Subject: File No. S7-25-06
From: Fred Roehling

January 30, 2007

I have read John Mauldin's column for a number of years and as always found it very worthwhile information. I won't quote any of it here since I hope you are aware of his position on discriminating against investors based only on net worth.

If you are not I strongly suggest that you read what he has to say concerning excluding 95 and soon to be 99% of investors from investment vehicles that only the rich can use on your assumption that those with less wealth can not get advice on how to use these investments and understand the advice.

I am not objecting to S7-25-06 on raising limits IF there also is consideration for allowing investors with less net worth access to these same investment vehicles providing they also do it through qualified investment advisors and a an entity John calls a Hedge Fund Investment Company or HFIC.

I urge you to give John Mauldin's proposal strong consideration.

Thank you,

Fred Roehling