Subject: File No. S7-36-10
From: Amy Klein

November 30, 2010

In regard to the transition filing deadlines (203 A-5), the basic problem is our registration must be accepted by the state or states before we can withdraw from the SEC

First, many states like California will be swamped with filings within a short time period. Despite additional hires, the states will undoubtedly take much more time to review and approve the documents submitted, given the heavy workload in this transition year.

Second, California plans to review ALL our documents, including contracts, ADV etc. If they have questions or problems with a filing, this will cause considerable delay as the advisor will have to answer questions, change language, get legal advice etc., in order to meet the state's requirements.

Hence, I think that a 180 day time period should be adopted in order to give the advisor sufficient time to meet the state filing requirements before submitting its amended ADV and withdrawal paperwork for the SEC.