Subject: File No. S7-25-06
From: Kathleen Wallace

January 28, 2007

File Number S7-25-06

I am not in favor of the proposal raise the minimum net-worth requirement needed to invest in private funds from $1,000,000 total net worth to $2.5 million liquid net worth. This unfairly advantages those who are already rich and discriminates against those who are not. There are plenty of savvy, informed investors who are not (yet) wealthy.

Kathleen Wallace