Subject: File No. S7-25-06
From: Phyllis E Miller

March 6, 2007

As a client of an outstanding registered investment advisor, I hope that I will not be shut out of investing in recommended private investments, due to fact that I have not reached the $2.5 million portfolio. I recommend that you permit private investment opportunities to be remain available to clients of RIA's.

In all fairness to the SEC, I understand the challenge in light of the burgeoning hedge fund industry.