Subject: File No. S7-08-20
From: randall rose

July 14, 2020

I have been a HF manager myself in the 1980 and 1990s and since 1995 have rum my family office largely investing in HFs.

One of the challenges for a prospective limited partner is
to understand and as much as possible verify the reasons of a funds performance. Without the 13F that would be nearly impossible to achieve. Where else can an investor get the transparency to make an informed decision? Only the 13F supplies that information.

Since the 13F comes out after a 3 month delay there is no
justifiable confidential concerns because the positions are old. As far as cost that isn't true as much of the accounting work is automated anyway.

Sadly the only group this proposal benefits are the largest of HFs because they will provide the data.

Small HFs will be at a major handicap attracting both individual and institutional capital. In short, nearly everybody loses.

Kindly consider the unintended consequences of reducing transparency to the investing public.

Thank you.
Randall Rose