1.
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The Trust acknowledges that in connection with the comments made by the Staff of the SEC, the Staff has not passed on the accuracy or adequacy of the disclosure made herein, and the Trust and its management are solely responsible for the content of such disclosure;
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2.
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The Trust acknowledges that the Staff’s comments, and changes in disclosure in response to the Staff’s comments, do not foreclose the SEC or other regulatory body from the opportunity to seek enforcement or take other action with respect to the disclosure made herein; and
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3.
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The Trust represents that neither it nor its management will assert the Staff’s comments or changes in disclosure in response to the Staff’s comments as an affirmative defense in any action or proceeding by the SEC or any person.
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Comment 1:
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The Staff suggests that the Trust state at an early point in the “Q&A” section that there will be no change to the investment advisory agreement.
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Response:
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The Trust responds by adding the following statement to the Trust’s answer to the question “What am I being asked to vote on?” on page 1 of the Q&A section:
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Comment 2:
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Please include the date of the current investment advisory agreement in the disclosure provided pursuant to Item 22(c)(1) of Schedule 14A under the Exchange Act.
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Response:
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The Trust responds by revising the applicable disclosure under the sub-heading in the proxy statement entitled “Legal Requirements in Approving the New Investment Advisory Agreement” to state that the date of the current investment advisory agreement is July 21, 2005.
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Comment 3:
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Please confirm whether the Trust is required to include any disclosures pursuant to Item 22(c)(10), Item 22(c)(13) or Item 22(c)(14) of Schedule 14A under the Exchange Act.
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Response:
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The Trust responds by stating supplementally that the Trust is not required to include any disclosures pursuant to Item 22(c)(10), Item 22(c)(13) or Item 22(c)(14) of Schedule 14A under the Exchange Act.
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