Subject: File No. S7-25-06
From: Cliff R Smith

February 3, 2007

I am not an "accredited investor." However, I have studied hedge funds for several years. I currently invest in real estate, mutual funds and currency exchange. It is unrealistic to define me as unsophisticated enough to make sound decisions regarding the risks of hedge fund investments. And, truly, my inability to use hedge funds as a portion of my portfolio places me at greater risk than their inclusion in a diversified portfolio.

Please OPEN the system to fairness, don't make it even more restrictive and limited.