Subject: File No. S7-35-11
From: Jim Hogan
Affiliation: manager

September 6, 2011

The government cannot afford to take away this dividend income desperately needed by retirees in this poor economy. Retirees have contributd significant taxes from these dividends to our debt stricken government.
Do not change the tax status of mREIT's - leave them tax free. Do not make any laws regulating leveraging for mREIT companies. Let the companies determine how much they want to borrow.
The Investment Act of 1940 has been working properly for the past 71 years. Don't fix what in not broken.
I object to and urge rejection of any changes.