Subject: File No. S7-17-11
From: Randy Steck

June 2, 2011

Please don't change this rule. This rule would hurt small businesses and investors. The many small hedge funds, their tax and audit service providers, etc. that rely on having a reasonable amount of investors to draw from. The US economy is struggling don't make it worse with this rule change.

Please let the potential investor choose whether they want invest in a hedge fund with a performance fee or not. Don't take this choice away from an investor that happens to only have $1.5M net worth instead of $2.0M net worth.

Please don't make this rule change. Please keep it at $1.5M instead of increasing to $2.0M

Randy Steck