From: Dwain Reed
Sent: January 29, 2007
Subject: File No. S7-25-06

I am writing to express my belief that all investors should have an opportunity to invest in a hedge fund. The rules being proposed are punishing the investor instead of 'fixing' the hedge fund industry through some form of regulatory oversight. It is very un-American to not allow equal opportunity to everyone. Why should only the wealthy have access to the best investment managers in the world? It is just wrong!!

An average investor,

Dwain Reed