The North American Securities Administrators Association (NASAA) recently proposed revisions to their Statement of Policy Regarding Real Estate Investment Trusts (REIT Guidelines).  This proposal will affect not only real estate, but credit and other portfolio diversifying investments. NASAA’s proposal would limit the ability of investors to diversify their portfolios, particularly at a time of market volatility and high inflation. It would impair access to this popular inflation hedge; unduly restrict investment in federally-regulated products; and place a heavy burden and conflicting conduct standards on sponsors, broker-dealers and investment advisers. We must take action and voice our concerns to emphasize the important role of portfolio diversifying investments for investors, business owners, retirement savers and the broader economy.