Fix for such metal determined prior to the
Evaluation Time will be used, unless the Sponsor determines that such price is inappropriate
as a basis for Evaluation. In the case this determination is made, the Sponsor
will identify an alternative basis for such evaluation to be used by the
Trustee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Gold held by the Trust will typically be valued on the basis of the
price of an ounce of gold as set by the afternoon session of the twice daily
fix of the price of an ounce of gold which starts at 3:00 PM London, England
time and is performed in London by the five members of the London gold fix.
Silver held by the Trust will typically be valued on the basis of the price of
an ounce of silver as set at approximately 12:00 noon London time and performed
in London by three market making members of the LBMA. Platinum held by the
Trust will typically be valued on the basis of the price of an ounce of
platinum as set by the afternoon session of the twice daily fix of the price of
an ounce of platinum which starts at 2:00 PM London, England time and is
performed in London by the four fixing members of the LPPM. Palladium held by
the Trust will typically be valued on the basis of the price of an ounce of
palladium as set by the afternoon session of the twice daily fix of the price
of an ounce of palladium which starts at 2:00 PM London, England time and is
performed in London by the four fixing members of the LPPM. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Once the value of Bullion held by the Trust has been determined, the
Trustee subtracts all estimated accrued but unpaid fees and other liabilities
of the Trust from the total value of the Bullion and all other assets of the
Trust. The resulting figure is the ANAV of the Trust. The ANAV is used to
compute the Sponsor&#146;s Fee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trustee then subtracts from the ANAV the amount of Sponsor&#146;s Fees
computed for such day to determine the net asset value (&#147;NAV&#148;) of the Trust.
The Trustee also determines the NAV per Share by dividing the NAV of the Trust
by the number of Shares outstanding as of the close of trading on the NYSE
Arca.</FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>11</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><I><B>The Quarter Ended
March 31, 2012</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The NAV of the Trust is obtained by subtracting the Trust&#146;s liabilities
on any day from the value of the Bullion owned and receivable by the Trust on
that day; the NAV per Share is obtained by dividing the NAV of the Trust on a
given day by the number of Shares outstanding on that day. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust&#146;s NAV increased from $182,586,013 at December 31, 2011 to
$199,885,830 at March 31, 2012, a 9.47% increase for the quarter. The increase
in the Trust&#146;s NAV resulted primarily from an increase in the price per ounce
of gold, silver, platinum and palladium in the proportions held by the Trust
(the &#147;Proportionate Price&#148;) which rose 9.64%. There was no net change in the
number of outstanding Shares from December 31, 2011 to March 31, 2012 with
2,100,000 Shares outstanding, a result of 50,000 Shares (1 Basket) being
created and 50,000 Shares (1 Basket) being redeemed during the quarter.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>NAV per Share increased 9.47% from $86.95 at December 31, 2011 to
$95.18 at March 31, 2012. The Trust&#146;s NAV per Share rose slightly less than the
Proportionate Price due to Sponsor&#146;s Fees, which were $296,788 for the quarter,
or 0.60% of the Trust&#146;s assets on an annualized basis. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The NAV per Share of $104.43 at February 29, 2012 was the highest
during the quarter, compared with a low of $88.56 at January 3, 2012.</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Net gain from operations for the quarter ended March 31, 2012 was
$905,623, resulting from a net gain of $30,777 on the transfer of Bullion to
pay expenses and a net gain of $1,171,634 on Bullion distributed for the
redemption of Shares, offset by Sponsor&#146;s Fees of $296,788. Other than the
Sponsor&#146;s Fee, the Trust had no expenses during the quarter ended March 31,
2012. </FONT></P>

<P><FONT SIZE=2><I><B>Liquidity &amp;
Capital Resources</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust is not aware of any trends, demands, commitments, events or
uncertainties that are reasonably likely to result in material changes to its
liquidity needs. In exchange for the Sponsor&#146;s Fee, the Sponsor has agreed to
assume most of the expenses incurred by the Trust. As a result, the only
ordinary expense of the Trust during the period covered by this report was the Sponsor&#146;s
Fee. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trustee will, at the direction of the Sponsor or in its own
discretion, sell the Trust&#146;s Bullion as necessary to pay the Trust&#146;s expenses
not otherwise assumed by the Sponsor. The Trustee will not sell Bullion to pay
the Sponsor&#146;s Fee but will pay the Sponsor&#146;s Fee through in-kind transfers of
Bullion to the Sponsor. At March 31, 2012 the Trust did not have any cash
balances. </FONT></P>

<P><FONT SIZE=2><I><B>Off-Balance Sheet
Arrangements</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust has no off-balance sheet arrangements. </FONT></P>

<P><FONT SIZE=2><I><B>Critical Accounting
Policies</B></I></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The unaudited condensed financial statements and
    accompanying notes are prepared in accordance with accounting principles
    generally accepted in the United States of America. The preparation of these
    unaudited condensed financial statements relies on estimates and assumptions
    that impact the Trust&#146;s financial
    position and results of operations. These estimates and assumptions affect
    the Trust&#146;s application of
accounting policies. In addition, please refer to Note 2 to the unaudited condensed
financial statements for further discussion of accounting policies. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>12</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a004_v1"></A>tem 3.
Quantitative and Qualitative Disclosures About Market Risk </B></FONT></P>

<P><FONT SIZE=2>Not
applicable. </FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a005_v1"></A>tem 4. Controls
and Procedures </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>The Trust maintains disclosure controls and procedures that are
designed to ensure that information required to be disclosed in its reports
under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) is
recorded, processed, summarized and reported within the time periods specified
in the SEC&#146;s rules and forms, and that such information is accumulated and
communicated to the Chief Executive Officer and Chief Financial Officer of the
Sponsor, and to the audit committee, as appropriate, to allow timely decisions
regarding required disclosure. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Under the supervision and with the participation of the Chief Executive
Officer and the Chief Financial Officer of the Sponsor, the Sponsor conducted
an evaluation of the Trust&#146;s disclosure controls and procedures, as defined
under Exchange Act Rules 13a-15(e) and 15(d)-15(e). Based on this evaluation,
the Chief Executive Officer and the Chief Financial Officer of the Sponsor
concluded that, as of March 31, 2012, the Trust&#146;s disclosure controls and
procedures were effective. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>There have been no changes in the Trust&#146;s or Sponsor&#146;s internal control
over financial reporting that occurred during the Trust&#146;s fiscal quarter ended
March 31, 2012 that have materially affected, or are reasonably likely to
materially affect, the Trust&#146;s or Sponsor&#146;s internal control over financial
reporting. </FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a006_v1"></A>tem 4T. Controls
and Procedures </B></FONT></P>

<P><FONT SIZE=2>Not
applicable. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>13</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>P<A NAME="c69530a007_v1"></A>ART II. OTHER
INFORMATION</B></FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a008_v1"></A>tem 1. Legal
Proceedings </B></FONT></P>

<P><FONT SIZE=2>None. </FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a009_v1"></A>tem 1A. Risk
Factors </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>There have been no material changes to the risk factors previously
disclosed in the Trust&#146;s Annual Report on Form 10-K for the fiscal year ended
December 31, 2011. </FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a010_v1"></A>tem 2.
Unregistered Sales of Equity Securities and Use of Proceeds </B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 2(a).</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>None. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 2(b).</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Not
 applicable. </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><B>Item 2(c).</B></FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>For the
 three months ended March 31, 2012: </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1 Basket was
 created.</FONT></P>
 </TD>
 </TR>
<TR>
<TD VALIGN=TOP>
<P><FONT SIZE=1>&nbsp;</FONT></P>
</TD>
</tr>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>1 Basket was
 redeemed.</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="5%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 <TD WIDTH="6%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P> </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P>&nbsp;</P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Total Baskets<BR>
 Redeemed</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Total Shares<BR>
 Redeemed</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=11 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Average Ounces of Bullion Per Share</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2><B>Period</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Gold</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Silver</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Platinum</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2><B>Palladium</B></FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD COLSPAN=2 VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
<TR bgcolor="#E5FFFF">
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>January 2012</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.030</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1.092</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.004</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>0.006</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>February 2012</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=2>March 2012</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P ALIGN=RIGHT><FONT SIZE=2>&#151;</FONT></P> </TD>
 <TD VALIGN=BOTTOM BGCOLOR="#E5FFFF">
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2>Total</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>1</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2>50,000</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P> </TD>
 </TR>
</TABLE>

<P><FONT SIZE=2><B>I<A NAME="c69530a011_v1"></A>tem 3. Defaults
Upon Senior Securities </B></FONT></P>

<P><FONT SIZE=2>None. </FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a012_v1"></A>tem 4. Mine
Safety Disclosures </B></FONT></P>

<P><FONT SIZE=2>None. </FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a013_v1"></A>tem 5. Other
Information </B></FONT></P>

<P><FONT SIZE=2>None. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>14</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>ETFS PRECIOUS METALS BASKET TRUST</B></FONT></P>

<P><FONT SIZE=2><B>I<A NAME="c69530a014_v1"></A>tem 6. Exhibits </B></FONT></P>

<P><FONT SIZE=2><B> (a) Exhibits</B></FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="10%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="90%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>31.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>Chief
 Executive Officer&#146;s Certificate, pursuant to Section 302 of the
 Sarbanes-Oxley Act of 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>31.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>Chief
 Financial Officer&#146;s Certificate, pursuant to Section 302 of the
 Sarbanes-Oxley Act of 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>32.1</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>Chief
 Executive Officer&#146;s Certificate, pursuant to 18 U.S.C. Section 1350, as
 adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>32.2</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>Chief
 Financial Officer&#146;s Certificate, pursuant to 18 U.S.C. Section 1350, as
 adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.INS</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL
 Instance Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.SCH</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL
 Taxonomy Extension Schema Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.CAL</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL
 Taxonomy Extension Calculation Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.DEF</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL
 Taxonomy Extension Definitions Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.LAB</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL
 Taxonomy Extension Labels Document*</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>101.PRE</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>XBRL
 Taxonomy Extension Presentation Document*</FONT></P>
 </TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="6%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="94%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>*</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN="JUSTIFY"><FONT SIZE=2>In
 accordance with Regulation S-T, the XBRL-related information in Exhibit 101 to
 this Quarterly Report on Form 10-Q shall be deemed to be &#147;furnished&#148; and not
 &#147;filed.&#148; </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=CENTER><FONT SIZE=2>15</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4><P ALIGN=LEFT STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<P ALIGN=CENTER><FONT SIZE=2><B>S<A NAME="c69530a015_v1"></A>IGNATURES</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned in the capacities thereunto duly authorized. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>ETF
 SECURITIES USA LLC</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Sponsor of
 the ETFS Precious Metals Basket Trust</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=2>(Registrant)</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: May
 10, 2012</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Graham
 Tuckwell</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Graham
 Tuckwell</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>President
 and Chief Executive Officer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>(Principal
 Executive Officer)</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: May
 10, 2012</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Thomas
 Quigley</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Thomas
 Quigley</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Chief
 Financial Officer and Treasurer</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>(Principal
 Financial Officer and Principal</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=TOP>
 <P><FONT SIZE=2>Accounting
 Officer)</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>* The Registrant is a trust and the persons are signing in their
capacities as officers of ETF Securities USA LLC, the Sponsor of the
Registrant. </FONT></P>

<P ALIGN=CENTER><FONT SIZE=2>16</FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>c69530_ex31-1.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2><B>Exhibit 31.1</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM OF CERTIFICATION<BR>
PURSUANT TO RULE 13a-14 AND 15d-14 <BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED<BR>
CERTIFICATIONS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>I, Graham Tuckwell, certify that:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1. I have reviewed this Quarterly Report on Form 10-Q of ETFS Precious
Metals Basket Trust;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>4. The registrant&#146;s other certifying officer and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting
(as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant
and have: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, 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; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(d) Disclosed in this report any change in the registrant&#146;s internal
control over financial reporting that occurred during the registrant&#146;s most
recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant&#146;s internal control over financial reporting;
and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>5. The registrant&#146;s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent
functions): </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process,
summarize and report financial information; and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant&#146;s internal
control over financial reporting.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: May
 10, 2012</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Graham
 Tuckwell</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Graham
 Tuckwell </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 and Chief Executive Officer </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Principal
 Executive Officer) </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>* The Registrant is a trust and Mr. Tuckwell is signing in his capacity
as an officer of ETF Securities USA LLC, the Sponsor of the Registrant. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>c69530_ex31-2.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2><B>Exhibit 31.2</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>FORM OF CERTIFICATION<BR>
PURSUANT TO RULE 13a-14 AND 15d-14 <BR>
UNDER THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED<BR>
CERTIFICATIONS</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>I, Thomas Quigley, certify that:</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1. I have reviewed this Quarterly Report on Form 10-Q of ETFS Precious
Metals Basket Trust;</FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2. Based on my knowledge, this report does not contain any untrue
statement of a material fact or omit to state a material fact necessary to make
the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>3. Based on my knowledge, the financial statements, and other financial
information included in this report, fairly present in all material respects
the financial condition, results of operations and cash flows of the registrant
as of, and for, the periods presented in this report; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>4. The registrant&#146;s other certifying officer and I are responsible for
establishing and maintaining disclosure controls and procedures (as defined in
Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial
reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the
registrant and have: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(a) Designed such disclosure controls and procedures, or caused such
disclosure controls and procedures to be designed under our supervision, to
ensure that material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those entities,
particularly during the period in which this report is being prepared; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(b) Designed such internal control over financial reporting, or caused
such internal control over financial reporting to be designed under our
supervision, 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; </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(c) Evaluated the effectiveness of the registrant&#146;s disclosure controls
and procedures and presented in this report our conclusions about the
effectiveness of the disclosure controls and procedures, as of the end of the
period covered by this report based on such evaluation; and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(d) Disclosed in this report any change in the registrant&#146;s internal
control over financial reporting that occurred during the registrant&#146;s most
recent fiscal quarter (the registrant&#146;s fourth fiscal quarter in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant&#146;s internal control over financial reporting;
and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>5. The registrant&#146;s other certifying officer and I have disclosed,
based on our most recent evaluation of internal control over financial
reporting, to the registrant&#146;s auditors and the audit committee of the
registrant&#146;s board of directors (or persons performing the equivalent
functions): </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(a) All significant deficiencies and material weaknesses in the design
or operation of internal control over financial reporting which are reasonably
likely to adversely affect the registrant&#146;s ability to record, process,
summarize and report financial information; and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>(b) Any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant&#146;s internal
control over financial reporting.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: May
 10, 2012</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Thomas
 Quigley </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Thomas
 Quigley </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief
 Financial Officer and Treasurer </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Principal
 Financial Officer and Principal </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Accounting
 Officer) </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>* The Registrant is a trust and Mr. Quigley is signing in his capacity
as an officer of ETF Securities USA LLC, the Sponsor of the Registrant. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>c69530_ex32-1.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2><B>Exhibit 32.1</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350<BR>
AS ADOPTED PURSUANT TO <BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In connection with the Quarterly Report of ETFS Precious Metals Basket
Trust (the &#147;Company&#148;) on Form 10-Q for the period ended March 31, 2012 as filed
with the Securities and Exchange Commission on May 10, 2012 (the &#147;Report&#148;), the
undersigned, in the capacity and on the date indicated below, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1. The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended; and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Company.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: May
 10, 2012</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Graham
 Tuckwell</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Graham
 Tuckwell </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>President
 and Chief Executive Officer </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Principal
 Executive Officer) </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>* The Registrant is a trust and Mr. Tuckwell is signing in his capacity
as an officer of ETF Securities USA LLC, the Sponsor of the Registrant. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>c69530_ex32-2.htm
<TEXT>
<HTML>
<HEAD><TITLE></TITLE></HEAD>
<BODY>

