Subject: File No. S7-25-06
From: Philip H Milner, Jr.
Affiliation: Financial Advisor, Standard Investment Chartered, Inc.

February 1, 2007

I believe that Hedge Funds should be available to all investors. Adding proper disclosure and oversight (similar to that required of mutual funds) to Hedge Funds wishing to deal with the general public is appropriate. All investors should be entitled to the benefits rich investors can achieve through diversified portfolios partly invested in Hedge Funds.