Subject: File No. S7-34-11
From: Phil R rOBERTSON
Affiliation: Service Technician

September 6, 2011

To Whom it May Concern,

I hope the SEC will do it's best due diligence in this matter and consider ALL the ramifications of any rule changes. In particular, many non-professional investors, such as myself, have swarmed into the REIT investment side in an attempt to get some form of yield that is no longer open through the traditional banks due to the current low yield environment the US Government is using to try to stimulate a very weak economy. Many of those investors are retirees who need the higher yields REIT's offer to help offset losses which have rocked the market in the last few years.

It's my opinion that SEC's considered rule changes will cause considerable harm to investors at this time.

Also, REIT's transfer a considerable part of their ROI back to investors large and small helping in their own way stimulate the economy. They also help stabilize a real estate market that is still struggling to recover. I believe any SEC rule changes could cause additional stress in these markets and delay any real recovery.

Thank You
Phil Robertson