Subject: File No. S7-34-11
From: Steven W Klipowicz

September 1, 2011


I oppose any regulations or government actions that would affect the ability of reits to function as reits. I am a personal investor and this method of investment provides a valuable source of income in this day. I followed the tragedy of the Canadian Govenments action that destroyed royal trusts. This harmed many people who depended upon these trusts for income.

I do support legislation that makes these reits accountable to standards that protect the investor.

Your inquiry itself has troubled the markets considerably and creates an unstable market environment for weeks to come. Is there an agenda to this?

I will contact my senator and congressman to lodge a formal complaint.