The following Letter Type E, or variations thereof, was submitted by individuals or entities.

Letter Type E:

I am writing to voice my opinion regarding the proposed amendments to Rule 206(4)-2, the Custody Rule. Like most Investment Advisory Firms, my firm custodies its assets at a qualified custodian, and has custody only through its ability to debit fees directly from client accounts. Our clients receive statements directly from the custodian, and those statements show the deduction of the advisory fee.

Adding this burden of an independent surprise audit to firms such as mine, which have no access to client funds except through fee collection, will do nothing to enhance investor confidence or the safety of investor funds. I have worked hard to build an ethical business with high compliance standards, and do not see that anything will be gained by having this additional audit completed.

Respectfully,

http://www.sec.gov/comments/s7-09-09/s70909-609.htm