Subject: File No. S7-30-04
From: Joe Allebaugh

July 14, 2004

Thank you for making the decision to include the category of Hedge fund investments under SEC oversight. I am a small investor since 1980, with no exposure to hedge funds that I am aware of. During my time in the markets I can remember many instances where better information and restraint might have limited the effects and losses experienced within the US, and worldwide, in many instances. Generally, I believe that the SEC should have a greater oversight role, including Hedge funds. If more of the recent failures and scandals were prevented from reaching the Justice system many small investors and employees would be in better financial health today, including many local, state and the Federal treasuries.

Please consider a unanimous final decision in favor of regulation.

Joe Allebaugh