Subject: File No. S7-35-11
From: Axel Regalado
Affiliation: Student/Retail Worker

September 2, 2011

Dear S.E.C.:

As a working college student with a tight monthly budget, mReits have allowed me to invest my hard earned money and have helped with college expenses. Books and gas are not cheap these days and NLY has helped me increase my income. If mReits lose their tax advantage or REIT status my secondary source of income would absolutely be destroyed. I hope you consider the comments left on this page in detail.

Thank you.

-Axel Regalado