<P ALIGN=CENTER><FONT SIZE=2><B>Exhibit 32.2</B></FONT></P>

<P ALIGN=CENTER><FONT SIZE=2><B>CERTIFICATION PURSUANT TO<BR>
18 U.S.C. SECTION 1350 <BR>
AS ADOPTED PURSUANT TO <BR>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>In connection with the Quarterly Report of ETFS Precious Metals Basket
Trust (the &#147;Company&#148;) on Form 10-Q for the period ended March 31, 2012 as filed
with the Securities and Exchange Commission on May 10, 2012 (the &#147;Report&#148;), the
undersigned, in the capacity and on the date indicated below, hereby certifies
pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002, that: </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>1. The Report fully complies with the requirements of section 13(a) or
15(d) of the Securities Exchange Act of 1934, as amended; and </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2>2. The information contained in the Report fairly presents, in all
material respects, the financial condition and results of operations of the
Company.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="55%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="45%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Date: May
 10, 2012</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>/s/ Thomas
 Quigley </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>

 <HR SIZE=1 WIDTH="100%" NOSHADE COLOR=BLACK ALIGN=CENTER>

 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Thomas
 Quigley </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Chief
 Financial Officer and Treasurer </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>(Principal
 Financial Officer and Principal </FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2>Accounting
 Officer) </FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY><FONT SIZE=2>* The Registrant is a trust and Mr. Quigley is signing in his capacity
as an officer of ETF Securities USA LLC, the Sponsor of the Registrant. </FONT></P>

