Subject: File No. S7-14-08
From: Walter R Baker

July 11, 2008

It is amazing to me that the SEC wants to lump a safe product(that a person can not loose their principal or interest) with a risky investment. How do they compair?
You may not know this but I go to church with a gentelman who has a variable investment.As of this day he is down over 30% in his portfolio that he needs to live on. On the other hand my clients have not lost one penny. Now tell me again why the SEC wants to make a Fixed Index Annuity the same as a variable investment.

Thank you for your time.
W. Richard Baker