Subject: File No. S7-09-09
From: John A. Waldichuk, CFA

July 27, 2009

I am a Portfolio Manager at Neosho Capital LLC, and would like to weigh-in on "File No. S7-09-09 - Custody of Funds or Securities of Clients by Investment Advisers", specifically Rule 206 (4)-2 (the Custody Rule)under the Advisers Act, to which we are adamantly opposed.

We are an RIA whose only connection to our client assets held at our qualified custodian is the ability to withdraw advisory fees - we do not have actual custody. Our clients are apprised of our fees long in advance of our billing them (we charge a percentage of assets under management). I fail to see how this ruling protects clients any further than they are already protected - our custodian already is in compliance with the laws and rules in place now, and sends account statements at least quarterly via physical mail or email.

We have made a point of running our firm with the highest ethical standards possible, and feel that this is merely one more set of restrictions that will add to the cost and burden of us who play by the rules.

I sincerely wish you would reconsider the implementation of this ruling.


J. Anthony Waldichuk
Portfolio Manager
Neosho Capital LLC