<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=4>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>6
<FILENAME>gltr-20120331.xml
<DESCRIPTION>XBRL INSTANCE FILE
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      <identifier scheme="http://www.sec.gov/CIK">0001483386</identifier>
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    <period>
      <startDate>2011-01-01</startDate>
      <endDate>2011-03-31</endDate>
    </period>
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  <context id="c4_AsOf31Dec2010">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001483386</identifier>
    </entity>
    <period>
      <instant>2010-12-31</instant>
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  <context id="c5_AsOf31Mar2011">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001483386</identifier>
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    <period>
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  <context id="c6_AsOf9May2012">
    <entity>
      <identifier scheme="http://www.sec.gov/CIK">0001483386</identifier>
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    <period>
      <instant>2012-05-09</instant>
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  <unit id="usd">
    <measure>iso4217:USD</measure>
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  <unit id="shares">
    <measure>xbrli:shares</measure>
  </unit>
  <unit id="usdPershares">
    <divide>
      <unitNumerator>
        <measure>iso4217:USD</measure>
      </unitNumerator>
      <unitDenominator>
        <measure>xbrli:shares</measure>
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    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_0" xml:lang="en-US">The market value of investment in Bullion at March 31, 2012 was $199,986,099 and at December 31, 2011 was $191,388,272. Refer to Note 2.1 for a breakdown of market value per metal.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_1" xml:lang="en-US">Authorized share capital is unlimited with no par value per share. Shares issued and outstanding at March 31, 2012 and at December 31, 2011 were 2,100,000.</link:footnote>
    <link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xlink:label="ftnt_2" xml:lang="en-US">Derived from audited Statement of Financial Condition as of December 31, 2011.</link:footnote>
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  <gltr:InvestmentInGold id="_InvestmentInGold-c0_AsOf31Mar2012" unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="0">90868067</gltr:InvestmentInGold>
  <gltr:InvestmentInGold id="_InvestmentInGold-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="0">95031713</gltr:InvestmentInGold>
  <gltr:InvestmentInSilver id="_InvestmentInSilver-c0_AsOf31Mar2012" unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="0">64771943</gltr:InvestmentInSilver>
  <gltr:InvestmentInSilver id="_InvestmentInSilver-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="0">67745237</gltr:InvestmentInSilver>
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  <gltr:InvestmentInPlatinum id="_InvestmentInPlatinum-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="0">12072539</gltr:InvestmentInPlatinum>
  <gltr:InvestmentInPalladium id="_InvestmentInPalladium-c0_AsOf31Mar2012" unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="0">7964351</gltr:InvestmentInPalladium>
  <gltr:InvestmentInPalladium id="_InvestmentInPalladium-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="0">8339760</gltr:InvestmentInPalladium>
  <gltr:InvestmentInBullionCurrent id="_InvestmentInBullionCurrent-c0_AsOf31Mar2012" unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="0">175161577</gltr:InvestmentInBullionCurrent>
  <gltr:InvestmentInBullionCurrent id="_InvestmentInBullionCurrent-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="0">183189249</gltr:InvestmentInBullionCurrent>
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  <gltr:MarketValueOfInvestmentInBullion id="_MarketValueOfInvestmentInBullion-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="0">191388272</gltr:MarketValueOfInvestmentInBullion>
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  <us-gaap:Assets id="_Assets-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="0">183189249</us-gaap:Assets>
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  <gltr:BullionPayable unitRef="usd" contextRef="c0_AsOf31Mar2012" decimals="0">0</gltr:BullionPayable>
  <gltr:BullionPayable id="_BullionPayable-c1_AsOf31Dec2011" unitRef="usd" contextRef="c1_AsOf31Dec2011" decimals="0">8694716</gltr:BullionPayable>
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  <gltr:CommonStockSharesAuthorised id="_CommonStockSharesAuthorised-c1_AsOf31Dec2011" contextRef="c1_AsOf31Dec2011">Unlimited</gltr:CommonStockSharesAuthorised>
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  <us-gaap:IncreaseDecreaseInReceivables unitRef="usd" contextRef="c3_From1Jan2011To31Mar2011" decimals="0">434719</us-gaap:IncreaseDecreaseInReceivables>
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  <us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties unitRef="usd" contextRef="c3_From1Jan2011To31Mar2011" decimals="0">35146</us-gaap:IncreaseDecreaseInAccountsPayableRelatedParties>
  <us-gaap:ProceedsFromIssuanceOfCommonStock unitRef="usd" contextRef="c2_From1Jan2012To31Mar2012" decimals="0">4726778</us-gaap:ProceedsFromIssuanceOfCommonStock>
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  <gltr:ValueOfPalladiumTransferredToPayExpenses unitRef="usd" contextRef="c2_From1Jan2012To31Mar2012" decimals="0">304062</gltr:ValueOfPalladiumTransferredToPayExpenses>
  <gltr:ValueOfPalladiumTransferredToPayExpenses unitRef="usd" contextRef="c3_From1Jan2011To31Mar2011" decimals="0">245201</gltr:ValueOfPalladiumTransferredToPayExpenses>
  <gltr:AdjustmentOfRedeemableSharesToRedemptionValue unitRef="usd" contextRef="c2_From1Jan2012To31Mar2012" decimals="0">-17531122</gltr:AdjustmentOfRedeemableSharesToRedemptionValue>
  <dei:EntityRegistrantName contextRef="c2_From1Jan2012To31Mar2012">ETFS Precious Metals Basket Trust</dei:EntityRegistrantName>
  <dei:DocumentType contextRef="c2_From1Jan2012To31Mar2012">10-Q</dei:DocumentType>
  <dei:CurrentFiscalYearEndDate contextRef="c2_From1Jan2012To31Mar2012">--12-31</dei:CurrentFiscalYearEndDate>
  <dei:EntityCommonStockSharesOutstanding unitRef="shares" contextRef="c6_AsOf9May2012" decimals="INF">2100000</dei:EntityCommonStockSharesOutstanding>
  <dei:AmendmentFlag contextRef="c2_From1Jan2012To31Mar2012">false</dei:AmendmentFlag>
  <dei:EntityCentralIndexKey contextRef="c2_From1Jan2012To31Mar2012">0001483386</dei:EntityCentralIndexKey>
  <dei:EntityCurrentReportingStatus contextRef="c2_From1Jan2012To31Mar2012">Yes</dei:EntityCurrentReportingStatus>
  <dei:EntityVoluntaryFilers contextRef="c2_From1Jan2012To31Mar2012">No</dei:EntityVoluntaryFilers>
  <dei:EntityFilerCategory contextRef="c2_From1Jan2012To31Mar2012">Accelerated Filer</dei:EntityFilerCategory>
  <dei:EntityWellKnownSeasonedIssuer contextRef="c2_From1Jan2012To31Mar2012">No</dei:EntityWellKnownSeasonedIssuer>
  <dei:DocumentFiscalYearFocus contextRef="c2_From1Jan2012To31Mar2012">2012</dei:DocumentFiscalYearFocus>
  <dei:DocumentFiscalPeriodFocus contextRef="c2_From1Jan2012To31Mar2012">Q1</dei:DocumentFiscalPeriodFocus>
  <dei:DocumentPeriodEndDate contextRef="c2_From1Jan2012To31Mar2012">2012-03-31</dei:DocumentPeriodEndDate>
  <us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="c2_From1Jan2012To31Mar2012">&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;1. Organization&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The ETFS Precious Metals Basket Trust (the&#xd;
      &amp;#8220;Trust&amp;#8221;) is an investment trust formed on October&#xd;
      18, 2010, under New York law pursuant to a depositary trust&#xd;
      agreement (the &amp;#8220;Trust Agreement&amp;#8221;) executed by ETF&#xd;
      Securities USA LLC (the &amp;#8220;Sponsor&amp;#8221;) and the Bank of&#xd;
      New York Mellon (the &amp;#8220;Trustee&amp;#8221;) at the time of the&#xd;
      Trust&amp;#8217;s organization. The Trust holds gold, silver,&#xd;
      platinum and palladium in set ratios (together,&#xd;
      &amp;#8220;Bullion&amp;#8221;) and issues ETFS Physical PM Basket&#xd;
      Shares (&amp;#8220;Shares&amp;#8221;) (in minimum blocks of 50,000&#xd;
      Shares, also referred to as &amp;#8220;Baskets&amp;#8221;) in exchange&#xd;
      for deposits of Bullion and distributes Bullion in connection&#xd;
      with the redemption of Baskets. Shares represent units of&#xd;
      fractional undivided beneficial interest in and ownership of&#xd;
      the Trust which are issued by the Trust. The Sponsor is a&#xd;
      Delaware limited liability company and a wholly-owned&#xd;
      subsidiary of ETF Securities Limited, a Jersey, Channel&#xd;
      Islands based company. The Trust is governed by the Trust&#xd;
      Agreement.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The investment objective of the Trust is for&#xd;
      the Shares to reflect the performance of the price of gold,&#xd;
      silver, platinum and palladium, less the Trust&amp;#8217;s&#xd;
      expenses and liabilities. The Trust is designed to provide an&#xd;
      individual owner of beneficial interests in the Shares (a&#xd;
      &amp;#8220;Shareholder&amp;#8221;) an opportunity to participate in the&#xd;
      gold, silver, platinum and palladium market through an&#xd;
      investment in securities. The fiscal year end for the Trust&#xd;
      is December 31.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The accompanying unaudited condensed financial&#xd;
      statements were prepared in accordance with the accounting&#xd;
      principles generally accepted in the United States of America&#xd;
      for interim financial information and with the instructions&#xd;
      for the Form 10-Q. In the opinion of management of the&#xd;
      Sponsor, all adjustments (which include normal recurring&#xd;
      adjustments) necessary to present fairly the financial&#xd;
      position, results of operations and cash flows as of and for&#xd;
      the three months ended March 31, 2012 and for all periods&#xd;
      presented have been made.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Certain information and footnote disclosures&#xd;
      normally included in financial statements prepared in&#xd;
      accordance with accounting principles generally accepted in&#xd;
      the United States of America have been condensed or omitted.&#xd;
      These condensed financial statements should be read in&#xd;
      conjunction with the Trust&amp;#8217;s Annual Report on Form 10-K&#xd;
      for the fiscal year ended December 31, 2011. The results of&#xd;
      operations for the three months ended March 31, 2012 are not&#xd;
      necessarily indicative of the operating results for the full&#xd;
      year.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
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    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The preparation of financial statements in&#xd;
      accordance with accounting principles generally accepted in&#xd;
      the United States of America requires those responsible for&#xd;
      preparing financial statements to make estimates and&#xd;
      assumptions that affect the reported amounts and disclosures.&#xd;
      Actual results could differ from those estimates. The&#xd;
      following is a summary of significant accounting policies&#xd;
      followed by the Trust.&lt;/font&gt;&#xd;
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      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.1. &lt;i&gt;Valuation of Bullion&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Bullion is held by JPMorgan Chase Bank, N.A.&#xd;
      (the &amp;#8220;Custodian&amp;#8221;), on behalf of the Trust, at its&#xd;
      London, England vaulting premises on a segregated basis. The&#xd;
      allocated Platinum and Palladium is held by UBS AG (the&#xd;
      &amp;#8220;Zurich Sub-Custodian&amp;#8221;) at its Zurich, Switzerland&#xd;
      vaulting premises on a segregated basis. The Trust&amp;#8217;s&#xd;
      Bullion is valued, per individual metal type, for financial&#xd;
      statement purposes, at the lower of cost or market. The cost&#xd;
      of Bullion is determined according to the average cost method&#xd;
      and the market value is based on the London Fix for each&#xd;
      metal held by the Trust used to determine the net asset value&#xd;
      (the &amp;#8220;NAV&amp;#8221;) of the Trust. Realized gains and losses&#xd;
      on transfers of Bullion, or Bullion distributed for the&#xd;
      redemption of Shares, are calculated on a trade date basis&#xd;
      using average cost.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Once the value of Bullion has been determined,&#xd;
      the NAV is computed by the Trustee by deducting all accrued&#xd;
      fees, expenses and other liabilities of the Trust, including&#xd;
      the remuneration due to the Sponsor (the &amp;#8220;Sponsor&amp;#8217;s&#xd;
      Fee&amp;#8221;), from the fair value of the Bullion and all other&#xd;
      assets held by the Trust.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The table below summarizes the unrealized&#xd;
      gains or losses on the Trust&amp;#8217;s Bullion holdings as of&#xd;
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            &lt;font size=&quot;2&quot;&gt;Investment in Bullion-market&#xd;
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    &lt;/table&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Trust recognizes the diminution in value&#xd;
      of the investment in Bullion which arises from market&#xd;
      declines on an interim basis. Increases in the value of the&#xd;
      investment in Bullion through market price recoveries in&#xd;
      later interim periods of the same fiscal year are recognized&#xd;
      in the later interim period. Increases in value recognized on&#xd;
      an interim basis may not exceed the previously recognized&#xd;
      diminution in value.&lt;/font&gt;&#xd;
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      &lt;font size=&quot;2&quot;&gt;The per Share amount of Bullion exchanged for&#xd;
      a purchase or redemption is calculated daily by the Trustee,&#xd;
      using the London Fix for each metal held by the Trust to&#xd;
      calculate the Bullion amount in respect of any liabilities&#xd;
      for which covering Bullion sales have not yet been made, and&#xd;
      represents the per Share amount of Bullion held by the Trust,&#xd;
      after giving effect to its liabilities, to cover expenses and&#xd;
      liabilities and any losses that may have occurred.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;i&gt;&lt;b&gt;2.2. Bullion Receivable and&#xd;
      Payable&lt;/b&gt;&lt;/i&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Bullion receivable or payable represents the&#xd;
      quantity of Bullion covered by contractually binding orders&#xd;
      for the creation or redemption of Shares respectively, where&#xd;
      the Bullion has not yet been transferred to or from the&#xd;
      Trust&amp;#8217;s account. Generally, ownership of the Bullion is&#xd;
      transferred within three business days of the trade date.&#xd;
      Bullion receivable or payable at March 31, 2012 and December&#xd;
      31, 2011 is set out below:&lt;/font&gt;&#xd;
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            &amp;#160;&#xd;
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            &amp;#160;&#xd;
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            &amp;#160;&#xd;
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            &amp;#160;&#xd;
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            &amp;#160;&#xd;
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          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;March 31, 2012&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
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          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;December 31, 2011&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;Bullion receivable&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;&amp;#8212;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&amp;#8212;&lt;/font&gt;&#xd;
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            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Bullion payable&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&amp;#8212;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;8,694,716&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.3. &lt;i&gt;Creations and Redemptions of&#xd;
      Shares&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Trust expects to create and redeem Shares&#xd;
      from time to time, but only in one or more Baskets. The Trust&#xd;
      issues Shares in Baskets to Authorized Participants on an&#xd;
      ongoing basis. Individual investors cannot purchase or redeem&#xd;
      Shares in direct transactions with the Trust. An Authorized&#xd;
      Participant is a person who (1) is a registered broker-dealer&#xd;
      or other securities market participant such as a bank or&#xd;
      other financial institution which is not required to register&#xd;
      as a broker-dealer to engage in securities transactions, (2)&#xd;
      is a participant in The Depository Trust Company, (3) has&#xd;
      entered into an Authorized Participant Agreement with the&#xd;
      Trustee and the Sponsor, and (4) has established an&#xd;
      Authorized Participant Unallocated Account with the&#xd;
      Trust&amp;#8217;s Custodian or other Bullion clearing bank. An&#xd;
      Authorized Participant Agreement is an agreement entered into&#xd;
      by each Authorized Participant, the Sponsor and the Trustee&#xd;
      which provides the procedures for the creation and redemption&#xd;
      of Baskets and for the delivery of the Bullion required for&#xd;
      such creations and redemptions. An Authorized Participant&#xd;
      Unallocated Account is an unallocated Bullion account, either&#xd;
      loco London or loco Zurich, established with the Custodian or&#xd;
      a Bullion clearing bank by an Authorized Participant.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The creation and redemption of Baskets is only&#xd;
      made in exchange for the delivery to the Trust or the&#xd;
      distribution by the Trust of the amount of Bullion&#xd;
      represented by the Baskets being created or redeemed, the&#xd;
      amount of which is based on the combined NAV of the number of&#xd;
      Shares included in the Baskets being created or redeemed&#xd;
      determined on the day the order to create or redeem Baskets&#xd;
      is properly received.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Authorized Participants may, on any business&#xd;
      day, place an order with the Trustee to create or redeem one&#xd;
      or more Baskets. The typical settlement period for Shares is&#xd;
      three business days. In the event of a trade date at period&#xd;
      end, where a settlement is pending, a respective account&#xd;
      receivable and/or payable will be recorded. When Bullion is&#xd;
      exchanged in settlement of a redemption, it is considered a&#xd;
      sale of Bullion for financial statement purposes.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The amount of bullion represented by the&#xd;
      Baskets created or redeemed can only be settled to the&#xd;
      nearest 1/1000&lt;sup&gt;th&lt;/sup&gt; of an ounce. As a result, the&#xd;
      value attributed to the creation or redemption of Shares may&#xd;
      differ from the value of bullion to be delivered or&#xd;
      distributed by the Trust. In order to ensure that the correct&#xd;
      metal is available at all times to back the Shares, the&#xd;
      Sponsor accepts an adjustment to its management fees in the&#xd;
      event of any shortfall or excess. For each transaction, this&#xd;
      amount is not more than 1/1000&lt;sup&gt;th&lt;/sup&gt; of an&#xd;
      ounce.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Shares of the Trust are classified as&#xd;
      &amp;#8220;Redeemable Capital Shares&amp;#8221; for financial statement&#xd;
      purposes, since they are subject to redemption at the option&#xd;
      of Authorized Participants. Outstanding Shares are reflected&#xd;
      at redemption value, which represents the maximum obligation&#xd;
      (based on NAV per Share), with the difference from historical&#xd;
      cost recorded as an offsetting amount to retained earnings.&#xd;
      When Bullion is exchanged in settlement of a redemption, a&#xd;
      gain or loss in the amount of the difference between the&#xd;
      market value on the trade date and the historical cost is&#xd;
      recorded to the Condensed Statement of Operations.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Changes in the Shares for the three months&#xd;
      ended March 31, 2012 and for the year ended December 31, 2011&#xd;
      are set out below:&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; width=&quot;100%&quot;&gt;&#xd;
      &lt;tr style=&quot;FONT-SIZE:1PX&quot;&gt;&#xd;
        &lt;td width=&quot;63%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;3%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;12%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;3%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;14%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Three Months&lt;br /&gt;&#xd;
             Ended&lt;br /&gt;&#xd;
             March 31, 2012&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Year&lt;br /&gt;&#xd;
             Ended&lt;br /&gt;&#xd;
             December 31, 2011&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;&lt;u&gt;Number of redeemable&#xd;
            Shares&lt;/u&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Opening balance&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;2,100,000&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
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          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;(6,142,719&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;)&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Closing balance&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;199,885,830&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;182,586,013&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;hr size=&quot;3&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;top&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;Redemption value per Share at period&#xd;
            end&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;95.18&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;$&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;86.95&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
    &lt;/table&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.4. &lt;i&gt;Revenue Recognition&#xd;
      Policy&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The primary expense of the Trust is the&#xd;
      Sponsor&amp;#8217;s Fee, which is paid by the Trust through&#xd;
      in-kind transfers of Bullion to the Sponsor. With respect to&#xd;
      expenses not otherwise assumed by the Sponsor, the Trustee&#xd;
      will, at the direction of the Sponsor or in its own&#xd;
      discretion, sell the Trust&amp;#8217;s Bullion as necessary to pay&#xd;
      these expenses. When selling Bullion to pay expenses, the&#xd;
      Trustee will endeavor to sell the smallest amounts of Bullion&#xd;
      needed to pay these expenses in order to minimize the&#xd;
      Trust&amp;#8217;s holdings of assets other than Bullion.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Unless otherwise directed by the Sponsor, when&#xd;
      selling Bullion the Trustee will endeavor to sell at the&#xd;
      price established by the London Fix for each metal held by&#xd;
      the Trust. The Trustee will place orders with dealers (which&#xd;
      may include the Custodian) through which the Trustee expects&#xd;
      to receive the most favorable price and execution of orders.&#xd;
      The Custodian may be the purchaser of such Bullion only if&#xd;
      the sale transaction is made at the London Fix for each metal&#xd;
      held by the Trust used by the Trustee to value the&#xd;
      Trust&amp;#8217;s Bullion. A gain or loss is recognized based on&#xd;
      the difference between the selling price and the average cost&#xd;
      of the Bullion sold. Neither the Trustee nor the Sponsor is&#xd;
      liable for depreciation or loss incurred by reason of any&#xd;
      sale.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.5. &lt;i&gt;Income Taxes&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Trust is classified as a &amp;#8220;grantor&#xd;
      trust&amp;#8221; for U.S. federal income tax purposes. As a&#xd;
      result, the Trust itself will not be subject to U.S. federal&#xd;
      income tax. Instead, the Trust&amp;#8217;s income and expenses&#xd;
      will &amp;#8220;flow through&amp;#8221; to the Shareholders, and the&#xd;
      Trustee will report the Trust&amp;#8217;s proceeds, income,&#xd;
      deductions, gains, and losses to the Internal Revenue Service&#xd;
      on that basis.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;The Sponsor has evaluated whether or not there&#xd;
      are uncertain tax positions that require financial statement&#xd;
      recognition and has determined that no reserves for uncertain&#xd;
      tax positions are required as of March 31, 2012 and December&#xd;
      31, 2011.&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;2.6. &lt;i&gt;Investment in&#xd;
      Bullion&lt;/i&gt;&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Changes in ounces of Bullion and the&#xd;
      respective values for the three months ended March 31, 2012&#xd;
      and for the year ended December 31, 2011 are set out&#xd;
      below:&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;table border=&quot;0&quot; cellspacing=&quot;0&quot; cellpadding=&quot;0&quot; width=&quot;100%&quot;&gt;&#xd;
      &lt;tr style=&quot;FONT-SIZE:1PX&quot;&gt;&#xd;
        &lt;td width=&quot;29%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;2%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;10%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;2%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;10%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;2%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;10%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;2%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;10%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;2%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;10%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td width=&quot;1%&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &amp;#160;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;14&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Three Months Ended March 31,&#xd;
            2012&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Gold&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Silver&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Platinum&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Palladium&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td colspan=&quot;2&quot; valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p align=&quot;center&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Total&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
      &lt;/tr&gt;&#xd;
      &lt;tr&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p style=&quot;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT&quot;&gt;&#xd;
            &lt;font size=&quot;2&quot;&gt;&lt;b&gt;Ounces of Bullion:&lt;/b&gt;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p align=&quot;right&quot;&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
        &lt;/td&gt;&#xd;
        &lt;td valign=&quot;bottom&quot; style=&quot;background-color: #E5FFFF;&quot;&gt;&#xd;
          &lt;p&gt;&#xd;
            &lt;font size=&quot;1&quot;&gt;&amp;#160;&lt;/font&gt;&#xd;
          &lt;/p&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;Redemptions &lt;i&gt;(excluding bullion&#xd;
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            &lt;font size=&quot;2&quot;&gt;(48,650,097&lt;/font&gt;&#xd;
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          &lt;hr size=&quot;1&quot; width=&quot;100%&quot; noshade=&quot;noshade&quot; /&gt;&#xd;
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            &lt;font size=&quot;2&quot;&gt;Market value of Bullion payable at&#xd;
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            and $378,873, respectively.&lt;/font&gt;&#xd;
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      &lt;font size=&quot;2&quot;&gt;The Sponsor has agreed to assume&#xd;
      administrative and marketing expenses incurred by the Trust,&#xd;
      including the Trustee&amp;#8217;s monthly fee and out of pocket&#xd;
      expenses, the Custodian&amp;#8217;s fee and the reimbursement of&#xd;
      the Custodian&amp;#8217;s expenses, exchange listing fees, United&#xd;
      States Securities and Exchange Commission (the&#xd;
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    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;For the three months ended March 31, 2012 and&#xd;
      March 31, 2011 the Sponsor&amp;#8217;s Fee was $296,788 and&#xd;
      $280,348, respectively. At March 31, 2012 and at December 31,&#xd;
      2011, the fees payable to the Sponsor were $100,269 and&#xd;
      $107,543, respectively.&lt;/font&gt;&#xd;
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      &lt;font size=&quot;2&quot;&gt;In accordance with the provisions set forth in&#xd;
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      subsequent events existing in the Trust&amp;#8217;s financial&#xd;
      statements through the filing date. During this period, no&#xd;
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      &lt;font size=&quot;2&quot;&gt;The Sponsor and the Trustee are considered to&#xd;
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      Trust. The Trustee and the Custodian and their affiliates may&#xd;
      from time to time act as Authorized Participants or purchase&#xd;
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      &lt;font size=&quot;2&quot;&gt;The Trust&amp;#8217;s sole business activity is the&#xd;
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      assets are holdings of Bullion which creates a concentration&#xd;
      risk associated with fluctuations in the price of Bullion.&#xd;
      Several factors could affect the price of Bullion, including:&#xd;
      (i) global Bullion supply and demand, which is influenced by&#xd;
      factors such as forward selling by Bullion producers,&#xd;
      purchases made by Bullion producers to unwind Bullion hedge&#xd;
      positions, central bank purchases and sales, and production&#xd;
      and cost levels in major Bullion-producing countries; (ii)&#xd;
      investors&amp;#8217; expectations with respect to the rate of&#xd;
      inflation; (iii) currency exchange rates; (iv) interest&#xd;
      rates; (v) investment and trading activities of hedge funds&#xd;
      and commodity funds; and (vi) global or regional political,&#xd;
      economic or financial events and situations. In addition,&#xd;
      there is no assurance that Bullion will maintain its&#xd;
      long-term value in terms of purchasing power in the future.&#xd;
      In the event that the price of Bullion declines, the Sponsor&#xd;
      expects the value of an investment in the Shares to decline&#xd;
      proportionately. Each of these events could have a material&#xd;
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  <us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="c2_From1Jan2012To31Mar2012">&lt;p&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;&lt;b&gt;5. Indemnification&lt;/b&gt;&lt;/font&gt;&#xd;
    &lt;/p&gt;&lt;br/&gt;&lt;p align=&quot;justify&quot;&gt;&#xd;
      &lt;font size=&quot;2&quot;&gt;Under the Trust&amp;#8217;s organizational&#xd;
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      agents) and the Sponsor (and its members, managers,&#xd;
      directors, officers, employees and affiliates) is indemnified&#xd;
      by the Trust against any liability, cost or expense it incurs&#xd;
      without gross negligence, bad faith or willful misconduct on&#xd;
      its part and without reckless disregard on its part of its&#xd;
      obligations and duties under the Trust&amp;#8217;s organizational&#xd;
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      &lt;font size=&quot;2&quot;&gt;The Trust&amp;#8217;s maximum exposure under these&#xd;
      arrangements is unknown as this would involve future claims&#xd;
      that may be made against the Trust that have not yet&#xd;
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  <xs:import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
  <xs:element name="CondensedStatementsOfFinancialConditionAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_CondensedStatementsOfFinancialConditionAbstract"/>
  <xs:element name="InvestmentInBullion1Abstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_InvestmentInBullion1Abstract"/>
  <xs:element name="InvestmentInGold" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gltr_InvestmentInGold"/>
