Subject: File No. S7-35-11
From: David Shelton
Affiliation: Newly retired

September 2, 2011

Dear Sir or Madam

I have been forced into retirement earlier than I had planned. Due to the country's zero interest rate policy, yields on investments traditionally used by retirees such as bank certificates of deposit and bonds are paltry. I rely on income from Mortgage REITs for a good portion of my income.

I respectfully urge you not to take action that would adversely affect mortgage REITs. They are among the last options for retirees seeking income. Without investment options such as mortgage REITs, I would be forced to draw down my principal at a rate that would increase the probability that I outlive my savings. I think this is an increasing concern, given the problems facing Social Security and Medicare.


David H. Shelton