December 16, 2002
TO: File No. S7-33-02
FROM: Susan Nash, Associate Director
Division of Investment Management
RE: Certification of Management Investment Company Shareholder Reports and Designation of Certified Shareholder Reports as Exchange Act Periodic Reporting Forms

On December 6, 2002, I spoke by telephone to Stephen E. Roth, Sutherland Asbill & Brennan, regarding the above-referenced proposing release. He raised two concerns relevant to variable insurance products. First, he expressed concern with the proposed extension of the concept of disclosure controls and procedures to filings under the Securities Act and the Investment Company Act. He was specifically concerned with what this extension would mean with respect to insurer financial statements in Securities Act filings. Second, he expressed concern with respect to when disclosure controls and procedures would need to be memorialized with respect to Securities Act filings and how any transition period for those filings would work.