  <xs:element name="InvestmentInSilver" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gltr_InvestmentInSilver"/>
  <xs:element name="InvestmentInPlatinum" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gltr_InvestmentInPlatinum"/>
  <xs:element name="InvestmentInPalladium" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gltr_InvestmentInPalladium"/>
  <xs:element name="InvestmentInBullionCurrent" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gltr_InvestmentInBullionCurrent"/>
  <xs:element name="BullionPayable" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gltr_BullionPayable"/>
  <xs:element name="RedeemableSharesAndShareholdersDeficitAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_RedeemableSharesAndShareholdersDeficitAbstract"/>
  <xs:element name="MarketValueOfInvestmentInBullion" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gltr_MarketValueOfInvestmentInBullion"/>
  <xs:element name="CommonStockSharesAuthorised" type="xbrli:stringItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item" id="gltr_CommonStockSharesAuthorised"/>
  <xs:element name="CondensedStatementsOfOperationsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_CondensedStatementsOfOperationsAbstract"/>
  <xs:element name="ValueOfBullionTransferredToPayExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gltr_ValueOfBullionTransferredToPayExpenses"/>
  <xs:element name="CostOfBullionTransferredToPayExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gltr_CostOfBullionTransferredToPayExpenses"/>
  <xs:element name="RealizedGainLossOnBullionDistributedForTheRedemptionOfShares" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares"/>
  <xs:element name="TotalGainOnBullion" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gltr_TotalGainOnBullion"/>
  <xs:element name="ExpensesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_ExpensesAbstract"/>
  <xs:element name="CondensedStatementsOfCashFlowsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_CondensedStatementsOfCashFlowsAbstract"/>
  <xs:element name="IncreaseDecreaseInCashFromOperationsAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_IncreaseDecreaseInCashFromOperationsAbstract"/>
  <xs:element name="SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract"/>
  <xs:element name="ValueOfBullionDistributedForRedemptionOfShares" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gltr_ValueOfBullionDistributedForRedemptionOfShares"/>
  <xs:element name="ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract"/>
  <xs:element name="AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract"/>
  <xs:element name="IncreaseDecreaseInBullionAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gltr_IncreaseDecreaseInBullionAssets"/>
  <xs:element name="IncreaseDecreaseInRedeemableSharesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_IncreaseDecreaseInRedeemableSharesAbstract"/>
  <xs:element name="SupplementalDisclosureOfNonCashActivitiesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_SupplementalDisclosureOfNonCashActivitiesAbstract"/>
  <xs:element name="ValueOfPalladiumTransferredToPayExpenses" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item" id="gltr_ValueOfPalladiumTransferredToPayExpenses"/>
  <xs:element name="CondensedStatementOfChangesInShareholdersDeficitAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract"/>
  <xs:element name="AdjustmentOfRedeemableSharesToRedemptionValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item" id="gltr_AdjustmentOfRedeemableSharesToRedemptionValue"/>
  <xs:element name="OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlockAbstract"/>
  <xs:element name="SignificantAccountingPoliciesTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_SignificantAccountingPoliciesTextBlockAbstract"/>
  <xs:element name="RelatedPartyTransactionsDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_RelatedPartyTransactionsDisclosureTextBlockAbstract"/>
  <xs:element name="ConcentrationRiskDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_ConcentrationRiskDisclosureTextBlockAbstract"/>
  <xs:element name="CommitmentsAndContingenciesDisclosureTextBlockAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_CommitmentsAndContingenciesDisclosureTextBlockAbstract"/>
  <xs:element name="DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item" id="gltr_DocumentAndEntityInformationAbstract"/>
</xs:schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>gltr-20120331_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Thu May 10 16:10:11 UTC 2012 -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
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  <roleRef xlink:type="simple" xlink:href="gltr-20120331.xsd#gltr_ConsolidatedIncomeStatement" roleURI="http://www.etfsecurities.com/role/ConsolidatedIncomeStatement"/>
  <roleRef xlink:type="simple" xlink:href="gltr-20120331.xsd#gltr_ConsolidatedCashFlow" roleURI="http://www.etfsecurities.com/role/ConsolidatedCashFlow"/>
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    <loc xlink:type="locator" xlink:label="gltr_InvestmentInGold" xlink:href="gltr-20120331.xsd#gltr_InvestmentInGold"/>
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    <loc xlink:type="locator" xlink:label="gltr_InvestmentInSilver" xlink:href="gltr-20120331.xsd#gltr_InvestmentInSilver"/>
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    <loc xlink:type="locator" xlink:label="gltr_InvestmentInPlatinum" xlink:href="gltr-20120331.xsd#gltr_InvestmentInPlatinum"/>
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    <loc xlink:type="locator" xlink:label="gltr_InvestmentInPalladium" xlink:href="gltr-20120331.xsd#gltr_InvestmentInPalladium"/>
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    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Assets" xlink:to="gltr_InvestmentInBullionCurrent" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities"/>
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    <loc xlink:type="locator" xlink:label="gltr_BullionPayable" xlink:href="gltr-20120331.xsd#gltr_BullionPayable"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_Liabilities" xlink:to="gltr_BullionPayable" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_Liabilities" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_CommonStockValue" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
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  <calculationLink xlink:type="extended" xlink:role="http://www.etfsecurities.com/role/ConsolidatedIncomeStatement">
    <loc xlink:type="locator" xlink:label="us-gaap_GrossProfit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit"/>
    <loc xlink:type="locator" xlink:label="gltr_ValueOfBullionTransferredToPayExpenses" xlink:href="gltr-20120331.xsd#gltr_ValueOfBullionTransferredToPayExpenses"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_GrossProfit" xlink:to="gltr_ValueOfBullionTransferredToPayExpenses" order="1" weight="1"/>
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<!-- [WMV3][XcpuxYn59dz7vgYynUDuwG7r97K2jUTysl7vcz0lJt+zoEiIZmtp2K7SL7P1GDa7FvigrF1j0I79JdJpDHQcdXyAsDALlGuho6I9/LYlRVZU4LxEUrZP5sQSb/6dgfCcq3TilHYouPbaiLHK+1Ff64IBIldn3IFSnADz24ooqFJIKGB29nXhuW3XEZh4U9bu705sUAK3yHdphuwHUyChrEG03xNlQLjkJRmQCcsXgB8aA8heZ0FF6Kr2j29cWt9LObkWjUb9EzL7s6+vSf50o5k3IteyFGE/] CSR-->
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    <loc xlink:type="locator" xlink:label="gltr_TotalGainOnBullion" xlink:href="gltr-20120331.xsd#gltr_TotalGainOnBullion"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="gltr_TotalGainOnBullion" xlink:to="us-gaap_GrossProfit" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares" xlink:href="gltr-20120331.xsd#gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="gltr_TotalGainOnBullion" xlink:to="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares" order="2" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpenses"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SponsorFees" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SponsorFees"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_SponsorFees" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="gltr_TotalGainOnBullion" order="1" weight="1"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_OperatingExpenses" order="2" weight="-1"/>
  </calculationLink>
  <calculationLink xlink:type="extended" xlink:role="http://www.etfsecurities.com/role/ConsolidatedCashFlow">
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    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromCustomers" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromCustomers"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_ProceedsFromCustomers" order="1" weight="1"/>
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    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetIncomeLoss" order="1" weight="1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherAccountsPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccountsPayable"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_IncreaseDecreaseInOtherAccountsPayable" order="2" weight="1"/>
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    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
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    <loc xlink:type="locator" xlink:label="gltr_IncreaseDecreaseInBullionAssets" xlink:href="gltr-20120331.xsd#gltr_IncreaseDecreaseInBullionAssets"/>
    <calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="gltr_IncreaseDecreaseInBullionAssets" order="5" weight="-1"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInReceivables"/>
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    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
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<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>gltr-20120331_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
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<!-- Created: Thu May 10 16:10:11 UTC 2012 -->
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<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>gltr-20120331_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<!-- Generated by iC(tm) - CompSci Interactive Converter - http://www.compsciresources.com -->
<!-- Created: Thu May 10 16:10:11 UTC 2012 -->
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    <loc xlink:type="locator" xlink:label="gltr_InvestmentInBullionCurrent" xlink:href="gltr-20120331.xsd#gltr_InvestmentInBullionCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_InvestmentInBullionCurrent_lbl" xml:lang="en-US">Total value of investment in bullion (Gold,Silver,Platinum,Palladium) received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_InvestmentInBullionCurrent" xlink:to="gltr_InvestmentInBullionCurrent_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="gltr_InvestmentInBullionCurrent_lbl0" xml:lang="en-US"></label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_InvestmentInBullionCurrent" xlink:to="gltr_InvestmentInBullionCurrent_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Assets" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Assets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US">Total assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAbstract_lbl" xml:lang="en-US">LIABILITIES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAbstract_lbl0" xml:lang="en-US">LIABILITIES [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAbstract" xlink:to="us-gaap_LiabilitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_AccountsPayableRelatedPartiesCurrent"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl" xml:lang="en-US">Fees payable to Sponsor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableRelatedPartiesCurrent" xlink:to="us-gaap_AccountsPayableRelatedPartiesCurrent_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_BullionPayable" xlink:href="gltr-20120331.xsd#gltr_BullionPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_BullionPayable_lbl" xml:lang="en-US">Market value of bullion payable by the Trust in respect of the redemption of Shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_BullionPayable" xlink:to="gltr_BullionPayable_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_BullionPayable_lbl0" xml:lang="en-US">Bullion payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_BullionPayable" xlink:to="gltr_BullionPayable_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_Liabilities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_Liabilities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Liabilities_lbl" xml:lang="en-US">Total liabilities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Liabilities" xlink:to="us-gaap_Liabilities_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_RedeemableSharesAndShareholdersDeficitAbstract" xlink:href="gltr-20120331.xsd#gltr_RedeemableSharesAndShareholdersDeficitAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_RedeemableSharesAndShareholdersDeficitAbstract_lbl" xml:lang="en-US">REDEEMABLE SHARES AND SHAREHOLDERS DEFICIT</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_RedeemableSharesAndShareholdersDeficitAbstract" xlink:to="gltr_RedeemableSharesAndShareholdersDeficitAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_RedeemableSharesAndShareholdersDeficitAbstract_lbl0" xml:lang="en-US">REDEEMABLE SHARES AND SHAREHOLDERS DEFICIT [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_RedeemableSharesAndShareholdersDeficitAbstract" xlink:to="gltr_RedeemableSharesAndShareholdersDeficitAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US">Shares at redemption value to investors (2)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockValue" xlink:to="us-gaap_CommonStockValue_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US">Shareholders&#8217; deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US">Total liabilities, redeemable Shares &amp; shareholders&#8217; deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_MarketValueOfInvestmentInBullion" xlink:href="gltr-20120331.xsd#gltr_MarketValueOfInvestmentInBullion"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_MarketValueOfInvestmentInBullion_lbl" xml:lang="en-US">Market value of investment in bullion (Gold,Silver,Platinum,Palladium) received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_MarketValueOfInvestmentInBullion" xlink:to="gltr_MarketValueOfInvestmentInBullion_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_MarketValueOfInvestmentInBullion_lbl0" xml:lang="en-US">Market value of investment in Bullion (in Dollars)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_MarketValueOfInvestmentInBullion" xlink:to="gltr_MarketValueOfInvestmentInBullion_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_CommonStockSharesAuthorised" xlink:href="gltr-20120331.xsd#gltr_CommonStockSharesAuthorised"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_CommonStockSharesAuthorised_lbl" xml:lang="en-US">The maximum number of common stock shares which the Trust is authorised to issue.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CommonStockSharesAuthorised" xlink:to="gltr_CommonStockSharesAuthorised_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_CommonStockSharesAuthorised_lbl0" xml:lang="en-US">Common stock, shares authorized</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CommonStockSharesAuthorised" xlink:to="gltr_CommonStockSharesAuthorised_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesIssued" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesIssued"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US">Common stock, shares issued</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CommonStockSharesOutstanding" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CommonStockSharesOutstanding"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US">Common stock, shares outstanding</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_CondensedStatementsOfOperationsAbstract" xlink:href="gltr-20120331.xsd#gltr_CondensedStatementsOfOperationsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_CondensedStatementsOfOperationsAbstract_lbl" xml:lang="en-US">Condensed Statements of Operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CondensedStatementsOfOperationsAbstract" xlink:to="gltr_CondensedStatementsOfOperationsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_CondensedStatementsOfOperationsAbstract_lbl0" xml:lang="en-US">Condensed Statements of Operations [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CondensedStatementsOfOperationsAbstract" xlink:to="gltr_CondensedStatementsOfOperationsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_RevenuesAbstract" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_RevenuesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevenuesAbstract_lbl" xml:lang="en-US">REVENUES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesAbstract_lbl0" xml:lang="en-US">REVENUES [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesAbstract" xlink:to="us-gaap_RevenuesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_ValueOfBullionTransferredToPayExpenses" xlink:href="gltr-20120331.xsd#gltr_ValueOfBullionTransferredToPayExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_ValueOfBullionTransferredToPayExpenses_lbl" xml:lang="en-US">Value of Bullion transferred to pay Trust&apos;s expenses during the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ValueOfBullionTransferredToPayExpenses" xlink:to="gltr_ValueOfBullionTransferredToPayExpenses_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_ValueOfBullionTransferredToPayExpenses_lbl0" xml:lang="en-US">Value of Bullion transferred to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ValueOfBullionTransferredToPayExpenses" xlink:to="gltr_ValueOfBullionTransferredToPayExpenses_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_CostOfBullionTransferredToPayExpenses" xlink:href="gltr-20120331.xsd#gltr_CostOfBullionTransferredToPayExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_CostOfBullionTransferredToPayExpenses_lbl" xml:lang="en-US">Cost of Bullion transferred to pay Trust&apos;s expenses.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CostOfBullionTransferredToPayExpenses" xlink:to="gltr_CostOfBullionTransferredToPayExpenses_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="gltr_CostOfBullionTransferredToPayExpenses_lbl0" xml:lang="en-US">Cost of Bullion transferred to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CostOfBullionTransferredToPayExpenses" xlink:to="gltr_CostOfBullionTransferredToPayExpenses_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_GrossProfit" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_GrossProfit"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_GrossProfit_lbl" xml:lang="en-US">Gain on Bullion transferred to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GrossProfit" xlink:to="us-gaap_GrossProfit_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares" xlink:href="gltr-20120331.xsd#gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares_lbl" xml:lang="en-US">Realized gain or loss during the period on bullion distributed for the redemption of Shares.Realized gains or losses are calculated on a trade date basis using average cost.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares" xlink:to="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares_lbl0" xml:lang="en-US">Gain on Bullion distributed for the redemption of Shares</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares" xlink:to="gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_TotalGainOnBullion" xlink:href="gltr-20120331.xsd#gltr_TotalGainOnBullion"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_TotalGainOnBullion_lbl" xml:lang="en-US">The net gain or loss in the period on bullion.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_TotalGainOnBullion" xlink:to="gltr_TotalGainOnBullion_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="gltr_TotalGainOnBullion_lbl0" xml:lang="en-US">Total gain on Bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_TotalGainOnBullion" xlink:to="gltr_TotalGainOnBullion_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_ExpensesAbstract" xlink:href="gltr-20120331.xsd#gltr_ExpensesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_ExpensesAbstract_lbl" xml:lang="en-US">EXPENSES</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ExpensesAbstract" xlink:to="gltr_ExpensesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_ExpensesAbstract_lbl0" xml:lang="en-US">EXPENSES [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ExpensesAbstract" xlink:to="gltr_ExpensesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_SponsorFees" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_SponsorFees"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SponsorFees_lbl" xml:lang="en-US">Sponsor&#8217;s Fee</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SponsorFees" xlink:to="us-gaap_SponsorFees_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_OperatingExpenses" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_OperatingExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingExpenses_lbl" xml:lang="en-US">Total expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingExpenses" xlink:to="us-gaap_OperatingExpenses_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetIncomeLoss" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetIncomeLoss"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLoss_lbl" xml:lang="en-US">Net gain from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_EarningsPerShareBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_EarningsPerShareBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasic_lbl" xml:lang="en-US">Net gain per Share (in Dollars per share)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasic" xlink:to="us-gaap_EarningsPerShareBasic_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl" xml:lang="en-US">Weighted average number of Shares (in Shares)</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_CondensedStatementsOfCashFlowsAbstract" xlink:href="gltr-20120331.xsd#gltr_CondensedStatementsOfCashFlowsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_CondensedStatementsOfCashFlowsAbstract_lbl" xml:lang="en-US">Condensed Statements of Cash Flows</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CondensedStatementsOfCashFlowsAbstract" xlink:to="gltr_CondensedStatementsOfCashFlowsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_CondensedStatementsOfCashFlowsAbstract_lbl0" xml:lang="en-US">Condensed Statements of Cash Flows [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CondensedStatementsOfCashFlowsAbstract" xlink:to="gltr_CondensedStatementsOfCashFlowsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_IncreaseDecreaseInCashFromOperationsAbstract" xlink:href="gltr-20120331.xsd#gltr_IncreaseDecreaseInCashFromOperationsAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_IncreaseDecreaseInCashFromOperationsAbstract_lbl" xml:lang="en-US">INCREASE / (DECREASE) IN CASH FROM OPERATIONS:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_IncreaseDecreaseInCashFromOperationsAbstract" xlink:to="gltr_IncreaseDecreaseInCashFromOperationsAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_IncreaseDecreaseInCashFromOperationsAbstract_lbl0" xml:lang="en-US">INCREASE / (DECREASE) IN CASH FROM OPERATIONS: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_IncreaseDecreaseInCashFromOperationsAbstract" xlink:to="gltr_IncreaseDecreaseInCashFromOperationsAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromCustomers" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromCustomers"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCustomers_lbl" xml:lang="en-US">Cash proceeds received from transfer of Bullion</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCustomers" xlink:to="us-gaap_ProceedsFromCustomers_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForOperatingActivities_lbl" xml:lang="en-US">Cash expenses paid</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForOperatingActivities" xlink:to="us-gaap_PaymentsForOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl" xml:lang="en-US">Increase in cash resulting from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl" xml:lang="en-US">Cash and cash equivalents at beginning of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0" xml:lang="en-US">Cash and cash equivalents at end of period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashAndCashEquivalentsAtCarryingValue_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:href="gltr-20120331.xsd#gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:to="gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl0" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract" xlink:to="gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_FairValueOfAssetsAcquired" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_FairValueOfAssetsAcquired"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueOfAssetsAcquired_lbl" xml:lang="en-US">Value of Bullion received for creation of Shares - net of Bullion receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueOfAssetsAcquired" xlink:to="us-gaap_FairValueOfAssetsAcquired_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_ValueOfBullionDistributedForRedemptionOfShares" xlink:href="gltr-20120331.xsd#gltr_ValueOfBullionDistributedForRedemptionOfShares"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_ValueOfBullionDistributedForRedemptionOfShares_lbl" xml:lang="en-US">Value of bullion distributed at average cost for the redemption of Shares.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ValueOfBullionDistributedForRedemptionOfShares" xlink:to="gltr_ValueOfBullionDistributedForRedemptionOfShares_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_ValueOfBullionDistributedForRedemptionOfShares_lbl0" xml:lang="en-US">Value of Bullion distributed for redemption of Shares - at average cost - net of Bullion payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ValueOfBullionDistributedForRedemptionOfShares" xlink:to="gltr_ValueOfBullionDistributedForRedemptionOfShares_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:href="gltr-20120331.xsd#gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">RECONCILIATION OF NET GAIN TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl0" xml:lang="en-US">RECONCILIATION OF NET GAIN TO NET CASH PROVIDED BY OPERATING ACTIVITIES: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLoss_lbl0" xml:lang="en-US">Net gain from operations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:href="gltr-20120331.xsd#gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl" xml:lang="en-US">Adjustments to reconcile net gain to net cash provided by operating activities:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl0" xml:lang="en-US">Adjustments to reconcile net gain to net cash provided by operating activities: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract" xlink:to="gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_IncreaseDecreaseInBullionAssets" xlink:href="gltr-20120331.xsd#gltr_IncreaseDecreaseInBullionAssets"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_IncreaseDecreaseInBullionAssets_lbl" xml:lang="en-US">Net change during the reporting period in the carrying value of bullion.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_IncreaseDecreaseInBullionAssets" xlink:to="gltr_IncreaseDecreaseInBullionAssets_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="gltr_IncreaseDecreaseInBullionAssets_lbl0" xml:lang="en-US">Decrease / (increase) in Bullion assets</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_IncreaseDecreaseInBullionAssets" xlink:to="gltr_IncreaseDecreaseInBullionAssets_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInReceivables" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInReceivables"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInReceivables_lbl" xml:lang="en-US">Increase in Bullion receivable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInReceivables" xlink:to="us-gaap_IncreaseDecreaseInReceivables_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInOtherAccountsPayable" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInOtherAccountsPayable"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherAccountsPayable_lbl" xml:lang="en-US">Decrease in Bullion payable</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherAccountsPayable" xlink:to="us-gaap_IncreaseDecreaseInOtherAccountsPayable_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl" xml:lang="en-US">(Decrease) / increase in amounts payable to Sponsor</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_IncreaseDecreaseInRedeemableSharesAbstract" xlink:href="gltr-20120331.xsd#gltr_IncreaseDecreaseInRedeemableSharesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_IncreaseDecreaseInRedeemableSharesAbstract_lbl" xml:lang="en-US">Increase / (decrease) in redeemable Shares:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_IncreaseDecreaseInRedeemableSharesAbstract" xlink:to="gltr_IncreaseDecreaseInRedeemableSharesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_IncreaseDecreaseInRedeemableSharesAbstract_lbl0" xml:lang="en-US">Increase / (decrease) in redeemable Shares: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_IncreaseDecreaseInRedeemableSharesAbstract" xlink:to="gltr_IncreaseDecreaseInRedeemableSharesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_ProceedsFromIssuanceOfCommonStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl" xml:lang="en-US">Creations</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfCommonStock" xlink:to="us-gaap_ProceedsFromIssuanceOfCommonStock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_PaymentsForRepurchaseOfCommonStock"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl" xml:lang="en-US">Redemptions</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForRepurchaseOfCommonStock" xlink:to="us-gaap_PaymentsForRepurchaseOfCommonStock_lbl"/>
    <loc xlink:type="locator" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:href="http://xbrl.fasb.org/us-gaap/2012/elts/us-gaap-2012-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US">Net cash provided by operating activities</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl"/>
    <loc xlink:type="locator" xlink:label="gltr_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:href="gltr-20120331.xsd#gltr_SupplementalDisclosureOfNonCashActivitiesAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:to="gltr_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl0" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES: [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_SupplementalDisclosureOfNonCashActivitiesAbstract" xlink:to="gltr_SupplementalDisclosureOfNonCashActivitiesAbstract_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_ValueOfPalladiumTransferredToPayExpenses" xlink:href="gltr-20120331.xsd#gltr_ValueOfPalladiumTransferredToPayExpenses"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_ValueOfPalladiumTransferredToPayExpenses_lbl" xml:lang="en-US">Value of Palladium transferred to pay Trust&apos;s expenses during the period.</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ValueOfPalladiumTransferredToPayExpenses" xlink:to="gltr_ValueOfPalladiumTransferredToPayExpenses_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_ValueOfPalladiumTransferredToPayExpenses_lbl0" xml:lang="en-US">Value of Bullion transferred to pay expenses</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_ValueOfPalladiumTransferredToPayExpenses" xlink:to="gltr_ValueOfPalladiumTransferredToPayExpenses_lbl0"/>
    <loc xlink:type="locator" xlink:label="gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract" xlink:href="gltr-20120331.xsd#gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract_lbl" xml:lang="en-US">Condensed Statement of Changes in Shareholders&apos; Deficit</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract" xlink:to="gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract_lbl"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract_lbl0" xml:lang="en-US">Condensed Statement of Changes in Shareholders&apos; Deficit [Abstract]</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract" xlink:to="gltr_CondensedStatementOfChangesInShareholdersDeficitAbstract_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl0" xml:lang="en-US">Shareholders&#8217; deficit - opening balance</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl0"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLoss_lbl1" xml:lang="en-US">Net gain for the period</label>
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLoss" xlink:to="us-gaap_NetIncomeLoss_lbl1"/>
    <loc xlink:type="locator" xlink:label="gltr_AdjustmentOfRedeemableSharesToRedemptionValue" xlink:href="gltr-20120331.xsd#gltr_AdjustmentOfRedeemableSharesToRedemptionValue"/>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="gltr_AdjustmentOfRedeemableSharesToRedemptionValue_lbl" xml:lang="en-US">Adjustment of redeemable Shares to redemption value.</label>
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    <loc xlink:type="locator" xlink:label="dei_DocumentPeriodEndDate" xlink:href="http://xbrl.sec.gov/dei/2012/dei-2012-01-31.xsd#dei_DocumentPeriodEndDate"/>
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<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>gltr-20120331_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Related Parties<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related Party Transactions Disclosure [Text Block]</a></td>
        <td class="text"><p>

