Subject: File No. S7-14-08
From: Harold L Wathan, Jr
Affiliation: Registered Principal, PFS Investments Inc.

August 25, 2008

I agree that fixed annuities should be regulated just like variable annuities. I have never met a client with a fixed annuity that wasn't told by their life insurance agent that they were buying an investment. If it's being marketed as an investment, and it is, then it should be regulated like variable annuities.