Subject: File No. S7-35-11
From: John Russo
Affiliation: Retired investor

September 1, 2011

Re: Possible amendments the agency might consider proposing to Rule 3a-7.
As of today I was personally affected by this announcement.
Many of us investors in REITS have lost thousands of dollars today because of this.
My question is why must you even consider something like this especially when many of us in retirement depend on these dividends. We are in critical times and implementing these changes is only going to add to the pain of investing.
Why not work on re-instating the uptick rule on short selling. This elimination of that rule is another example of what the SEC has done to hurt the investor and feeding the greedy hedge funds.
I implore you to leave the REITS alone.
John Russo