      <font size="2"><b>3. Related Parties</b></font>

    </p><br/><p align="justify">

      <font size="2">The Sponsor and the Trustee are considered to

      be related parties to the Trust. The Trustee&#8217;s fee is

      paid by the Sponsor and is not a separate expense of the

      Trust. The Trustee and the Custodian and their affiliates may

      from time to time act as Authorized Participants or purchase

      or sell Bullion or Shares for their own account, as agent for

      their customers and for accounts over which they exercise

      investment discretion.</font>

    </p><br/><span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 1-4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph b<br><br> -Article 3A<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Article 4<br><br><br><br></p>
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Significant Accounting Policies<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Significant Accounting Policies [Text Block]</a></td>
        <td class="text"><p>

      <font size="2"><b>2. Significant Accounting

      Policies</b></font>

    </p><br/><p align="justify">

      <font size="2">The preparation of financial statements in

      accordance with accounting principles generally accepted in

      the United States of America requires those responsible for

      preparing financial statements to make estimates and

      assumptions that affect the reported amounts and disclosures.

      Actual results could differ from those estimates. The

      following is a summary of significant accounting policies

      followed by the Trust.</font>

    </p><br/><p>

      <font size="2"><b>2.1. <i>Valuation of Bullion</i></b></font>

    </p><br/><p align="justify">

      <font size="2">Bullion is held by JPMorgan Chase Bank, N.A.

