Subject: File No. S7-08-20
From: Judy A Kennedy

July 15, 2020

Please do not raise the threshold for institutional investment managers to submit quarterly reports on their holdings. This is not a burden. Any investment firm with assets of 100M is not small and has the resources to submit reports on their holdings. Institutional investment managers need to remain transparent, open and accountable with their transactions. There should be more transparency not less.