Subject: File No. S7-09-09
From: nedra low
Affiliation: RIA

July 1, 2009

I do not safekeep or handle any client securities or cash. However, my clients do authoize me in writing to take quarterly fees from their accounts. Since they do so, I cannot see the point of costly surprise audits, which will not reveal anything more than the current State Securities Board audits do. Therefore it seems like a waste of resources in terms of both time and money.
Nedra Low