      (the &#8220;Custodian&#8221;), on behalf of the Trust, at its

      London, England vaulting premises on a segregated basis. The

      allocated Platinum and Palladium is held by UBS AG (the

      &#8220;Zurich Sub-Custodian&#8221;) at its Zurich, Switzerland

      vaulting premises on a segregated basis. The Trust&#8217;s

      Bullion is valued, per individual metal type, for financial

      statement purposes, at the lower of cost or market. The cost

      of Bullion is determined according to the average cost method

      and the market value is based on the London Fix for each

      metal held by the Trust used to determine the net asset value

      (the &#8220;NAV&#8221;) of the Trust. Realized gains and losses

      on transfers of Bullion, or Bullion distributed for the

      redemption of Shares, are calculated on a trade date basis

      using average cost.</font>

    </p><br/><p align="justify">

      <font size="2">Once the value of Bullion has been determined,

      the NAV is computed by the Trustee by deducting all accrued

      fees, expenses and other liabilities of the Trust, including

      the remuneration due to the Sponsor (the &#8220;Sponsor&#8217;s

      Fee&#8221;), from the fair value of the Bullion and all other

      assets held by the Trust.</font>

    </p><br/><p>

      <font size="2">The table below summarizes the unrealized

      gains or losses on the Trust&#8217;s Bullion holdings as of

      March 31, 2012 and December 31, 2011:</font>

    </p><br/><table border="0" cellspacing="0" cellpadding="0" width="99%">

      <tr style="FONT-SIZE:1PX">

        <td width="29%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="9%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="9%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="9%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="9%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="9%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="14" valign="bottom">

          <p align="center">

            <font size="2"><b>March 31, 2012</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Gold</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Silver</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Platinum</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Palladium</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Total</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="top">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Investment in Bullion-average

            cost</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">90,868,067</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">64,771,943</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">11,557,216</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">7,964,351</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">175,161,577</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Unrealized gain on investment in

            Bullions</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">13,015,812</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">9,530,805</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,106,508</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">171,397</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">24,824,522</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Investment in Bullion-market

            value</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">103,883,879</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">74,302,748</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">13,663,724</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">8,135,748</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">199,986,099</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="14" valign="bottom">

          <p align="center">

            <font size="2"><b>December 31, 2011</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Gold</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Silver</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Platinum</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Palladium</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Total</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="top">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Investment in Bullion-average

            cost</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">95,031,713</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">76,742,076</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">15,338,914</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">9,528,862</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">196,641,565</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Realized loss on investment in

            Bullion</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(8,996,839</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(3,266,375</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(1,189,102</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(13,452,316</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Investment in Bullion-lower of cost or

            market value</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">95,031,713</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">67,745,237</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">12,072,539</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">8,339,760</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">183,189,249</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Unrealized gain on investment in

            Bullion</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">8,199,023</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">8,199,023</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Investment in Bullion-market

            value</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">103,230,736</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">67,745,237</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">12,072,539</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">8,339,760</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">191,388,272</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

    </table><br/><p align="justify">

      <font size="2">The Trust recognizes the diminution in value

      of the investment in Bullion which arises from market

      declines on an interim basis. Increases in the value of the

      investment in Bullion through market price recoveries in

      later interim periods of the same fiscal year are recognized

      in the later interim period. Increases in value recognized on

      an interim basis may not exceed the previously recognized

      diminution in value.</font>

    </p><br/><p align="justify">

      <font size="2">The per Share amount of Bullion exchanged for

      a purchase or redemption is calculated daily by the Trustee,

      using the London Fix for each metal held by the Trust to

      calculate the Bullion amount in respect of any liabilities

      for which covering Bullion sales have not yet been made, and

      represents the per Share amount of Bullion held by the Trust,

      after giving effect to its liabilities, to cover expenses and

      liabilities and any losses that may have occurred.</font>

    </p><br/><p>

      <font size="2"><i><b>2.2. Bullion Receivable and

      Payable</b></i></font>

    </p><br/><p align="justify">

      <font size="2">Bullion receivable or payable represents the

      quantity of Bullion covered by contractually binding orders

      for the creation or redemption of Shares respectively, where

      the Bullion has not yet been transferred to or from the

      Trust&#8217;s account. Generally, ownership of the Bullion is

      transferred within three business days of the trade date.

      Bullion receivable or payable at March 31, 2012 and December

      31, 2011 is set out below:</font>

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

      <tr style="FONT-SIZE:1PX">

        <td width="63%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="2%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="11%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="2%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="14%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>March 31, 2012</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>December 31, 2011</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="top">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="2">Bullion receivable</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="2">Bullion payable</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">8,694,716</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

    </table><br/><p>

      <font size="2"><b>2.3. <i>Creations and Redemptions of

      Shares</i></b></font>

    </p><br/><p align="justify">

      <font size="2">The Trust expects to create and redeem Shares

      from time to time, but only in one or more Baskets. The Trust

      issues Shares in Baskets to Authorized Participants on an

      ongoing basis. Individual investors cannot purchase or redeem

      Shares in direct transactions with the Trust. An Authorized

      Participant is a person who (1) is a registered broker-dealer

      or other securities market participant such as a bank or

      other financial institution which is not required to register

      as a broker-dealer to engage in securities transactions, (2)

      is a participant in The Depository Trust Company, (3) has

      entered into an Authorized Participant Agreement with the

      Trustee and the Sponsor, and (4) has established an

      Authorized Participant Unallocated Account with the

      Trust&#8217;s Custodian or other Bullion clearing bank. An

      Authorized Participant Agreement is an agreement entered into

      by each Authorized Participant, the Sponsor and the Trustee

      which provides the procedures for the creation and redemption

      of Baskets and for the delivery of the Bullion required for

      such creations and redemptions. An Authorized Participant

      Unallocated Account is an unallocated Bullion account, either

      loco London or loco Zurich, established with the Custodian or

      a Bullion clearing bank by an Authorized Participant.</font>

    </p><br/><p align="justify">

      <font size="2">The creation and redemption of Baskets is only

      made in exchange for the delivery to the Trust or the

      distribution by the Trust of the amount of Bullion

      represented by the Baskets being created or redeemed, the

      amount of which is based on the combined NAV of the number of

      Shares included in the Baskets being created or redeemed

      determined on the day the order to create or redeem Baskets

      is properly received.</font>

    </p><br/><p align="justify">

      <font size="2">Authorized Participants may, on any business

      day, place an order with the Trustee to create or redeem one

      or more Baskets. The typical settlement period for Shares is

      three business days. In the event of a trade date at period

      end, where a settlement is pending, a respective account

      receivable and/or payable will be recorded. When Bullion is

      exchanged in settlement of a redemption, it is considered a

      sale of Bullion for financial statement purposes.</font>

    </p><br/><p align="justify">

      <font size="2">The amount of bullion represented by the

      Baskets created or redeemed can only be settled to the

      nearest 1/1000<sup>th</sup> of an ounce. As a result, the

      value attributed to the creation or redemption of Shares may

      differ from the value of bullion to be delivered or

      distributed by the Trust. In order to ensure that the correct

      metal is available at all times to back the Shares, the

      Sponsor accepts an adjustment to its management fees in the

      event of any shortfall or excess. For each transaction, this

      amount is not more than 1/1000<sup>th</sup> of an

      ounce.</font>

    </p><br/><p align="justify">

      <font size="2">The Shares of the Trust are classified as

      &#8220;Redeemable Capital Shares&#8221; for financial statement

      purposes, since they are subject to redemption at the option

      of Authorized Participants. Outstanding Shares are reflected

      at redemption value, which represents the maximum obligation

      (based on NAV per Share), with the difference from historical

      cost recorded as an offsetting amount to retained earnings.

      When Bullion is exchanged in settlement of a redemption, a

      gain or loss in the amount of the difference between the

      market value on the trade date and the historical cost is

      recorded to the Condensed Statement of Operations.</font>

    </p><br/><p align="justify">

      <font size="2">Changes in the Shares for the three months

      ended March 31, 2012 and for the year ended December 31, 2011

      are set out below:</font>

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

      <tr style="FONT-SIZE:1PX">

        <td width="63%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="12%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="3%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="14%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Three Months<br />

             Ended<br />

             March 31, 2012</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Year<br />

             Ended<br />

             December 31, 2011</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2"><b><u>Number of redeemable

            Shares</u></b></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,100,000</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">1,900,000</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">Creations</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">50,000</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">1,450,000</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="2">Redemptions</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(50,000</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(1,250,000</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">2,100,000</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">2,100,000</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="2"><b><u>Redeemable Shares</u></b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">182,586,013</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">166,379,066</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="2">Creations</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">4,726,778</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">143,112,185</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">Redemptions</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(4,958,083</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(120,762,519</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="2">Adjustment to redemption value</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">17,531,122</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(6,142,719</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">199,885,830</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">182,586,013</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="top">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="2">Redemption value per Share at period

            end</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">95.18</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">86.95</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

    </table><br/><p>

      <font size="2"><b>2.4. <i>Revenue Recognition

      Policy</i></b></font>

    </p><br/><p align="justify">

      <font size="2">The primary expense of the Trust is the

      Sponsor&#8217;s Fee, which is paid by the Trust through

      in-kind transfers of Bullion to the Sponsor. With respect to

      expenses not otherwise assumed by the Sponsor, the Trustee

      will, at the direction of the Sponsor or in its own

      discretion, sell the Trust&#8217;s Bullion as necessary to pay

      these expenses. When selling Bullion to pay expenses, the

      Trustee will endeavor to sell the smallest amounts of Bullion

      needed to pay these expenses in order to minimize the

      Trust&#8217;s holdings of assets other than Bullion.</font>

    </p><br/><p align="justify">

      <font size="2">Unless otherwise directed by the Sponsor, when

      selling Bullion the Trustee will endeavor to sell at the

      price established by the London Fix for each metal held by

      the Trust. The Trustee will place orders with dealers (which

      may include the Custodian) through which the Trustee expects

      to receive the most favorable price and execution of orders.

      The Custodian may be the purchaser of such Bullion only if

      the sale transaction is made at the London Fix for each metal

      held by the Trust used by the Trustee to value the

      Trust&#8217;s Bullion. A gain or loss is recognized based on

      the difference between the selling price and the average cost

      of the Bullion sold. Neither the Trustee nor the Sponsor is

      liable for depreciation or loss incurred by reason of any

      sale.</font>

    </p><br/><p>

      <font size="2"><b>2.5. <i>Income Taxes</i></b></font>

    </p><br/><p align="justify">

      <font size="2">The Trust is classified as a &#8220;grantor

      trust&#8221; for U.S. federal income tax purposes. As a

      result, the Trust itself will not be subject to U.S. federal

      income tax. Instead, the Trust&#8217;s income and expenses

      will &#8220;flow through&#8221; to the Shareholders, and the

      Trustee will report the Trust&#8217;s proceeds, income,

      deductions, gains, and losses to the Internal Revenue Service

      on that basis.</font>

    </p><br/><p align="justify">

      <font size="2">The Sponsor has evaluated whether or not there

      are uncertain tax positions that require financial statement

      recognition and has determined that no reserves for uncertain

      tax positions are required as of March 31, 2012 and December

      31, 2011.</font>

    </p><br/><p>

      <font size="2"><b>2.6. <i>Investment in

      Bullion</i></b></font>

    </p><br/><p align="justify">

      <font size="2">Changes in ounces of Bullion and the

      respective values for the three months ended March 31, 2012

      and for the year ended December 31, 2011 are set out

      below:</font>

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

      <tr style="FONT-SIZE:1PX">

        <td width="29%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="2%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="10%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="2%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="10%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="2%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="10%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="2%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="10%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="2%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

        <td width="10%" valign="bottom">

          <p align="right">

            &#160;

          </p>

        </td>

        <td width="1%" valign="bottom">

          <p>

            &#160;

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="14" valign="bottom">

          <p align="center">

            <font size="2"><b>Three Months Ended March 31,

            2012</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Gold</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Silver</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Platinum</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Palladium</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Total</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><b>Ounces of Bullion:</b></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">65,564.1</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,404,018.4</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">8,741.9</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">13,112.8</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,491,437.2</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Creations</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">1,487.3</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">54,533.4</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">198.3</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">297.5</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">56,516.5</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(4,467.1</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(163,792.1</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(595.6</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(893.4</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(169,748.2</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Transfers of Bullion</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(97.8</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(3,586.4</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(13.0</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(19.6</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(3,716.8</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">62,486.5</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,291,173.3</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">8,331.6</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">12,497.3</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,374,488.7</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><b>Investment in Bullion (lower of cost

            or market):</b></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">95,031,713</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">67,745,237</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">12,072,539</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">8,339,760</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">183,189,249</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Creations</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">2,452,885</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">1,743,432</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">325,217</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">205,244</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">4,726,778</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(6,474,759</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(4,615,662</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(822,534</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(568,210</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(12,481,165</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Transfers of Bullion</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(141,772</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(101,064</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(18,006</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(12,443</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(273,285</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">90,868,067</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">64,771,943</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">11,557,216</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">7,964,351</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">175,161,577</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="14" valign="bottom">

          <p align="center">

            <font size="2"><b>Year Ended December 31,

            2011</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Gold</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Silver</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Platinum</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Palladium</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p align="center">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td colspan="2" valign="bottom">

          <p align="center">

            <font size="2"><b>Total</b></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><b>Ounces of Bullion:</b></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">55,461.9</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,033,601.3</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">7,395.0</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">11,092.3</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,107,550.5</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions <i>(excluding bullion

            payable at December 31, 2011 - 2,978.6, 109,213.9,

            397.1, and 595.7, respectively)</i></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">44,859.8</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">1,644,859.4</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">5,981.2</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">8,972.0</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">1,704,672.4</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(34,336.6</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(1,259,007.4</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(4,578.2</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(6,867.3</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(1,304,789.5</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Transfers of Bullion</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(421.0</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(15,434.9</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(56.1</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(84.2</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(15,996.2</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">65,564.1</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,404,018.4</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">8,741.9</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">13,112.8</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">2,491,437.2</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2"><b>Investment in Bullion (lower of cost

            or market):</b></font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Opening balance</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">76,213,472</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">54,148,351</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">12,716,653</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">7,566,140</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">150,644,616</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Creations</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">68,061,096</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">61,734,789</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">10,720,634</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">6,974,063</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">147,490,582</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Redemptions <i>(excluding bullion

            payable at December 31, 2011 - $4,317,263, $3,077,647,

            $548,453, and $378,873, respectively)*</i></font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(48,650,097</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(38,678,514</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(8,000,519</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(4,951,043</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(100,280,173</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Transfers of Bullion</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(592,758</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(462,550</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(97,854</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(60,298</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">(1,213,460</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Realized loss on investment in

            Bullion</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">&#8212;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(8,996,839</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(3,266,375</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(1,189,102</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p align="right">

            <font size="2">(13,452,316</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="2">)</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="1" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="2">Closing balance</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">95,031,713</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">67,745,237</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">12,072,539</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">8,339,760</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="2">$</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p align="right">

            <font size="2">183,189,249</font>

          </p>

        </td>

        <td valign="bottom" style="background-color: #E5FFFF;">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

      <tr>

        <td valign="bottom">

          <p style="MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT">

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

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        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <hr size="3" width="100%" noshade="noshade" />

        </td>

        <td valign="bottom">

          <p>

            <font size="1">&#160;</font>

          </p>

        </td>

      </tr>

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

      <tr style="FONT-SIZE:1PX">

        <td width="4%" valign="top">

          <p>

            &#160;

          </p>

        </td>

        <td width="96%" valign="top">

          <p>

            &#160;

