Morgan Stanley & Co. Incorporated
1585 Broadway
New York, New York 10036, U.S.A.
RBC Dominion Securities Inc.
Royal Bank Plaza
200 Bay Street
Toronto, ON M5J 2W7, Canada
October 25, 2010
Re: | Sprott Physical Silver Trust |
H. Roger Schwall
Securities and Exchange Commission
Division of Corporate Finance
100 F Street, N.E.
Washington, D.C. 20549
Dear Mr. Schwall:
Pursuant to Rule 460 of the General Rules and Regulations under the Securities Act of 1933 (the “Act”), we, as representatives of the several Underwriters, wish to advise you that copies of the Preliminary Prospectus dated October 18, 2010 were distributed in the approximate numbers as follows:
Institutional and Retail Investors |
| 4,280 |
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Dealers, Underwriters and Others |
| 2,174 |
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Total |
| 6,454 |
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We have been informed by the participating underwriters that they will comply with the requirements of Rule 15c2-8 under the Securities Exchange Act of 1934.
In accordance with Rule 461 of the Act, we hereby join in the request of Sprott Physical Silver Trust for acceleration of the effective date of the above-named Registration Statement so that it becomes effective at 4:15 pm Eastern Standard Time on October 27, 2010, or as soon thereafter as practicable.
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| Very truly yours, | |
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| MORGAN STANLEY & CO. INCORPORATED | |
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| By: | Morgan Stanley & Co. Incorporated | |
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| By: | /s/ John D. Tyree | |
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| Name: | John D. Tyree |
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| Title: | Managing Director |
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| RBC DOMINION SECURITIES INC. | |
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| By: | RBC Dominion Securities Inc. | |
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| By: | /s/ Christopher Bean | |
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| Name: | Christopher Bean |
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| Title: | Director |
As representatives for the several participating underwriters.