Subject: File No. SR-NASD-2004-183
From: Louis J Macloskey, CFP

August 10, 2005

The mandatory investment time horizon restraint suggested in this regulation is not necessarily prudent in all situations. Deferred annuities can be used in a balance program much like long-term bond positions, providing higher yield potential along with income and principal guarantees, as well as death benefits. A deferred variable annuity also makes good sense as part of an income program. Some clients in need of income can benefit greatly from the new guaranteed income provisions available in many deferred variable annuities. Many of those who would benefit most are elderly and would not fit a blanket investment time requirement.

I urge your further consideration of these points prior to a finalization of this rule.

Louis Macloskey