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        </td>

      </tr>

      <tr>

        <td valign="top">

          <p>

            <font size="2">*</font>

          </p>

        </td>

        <td valign="top">

          <p align="justify">

            <font size="2">Market value of Bullion payable at

            December 31, 2011 - $4,689,743, $3,077,647, $548,453

            and $378,873, respectively.</font>

          </p>

        </td>

      </tr>

    </table><br/><p>

      <font size="2"><b>2.7. <i>Expenses</i></b></font>

    </p><br/><p align="justify">

      <font size="2">The Trust will transfer Bullion to the Sponsor

      to pay the Sponsor&#8217;s Fee that will accrue daily at an

      annualized rate equal to 0.60% of the adjusted net asset

      value (the &#8220;ANAV) of the Trust, paid monthly in

      arrears.</font>

    </p><br/><p align="justify">

      <font size="2">The Sponsor has agreed to assume

      administrative and marketing expenses incurred by the Trust,

      including the Trustee&#8217;s monthly fee and out of pocket

      expenses, the Custodian&#8217;s fee and the reimbursement of

      the Custodian&#8217;s expenses, exchange listing fees, United

      States Securities and Exchange Commission (the

      &#8220;SEC&#8221;) registration fees, printing and mailing

      costs, audit fees and certain legal expenses.</font>

    </p><br/><p align="justify">

      <font size="2">For the three months ended March 31, 2012 and

      March 31, 2011 the Sponsor&#8217;s Fee was $296,788 and

      $280,348, respectively. At March 31, 2012 and at December 31,

      2011, the fees payable to the Sponsor were $100,269 and

      $107,543, respectively.</font>

    </p><br/><p>

      <font size="2"><b>2.8.<i>Subsequent Events</i></b></font>

    </p><br/><p align="justify">

      <font size="2">In accordance with the provisions set forth in

      Financial Accounting Standards Board Accounting Standards

      Codification 855-10, <i>Subsequent Events</i>, the

      Trust&#8217;s management has evaluated the possibility of

      subsequent events existing in the Trust&#8217;s financial

      statements through the filing date. During this period, no

      material subsequent events were identified.</font>

    </p><br/><span></span></td>
      </tr>
    </table>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for all significant accounting policies of the reporting entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18861-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18743-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18780-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18854-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367646&amp;loc=d3e18726-107790<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 22<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SignificantAccountingPoliciesTextBlock</nobr></td>
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<DOCUMENT>
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<SEQUENCE>17
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EGJAE">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Condensed Statements of Financial Condition (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_InvestmentInGold', window );">Gold</a></td>
        <td class="nump">$ 90,868,067<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">$ 95,031,713<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1],[2]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_InvestmentInSilver', window );">Silver</a></td>
        <td class="nump">64,771,943<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">67,745,237<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_InvestmentInPlatinum', window );">Platinum</a></td>
        <td class="nump">11,557,216<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">12,072,539<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_InvestmentInPalladium', window );">Palladium</a></td>
        <td class="nump">7,964,351<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">8,339,760<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_InvestmentInBullionCurrent', window );"></a></td>
        <td class="nump">175,161,577<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
        <td class="nump">183,189,249<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
        <td class="nump">175,161,577<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">183,189,249<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>LIABILITIES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountsPayableRelatedPartiesCurrent', window );">Fees payable to Sponsor</a></td>
        <td class="nump">100,269<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">107,543<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_BullionPayable', window );">Bullion payable</a></td>
        <td class="nump">0<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">8,694,716<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
        <td class="nump">100,269<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">8,802,259<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_RedeemableSharesAndShareholdersDeficitAbstract', window );"><strong>REDEEMABLE SHARES AND SHAREHOLDERS DEFICIT</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Shares at redemption value to investors (2)</a></td>
        <td class="nump">199,885,830<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[3]</sup></td>
        <td class="nump">182,586,013<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2],[3]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Shareholders&#x2019; deficit</a></td>
        <td class="num">(24,824,522)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="num">(8,199,023)<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total liabilities, redeemable Shares &amp; shareholders&#x2019; deficit</a></td>
        <td class="nump">$ 175,161,577<span></span></td>
        <td class="fn" style="border-bottom: 0px;"></td>
        <td class="nump">$ 183,189,249<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[2]</sup></td>
      </tr>
      <tr>
        <td colspan="5"></td>
      </tr>
      <tr>
        <td colspan="5">
          <table class="outerFootnotes" width="100%">
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">The market value of investment in Bullion at March 31, 2012 was $199,986,099 and at December 31, 2011 was $191,388,272. Refer to Note 2.1 for a breakdown of market value per metal.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[2]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2011.</td>
            </tr>
            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[3]</td>
              <td style="vertical-align: top;" valign="top">Authorized share capital is unlimited with no par value per share. Shares issued and outstanding at March 31, 2012 and at December 31, 2011 were 2,100,000.</td>
            </tr>
          </table>
        </td>
      </tr>
    </table>
    <div style="display: none;">
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_gltr_BullionPayable">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Market value of bullion payable by the Trust in respect of the redemption of Shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total value of investment in bullion (Gold,Silver,Platinum,Palladium) received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
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                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_gltr_InvestmentInGold">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of investment in gold received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of investment in palladium received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of investment in platinum received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_InvestmentInPlatinum</nobr></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of investment in silver received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_InvestmentInSilver</nobr></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
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          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_gltr_RedeemableSharesAndShareholdersDeficitAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_RedeemableSharesAndShareholdersDeficitAbstract</nobr></td>
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                  <tr>
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                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountsPayableRelatedPartiesCurrent">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount for accounts payable to related parties. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 235<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.4-08.(k)(1))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6881521&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 850<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 57<br><br> -Paragraph 2<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19(a))<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 08<br><br> -Paragraph k<br><br> -Subparagraph 1<br><br> -Article 4<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AccountsPayableRelatedPartiesCurrent</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 12<br><br> -Article 7<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Concepts (CON)<br><br> -Number 6<br><br> -Paragraph 25<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 18<br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Assets</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_AssetsAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.19-26)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_Liabilities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total of all Liabilities and Stockholders' Equity items (or Partners' Capital, as applicable), including the portion of equity attributable to noncontrolling interests, if any.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.32)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 25<br><br> -Article 7<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 32<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_LiabilitiesAndStockholdersEquity</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EUAAC">
      <tr>
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          <div style="width: 200px;"><strong>Condensed Statement of Changes in Shareholders' Deficit (USD $)<br></strong></div>
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        <th class="th" colspan="2">3 Months Ended</th>
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      <tr>
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          <div>Mar. 31, 2012</div>
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        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net gain for the period</a></td>
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              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2011.</td>
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                <p>Adjustment of redeemable Shares to redemption value.</p>
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                <p>No definition available.</p>
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                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br><br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br><br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 130<br><br><br><br> -Paragraph 10, 15<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br><br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br><br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Emerging Issues Task Force (EITF)<br><br><br><br> -Number 87-21<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br><br><br> -Number 95<br><br><br><br> -Paragraph 28, 29, 30<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Research Bulletin (ARB)<br><br><br><br> -Number 51<br><br><br><br> -Paragraph 38<br><br><br><br> -Subparagraph d<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br></p>
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                <p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p>
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                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br><br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher AICPA<br><br><br><br> -Name Accounting Principles Board Opinion (APB)<br><br><br><br> -Number 12<br><br><br><br> -Paragraph 10<br><br><br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br><br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br><br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br><br><br><br><br></p>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Organization<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</a></td>
        <td class="text"><p>

      <font size="2"><b>1. Organization</b></font>

    </p><br/><p align="justify">

      <font size="2">The ETFS Precious Metals Basket Trust (the

      &#8220;Trust&#8221;) is an investment trust formed on October

      18, 2010, under New York law pursuant to a depositary trust

      agreement (the &#8220;Trust Agreement&#8221;) executed by ETF

      Securities USA LLC (the &#8220;Sponsor&#8221;) and the Bank of

      New York Mellon (the &#8220;Trustee&#8221;) at the time of the

      Trust&#8217;s organization. The Trust holds gold, silver,

      platinum and palladium in set ratios (together,

      &#8220;Bullion&#8221;) and issues ETFS Physical PM Basket

      Shares (&#8220;Shares&#8221;) (in minimum blocks of 50,000

      Shares, also referred to as &#8220;Baskets&#8221;) in exchange

      for deposits of Bullion and distributes Bullion in connection

      with the redemption of Baskets. Shares represent units of

      fractional undivided beneficial interest in and ownership of

      the Trust which are issued by the Trust. The Sponsor is a

      Delaware limited liability company and a wholly-owned

      subsidiary of ETF Securities Limited, a Jersey, Channel

      Islands based company. The Trust is governed by the Trust

      Agreement.</font>

    </p><br/><p align="justify">

      <font size="2">The investment objective of the Trust is for

      the Shares to reflect the performance of the price of gold,

      silver, platinum and palladium, less the Trust&#8217;s

      expenses and liabilities. The Trust is designed to provide an

      individual owner of beneficial interests in the Shares (a

      &#8220;Shareholder&#8221;) an opportunity to participate in the

      gold, silver, platinum and palladium market through an

      investment in securities. The fiscal year end for the Trust

      is December 31.</font>

    </p><br/><p align="justify">

      <font size="2">The accompanying unaudited condensed financial

      statements were prepared in accordance with the accounting

      principles generally accepted in the United States of America

      for interim financial information and with the instructions

      for the Form 10-Q. In the opinion of management of the

      Sponsor, all adjustments (which include normal recurring

      adjustments) necessary to present fairly the financial

      position, results of operations and cash flows as of and for

      the three months ended March 31, 2012 and for all periods

      presented have been made.</font>

    </p><br/><p align="justify">

      <font size="2">Certain information and footnote disclosures

      normally included in financial statements prepared in

      accordance with accounting principles generally accepted in

      the United States of America have been condensed or omitted.

      These condensed financial statements should be read in

      conjunction with the Trust&#8217;s Annual Report on Form 10-K

      for the fiscal year ended December 31, 2011. The results of

      operations for the three months ended March 31, 2012 are not

      necessarily indicative of the operating results for the full

      year.</font>

    </p><br/><span></span></td>
      </tr>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EZDAC">
      <tr>
        <th class="tl" colspan="1" rowspan="1">
          <div style="width: 200px;"><strong>Condensed Statements of Financial Condition (Parentheticals) (USD $)<br></strong></div>
        </th>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th" colspan="2">
          <div>Dec. 31, 2011</div>
        </th>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_MarketValueOfInvestmentInBullion', window );">Market value of investment in Bullion (in Dollars)</a></td>
        <td class="nump">$ 199,986,099<span></span></td>
        <td class="nump">$ 191,388,272<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_CommonStockSharesAuthorised', window );">Common stock, shares authorized</a></td>
        <td class="text">Unlimited<span></span></td>
        <td class="text">Unlimited<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock, shares issued</a></td>
        <td class="nump">2,100,000<span></span></td>
        <td class="nump">2,100,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock, shares outstanding</a></td>
        <td class="nump">2,100,000<span></span></td>
        <td class="nump">2,100,000<span></span></td>
        <td class="fn" style="border-bottom: 0px;"><sup>[1]</sup></td>
      </tr>
      <tr>
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      <tr>
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            <tr class="outerFootnote">
              <td style="vertical-align: top;" valign="top">[1]</td>
              <td style="vertical-align: top;" valign="top">Derived from audited Statement of Financial Condition as of December 31, 2011.</td>
            </tr>
          </table>
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      </tr>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The maximum number of common stock shares which the Trust is authorised to issue.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                <p>Market value of investment in bullion (Gold,Silver,Platinum,Palladium) received by the Trust in respect of the issuance of Shares at the lower of cost or market value as at the balance sheet date.</p>
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              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.3-04)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6959260&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.29)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Principles Board Opinion (APB)<br><br> -Number 12<br><br> -Paragraph 10<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 30<br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Article 3<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 505<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0ENGAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Document And Entity Information<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
        <th class="th" colspan="1"></th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>May 09, 2012</div>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_DocumentAndEntityInformationAbstract', window );"><strong>Document and Entity Information [Abstract]</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
        <td class="text">ETFS Precious Metals Basket Trust<span></span></td>
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        <td class="text">10-Q<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
        <td class="text">--12-31<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="nump">2,100,000<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
        <td class="text">false<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="text">0001483386<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCurrentReportingStatus', window );">Entity Current Reporting Status</a></td>
        <td class="text">Yes<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityVoluntaryFilers', window );">Entity Voluntary Filers</a></td>
        <td class="text">No<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
        <td class="text">Accelerated Filer<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityWellKnownSeasonedIssuer', window );">Entity Well-known Seasoned Issuer</a></td>
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        <td class="text">Mar. 31,
         2012<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
        <td class="text">2012<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
        <td class="text">Q1<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>End date of current fiscal year in the format --MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
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                    <td><nobr>dei_DocumentFiscalPeriodFocus</nobr></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentFiscalYearFocus</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td>xbrli:gYearItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_DocumentPeriodEndDate</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:dateItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:submissionTypeItemType</td>
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                    <td>na</td>
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                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:centralIndexKeyItemType</td>
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                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCommonStockSharesOutstanding</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCurrentReportingStatus">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityCurrentReportingStatus</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityFilerCategory</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:filerCategoryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation 12B<br><br> -Number 240<br><br> -Section 12b<br><br> -Subsection 1<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityRegistrantName</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:normalizedStringItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityVoluntaryFilers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityVoluntaryFilers</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityWellKnownSeasonedIssuer">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>dei_EntityWellKnownSeasonedIssuer</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>dei_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>dei:yesNoItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_gltr_DocumentAndEntityInformationAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_DocumentAndEntityInformationAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>gltr_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
    <link rel="StyleSheet" type="text/css" href="report.css"><script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script></head>
  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E2EAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Condensed Statements of Operations (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesAbstract', window );"><strong>REVENUES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_ValueOfBullionTransferredToPayExpenses', window );">Value of Bullion transferred to pay expenses</a></td>
        <td class="nump">$ 304,062<span></span></td>
        <td class="nump">$ 245,201<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_CostOfBullionTransferredToPayExpenses', window );">Cost of Bullion transferred to pay expenses</a></td>
        <td class="num">(273,285)<span></span></td>
        <td class="num">(233,362)<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GrossProfit', window );">Gain on Bullion transferred to pay expenses</a></td>
        <td class="nump">30,777<span></span></td>
        <td class="nump">11,839<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares', window );">Gain on Bullion distributed for the redemption of Shares</a></td>
        <td class="nump">1,171,634<span></span></td>
        <td class="nump">438,080<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_TotalGainOnBullion', window );">Total gain on Bullion</a></td>
        <td class="nump">1,202,411<span></span></td>
        <td class="nump">449,919<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_ExpensesAbstract', window );"><strong>EXPENSES</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SponsorFees', window );">Sponsor&#x2019;s Fee</a></td>
        <td class="nump">296,788<span></span></td>
        <td class="nump">280,348<span></span></td>
      </tr>
      <tr class="reu">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expenses</a></td>
        <td class="nump">296,788<span></span></td>
        <td class="nump">280,348<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net gain from operations</a></td>
        <td class="nump">$ 905,623<span></span></td>
        <td class="nump">$ 169,571<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Net gain per Share (in Dollars per share)</a></td>
        <td class="nump">$ 0.44<span></span></td>
        <td class="nump">$ 0.08<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average number of Shares (in Shares)</a></td>
        <td class="nump">2,072,527<span></span></td>
        <td class="nump">2,115,556<span></span></td>
      </tr>
    </table>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_gltr_CostOfBullionTransferredToPayExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cost of Bullion transferred to pay Trust's expenses.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_CostOfBullionTransferredToPayExpenses</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:monetaryItemType</td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_ExpensesAbstract</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td>xbrli:stringItemType</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Realized gain or loss during the period on bullion distributed for the redemption of Shares.Realized gains or losses are calculated on a trade date basis using average cost.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_RealizedGainLossOnBullionDistributedForTheRedemptionOfShares</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>gltr_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_gltr_TotalGainOnBullion">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net gain or loss in the period on bullion.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_TotalGainOnBullion</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>gltr_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td>credit</td>
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                    <td>duration</td>
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          </td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_gltr_ValueOfBullionTransferredToPayExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of Bullion transferred to pay Trust's expenses during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_ValueOfBullionTransferredToPayExpenses</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>gltr_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
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              </div>
            </div>
          </td>
        </tr>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 21<br><br> -Article 9<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 36, 37, 38<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 942<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.9-04.23)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.21)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 55<br><br> -Paragraph 52<br><br> -URI http://asc.fasb.org/extlink&amp;oid=16381557&amp;loc=d3e4984-109258<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 18<br><br> -Article 7<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 20<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_EarningsPerShareBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>num:perShareItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GrossProfit">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.1,2)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_GrossProfit</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 04<br><br> -Paragraph 20<br><br> -Article 9<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Net Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6518256<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 87-21<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 10: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28, 29, 30<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 11: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 12: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.19)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 13: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 220<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 6<br><br> -URI http://asc.fasb.org/extlink&amp;oid=20435746&amp;loc=d3e565-108580<br><br><br><br>Reference 14: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph A7<br><br> -Appendix A<br><br><br><br>Reference 15: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_OperatingExpenses</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesAbstract">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_RevenuesAbstract</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:stringItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SponsorFees">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Fees paid to advisors who provide certain management support and administrative oversight services including the organization and sale of stock, investment funds, limited partnerships and mutual funds.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.3)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_SponsorFees</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 40<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 10<br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 8<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Emerging Issues Task Force (EITF)<br><br> -Number 07-4<br><br> -Paragraph 4<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 128<br><br> -Paragraph 171<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:sharesItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
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<TEXT>
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  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Indemnification<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and Contingencies Disclosure [Text Block]</a></td>
        <td class="text"><p>

