Subject: File No. S7-25-06
From: Jay Youngflesh
Affiliation: Retired

January 27, 2007

I believe this proposal goes in the wrong direction. I feel all investors should should have the opportunity to invest in hedge funds. Perhaps it would be wise to limit the percentage of total assets smaller investors would be allowed to allocate to hedge funds. It is unfair to limit hedge funds to a limited minority of high income individuals.