From: Joseph L. Arroyo
Sent: January 31, 2007
Subject: File No. S7-25-06

I would strongly disagree with a rule to further restrict access to Hedge Funds and I will strongly encourage my elected representatives to oppose such a measure.

It makes no sense to further limit people's investment choices. I thought people were up in arms about the growing gap between the rich and everyone else. This propose rule would simply allow the wealthy to maintain all of their advantages over the less well-to-do.

As a non-accredited investor I find it insulting that I am judged to be too unsophisticated to thoughtfully choose where to invest my money. I would recommend that Hedge Funds not be allowed to advertise but I would hope that the "accredited investor" requirement be eliminated so that ANY investor would be able to diversify into Hedge Funds.

Thank you for your consideration.

Joseph L. Arroyo
San Diego, CA