      <font size="2"><b>5. Indemnification</b></font>

    </p><br/><p align="justify">

      <font size="2">Under the Trust&#8217;s organizational

      documents, the Trustee (and its directors, employees and

      agents) and the Sponsor (and its members, managers,

      directors, officers, employees and affiliates) is indemnified

      by the Trust against any liability, cost or expense it incurs

      without gross negligence, bad faith or willful misconduct on

      its part and without reckless disregard on its part of its

      obligations and duties under the Trust&#8217;s organizational

      documents.</font>

    </p><br/><p align="justify">

      <font size="2">The Trust&#8217;s maximum exposure under these

      arrangements is unknown as this would involve future claims

      that may be made against the Trust that have not yet

      occurred.</font>

    </p><br/><span></span></td>
      </tr>
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        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The entire disclosure for commitments and contingencies.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 460<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 8<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6398077&amp;loc=d3e12565-110249<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 450<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6952336&amp;loc=d3e14435-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name FASB Interpretation (FIN)<br><br> -Number 14<br><br> -Paragraph 3<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 440<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 2<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.25)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 825<br><br> -SubTopic 20<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 5<br><br> -Paragraph 9, 10, 11, 12<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
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<TEXT>
<html>
  <head>
    <META http-equiv="Content-Type" content="text/html; charset=us-ascii">
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0E6WAE">
      <tr>
        <th class="tl" colspan="1" rowspan="2">
          <div style="width: 200px;"><strong>Condensed Statements of Cash Flows (USD $)<br></strong></div>
        </th>
        <th class="th" colspan="2">3 Months Ended</th>
      </tr>
      <tr>
        <th class="th">
          <div>Mar. 31, 2012</div>
        </th>
        <th class="th">
          <div>Mar. 31, 2011</div>
        </th>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_IncreaseDecreaseInCashFromOperationsAbstract', window );"><strong>INCREASE / (DECREASE) IN CASH FROM OPERATIONS:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromCustomers', window );">Cash proceeds received from transfer of Bullion</a></td>
        <td class="nump">$ 0<span></span></td>
        <td class="nump">$ 0<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForOperatingActivities', window );">Cash expenses paid</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">Increase in cash resulting from operations</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at beginning of period</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents at end of period</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfAssetsAcquired', window );">Value of Bullion received for creation of Shares - net of Bullion receivable</a></td>
        <td class="nump">4,726,778<span></span></td>
        <td class="nump">53,630,974<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_ValueOfBullionDistributedForRedemptionOfShares', window );">Value of Bullion distributed for redemption of Shares - at average cost - net of Bullion payable</a></td>
        <td class="nump">12,481,165<span></span></td>
        <td class="nump">8,216,251<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_ReconciliationOfNetGainToNetCashProvidedByOperatingActivitiesAbstract', window );"><strong>RECONCILIATION OF NET GAIN TO NET CASH PROVIDED BY OPERATING ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net gain from operations</a></td>
        <td class="nump">905,623<span></span></td>
        <td class="nump">169,571<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_AdjustmentsToReconcileNetGainToNetCashProvidedByOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net gain to net cash provided by operating activities:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_IncreaseDecreaseInBullionAssets', window );">Decrease / (increase) in Bullion assets</a></td>
        <td class="nump">8,027,672<span></span></td>
        <td class="num">(45,181,361)<span></span></td>
      </tr>
      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInReceivables', window );">Increase in Bullion receivable</a></td>
        <td class="nump">0<span></span></td>
        <td class="num">(434,719)<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOtherAccountsPayable', window );">Decrease in Bullion payable</a></td>
        <td class="num">(8,694,716)<span></span></td>
        <td class="nump">0<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties', window );">(Decrease) / increase in amounts payable to Sponsor</a></td>
        <td class="num">(7,274)<span></span></td>
        <td class="nump">35,146<span></span></td>
      </tr>
      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_IncreaseDecreaseInRedeemableSharesAbstract', window );"><strong>Increase / (decrease) in redeemable Shares:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfCommonStock', window );">Creations</a></td>
        <td class="nump">4,726,778<span></span></td>
        <td class="nump">54,065,692<span></span></td>
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      <tr class="re">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsForRepurchaseOfCommonStock', window );">Redemptions</a></td>
        <td class="num">(4,958,083)<span></span></td>
        <td class="num">(8,654,329)<span></span></td>
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      <tr class="rou">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivities', window );">Net cash provided by operating activities</a></td>
        <td class="nump">0<span></span></td>
        <td class="nump">0<span></span></td>
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        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_SupplementalDisclosureOfNonCashActivitiesAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NON-CASH ACTIVITIES:</strong></a></td>
        <td class="text">&#xA0;<span></span></td>
        <td class="text">&#xA0;<span></span></td>
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      <tr class="ro">
        <td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_gltr_ValueOfPalladiumTransferredToPayExpenses', window );">Value of Bullion transferred to pay expenses</a></td>
        <td class="nump">$ 304,062<span></span></td>
        <td class="nump">$ 245,201<span></span></td>
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            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Net change during the reporting period in the carrying value of bullion.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_SupplementalDisclosureOfNonCashActivitiesAbstract</nobr></td>
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          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div>
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_SupplementalDisclosureOfNonCashFinancingActivitiesAbstract</nobr></td>
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                    <td>duration</td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of bullion distributed at average cost for the redemption of Shares.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
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                    <td><strong> Period Type:</strong></td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Value of Palladium transferred to pay Trust's expenses during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>No definition available.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>gltr_ValueOfPalladiumTransferredToPayExpenses</nobr></td>
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                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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          </td>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 1<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6361293&amp;loc=d3e6676-107765<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash Equivalents<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 8, 9<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7, 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Cash<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3044-108585<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 7<br><br> -Footnote 1<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 210<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.5-02.1)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 02<br><br> -Paragraph 1<br><br> -Article 5<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsAtCarryingValue</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>instant</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfAssetsAcquired">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The fair value of assets acquired in noncash investing or financing activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 5<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 4<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 3<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 32<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_FairValueOfAssetsAcquired</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the obligations due for goods and services provided by the following types of related parties: a parent company and its subsidiaries, subsidiaries of a common parent, an entity and trust for the benefit of employees, such as pension and profit-sharing trusts that are managed by or under the trusteeship of the entities' management, an entity and its principal owners, management, or member of their immediate families, affiliates, or other parties with the ability to exert significant influence.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInAccountsPayableRelatedParties</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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              </div>
            </div>
          </td>
        </tr>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in other obligations due by the reporting entity that are payable within one year (or one business cycle), not otherwise defined in the taxonomy.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInOtherAccountsPayable</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
                  </tr>
                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
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        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The increase (decrease) during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_IncreaseDecreaseInReceivables</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivities">
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 26<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 28<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3602-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 28<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 24<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3521-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetCashProvidedByUsedInOperatingActivities</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>na</td>
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                    <td><strong> Period Type:</strong></td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
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          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher SEC<br><br> -Name Regulation S-X (SX)<br><br> -Number 210<br><br> -Section 03<br><br> -Paragraph 19<br><br> -Article 5<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 260<br><br> -SubTopic 10<br><br> -Section 50<br><br> -Paragraph 1<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 944<br><br> -SubTopic 225<br><br> -Section S99<br><br> -Paragraph 1<br><br> -Subparagraph (SX 210.7-04.22)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Other Comprehensive Income<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6519514<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 225<br><br> -SubTopic 10<br><br> -Section S99<br><br> -Paragraph 2<br><br> -Subparagraph (SX 210.5-03.18)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6880815&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 130<br><br> -Paragraph 10, 15<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  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This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 16: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher AICPA<br><br> -Name Accounting Research Bulletin (ARB)<br><br> -Number 51<br><br> -Paragraph 38<br><br> -Subparagraph d<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_NetIncomeLoss</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
                  </tr>
                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
                  </tr>
                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
                  </tr>
                </table>
              </div>
            </div>
          </td>
        </tr>
      </table>
      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForOperatingActivities">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Total amount of cash paid for operating activities during the current period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (d)-(g)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForOperatingActivities</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                  <tr>
                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsForRepurchaseOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
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        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash outflow to reacquire common stock during the period.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 20<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 15<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3291-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_PaymentsForRepurchaseOfCommonStock</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>credit</td>
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                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromCustomers">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>Cash receipts from customers during the current period which are usually for sales of goods and services.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 27<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 25<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3536-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromCustomers</nobr></td>
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                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                  <tr>
                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                  <tr>
                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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      <table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfCommonStock">
        <tr>
          <td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td>
        </tr>
        <tr>
          <td>
            <div class="body" style="padding: 2px;"><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div>
                <p>The cash inflow from the additional capital contribution to the entity.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
                <p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 19<br><br> -Subparagraph a<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Glossary Financing Activities<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Statement of Financial Accounting Standard (FAS)<br><br> -Number 95<br><br> -Paragraph 18<br><br> -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009.  This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br> -Publisher FASB<br><br> -Name Accounting Standards Codification<br><br> -Topic 230<br><br> -SubTopic 10<br><br> -Section 45<br><br> -Paragraph 14<br><br> -Subparagraph (a)<br><br> -URI http://asc.fasb.org/extlink&amp;oid=6943989&amp;loc=d3e3255-108585<br><br><br><br></p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;">
                <table border="0" cellpadding="0" cellspacing="0">
                  <tr>
                    <td><strong> Name:</strong></td>
                    <td><nobr>us-gaap_ProceedsFromIssuanceOfCommonStock</nobr></td>
                  </tr>
                  <tr>
                    <td style="padding-right: 4px;"><nobr><strong> Namespace Prefix:</strong></nobr></td>
                    <td>us-gaap_</td>
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                    <td><strong> Data Type:</strong></td>
                    <td>xbrli:monetaryItemType</td>
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                    <td><strong> Balance Type:</strong></td>
                    <td>debit</td>
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                    <td><strong> Period Type:</strong></td>
                    <td>duration</td>
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  <body><span style="display: none;">v2.4.0.6</span><table class="report" border="0" cellspacing="2" id="ID0EAD">
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          <div style="width: 200px;"><strong>Concentration of Risk<br></strong></div>
        </th>
        <th class="th" colspan="1">3 Months Ended</th>
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      <tr>
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          <div>Mar. 31, 2012</div>
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      <font size="2"><b>4. Concentration of Risk</b></font>

    </p><br/><p align="justify">

      <font size="2">The Trust&#8217;s sole business activity is the

      investment in Bullion, and substantially all the Trust&#8217;s

      assets are holdings of Bullion which creates a concentration

      risk associated with fluctuations in the price of Bullion.

      Several factors could affect the price of Bullion, including:

      (i) global Bullion supply and demand, which is influenced by

      factors such as forward selling by Bullion producers,

      purchases made by Bullion producers to unwind Bullion hedge

      positions, central bank purchases and sales, and production

      and cost levels in major Bullion-producing countries; (ii)

      investors&#8217; expectations with respect to the rate of

      inflation; (iii) currency exchange rates; (iv) interest

      rates; (v) investment and trading activities of hedge funds

      and commodity funds; and (vi) global or regional political,

      economic or financial events and situations. In addition,

      there is no assurance that Bullion will maintain its

      long-term value in terms of purchasing power in the future.

      In the event that the price of Bullion declines, the Sponsor

      expects the value of an investment in the Shares to decline

      proportionately. Each of these events could have a material

      effect on the Trust&#8217;s financial position and results of

      operations.</font>

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                <p>The entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.</p>
              </div><a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;">
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