Subject: File No. S7-14-08
From: Philip R. Bergen, MBA
Affiliation: President, Bergen Associates

August 4, 2008

I am opposed to the classification of Fixed Indexed Annuities and other insurance products as securities, simply because the money itself is not, and may not, be invested in securities markets.

These investments DO NOT represent a portion of ownership or the debt of a company that IS traded on the securities markets. Therefore, they are not securities.

These investments ARE guaranteed by insurance companies and are not subject to the down-side risk of securities markets. These are, and should remain, insurance products.