Subject: File No. S7-34-11
From: Hiro Naito

September 28, 2011

Please, do not add additional restriction, or change tax status of, mREIT and other REITs.

I invest in mREIT and REIT, which pays the rent for my apartment room. I chose this form of living, because I can let the professionals manage real estate price and interest rate volatility. In the meantime, I can focus on my own job, and can move freely to where the job is.

Simple-minded urge to let everyone, even those who cannot afford, to own real state was the origin of current financial debacle. mREIT and REIT allow regular people to have exposure to housing market without owning a home, until they are truly ready.

It is counter-productive to shackle this industry with additional regulation, or with double taxation. These businesses are part of the solution for current mess, not the problem.