From: John Reaves
Sent: January 27, 2007
Subject: File No. S7-25-06

I may not have 1000000 in assets yet but hope to continue to save and invest for the future. I believe that the rule restricting hedge funds to those with high wealth is wrong if not foolish. I would wonder if Paris Hilton or Britany Spears should be considered sophisticated investors based on that criteria? Please don't increase the income limit and I think it would be beter to allow some sort of wavier or simple test to allow any one to invest in a hedge fund if they so desire, I don't see the lottery commission checking to see if people can afford to throw their money away on a lottery ticket.


John Reaves