Subject: File No. 4-606
From: George R Ray
Affiliation: Registered Rep w/ AXA/Equitable

August 24, 2010

The suitability process that we have to use in dealing with our clients is more than adequate to safeguard our client's concerns. It is more proactive and forward-looking than any other safeguard. We are regulated to the Nth degree as is and there is no need for further regulation.