Subject: File No. S7-30-04
From: Nelson J Lacey, Ph.D.
Affiliation: Professor of Finance

September 28, 2004

In anticipation of the registration of hedge fund managers, I suggest that form ADV be amended to include the CAIA, Chartered Alternative Investment Analyst, as an investment advisory professional designation. The CAIA is a relatively new professional designation that provides specific coverage of hedge funds and the hedge fund industry.