Subject: File No. S7-35-11
From: Robert W Boyd
Affiliation: Retired

September 3, 2011

Dear Sirs,
I am a retired businessman with no pension and my wife and I live off my dividends and social security. One of my highest yielding investments is a mortgage real estate investment trust. I rely on this money. Simply by announcing that you were looking into this category to possibly make changes caused an immediate and significant drop in the price. If you change their tax status or their ability to leverage, these equities will no longer be the same as what I invested in. I'm sure that the prices would drop as well as the dividends, and they might even go out of business. I don't know who would benefit if you made these changes, but I do know that small retirees like myself would be hurt significantly.

Thank you for your consideration.
Bob Boyd