Form: EFFECT

Notice of Effectiveness

December 13, 2011

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Notice of Effectiveness

Effectiveness Date: December 13, 2011 5:00 P.M.
Form: S-3
CIK: 0000826675
Company Name: DYNEX CAPITAL INC
File Number: 333-173551