Subject: File No. S7-34-11
From: Paul H Kruchten

September 3, 2011

I would like to comment on the treatment of asset-backed issuers as well as real estate investment trusts (REITs) and other mortgage-related pools under the Investment Company Act.

I as well as a lot of older folks am relying on these investments for income in my retirement. Changing the rules in the middle of the game is unfair. The mere solicitation of comments has already decimated the value of these investments.

As fragile as the economy is I have to wonder.To paraphrase President Obama: if your not tring to get the car out of the ditch so you can drive it off the cliff.

Regards from an upset retired guy
Paul in WI