Subject: File No. S7-35-11
From: Martin Katz
Affiliation: Retired Investor

October 9, 2011

I am retired and I have a lot of money invested in REITS. I strongly feel that none of the laws currently in force for the REITS should be changed. Now is a terrible time to consider doing this. With interest rates so low, there is nowhere else to invest your money to get so safe high dividends. I am fairly strict in what I invest, only in REITS that have low PEs in single digits. I do not feel any of these REITS are breaking any federal security laws. I feel that it is OK to pass laws that enforce obeying the current laws, but I am very against changing laws that will cause all of the REITS to make much less money than they do now. Especially, the 90% given to investors should be maintained also.