Subject: File No. S7-25-06
From: Ayal Rosenthal

March 7, 2007

To Whom It May Concern:

It seems that part of underlying thought for the proposed rule is to protect investors from themselves. However, it was not legislation that protected investors from many of the abuses of mutual funds; it was competition that, in turn, created transparency which has created value for investors. Maintaining the threshold is likely to increase competition among the smaller funds (the non-institutional seeking funds) for investors, who would then have the ability to insist on transparency of operations.

Thank you in advance for taking this into consideration,

Ayal Rosenthal