From: Herbert Walker
Sent: January 29, 2007
Subject: File No. S7-25-06

I agree with the increase to $2.5 million for fund investors' net worth, but disagree that that increased figure be exclusive of the equity in a primary residence.

If I own real property worth $2.5 million, mortgage-free, that would shield me from a catastrophic loss in a hedge fund or other alternative investment.

Increase the net-worth requirement, but allow the net worth of real property to be included.

Herbert Walker