Subject: File No. S7-25-06
From: KURT Wuelper

January 29, 2007

I believe smaller investors shold have access to hedge funds and other alternative investments just as "accredited" investors do.
Personally, I've been managing my own investments stocks reit, and mutual funds for over twenty years, but my net worth is far below the 'accredited' level. As with many investors, I started with mutual funds and have, as I gained experience and knowledge, diversified into areas like REITs and individual stocks.
In my opinion, 'hedge' funds are just another vehicle that would offer me a better chance to futher diversify or concentrate my investments. Given the opportunity to access hedge funds, I probably would, at least with a smallpart of my portfolio, and expose myself to no more risk than were i to get into commodity trading or other less common, though open to all, investment vehicles.

Hedge funds should be available to the general public subject to similar disclosure and reporting requirements as mutual funds.