Subject: File No. S7-35-11
From: Jason May, Ph. D.
Affiliation: Research Staff Engineer, HRL Laboratories, LLC

September 7, 2011

Hello. I am a retail investor who owns shares in NLY. These vehicles provide a great way for regular individuals to have diversified investments in the housing market, generate a large amount of tax revenue for both states and the federal government, and it is my belief that their current status should not be changed. If changes are implemented, I would request that they be in effect only for new companies formed in the future, so that investors can have security in knowing that the assumptions under which they are investing are not going to be altered by the SEC. These are volatile times and any additional measure of comfort will be helpful for restoring investor confidence.

Many thanks for your consideration.


Jason W. May, Ph.D.