SEC Division of Investment Management staff letter: Trusts under the Will of Marion Searle

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March 29, 2005

RESPONSE OF THE OFFICE OF CHIEF COUNSEL DIVISION OF INVESTMENT MANAGEMENT

Our Ref. No. 20051131132 Trusts under the Will of Marion Searle File No. 132-3

Your letter dated March 25, 2005 requests that we concur with your view, as more fully explained below, that Marion Searle (the "Settlor") is a qualified purchaser under section 2(a)(51) of the Investment Company Act of 1940 (the "1940 Act").

BACKGROUND

You represent that fifteen testamentary trusts (the "Trusts") were created pursuant to the Will of Marion Searle, dated August 13, 1958, following the death of the Settlor on September 30, 1959. 1 The investments of each Trust, as defined in rule 2a51 1(b) under the 1940 Act, are currently valued at between $1.5 million and $5 million. 2 The Investments of the Trusts, in the aggregate, totaled in excess of $26 million in January 1996 and currently total well in excess of that amount. At the time of the Settlor's death in 1959, her estate was valued at approximately $3.5 million, at least $3,215,000 of which constituted Investments. You also represent that the assets of the Trusts are managed by common co trustees (the "Trustees"). You represent further that the Trustees are qualified purchasers under section 2(a)(51) of the 1940 Act.