Subject: File No. S7-08-20
From: Matthew Johnson

July 15, 2020

By changing the quarterly AUM threshold from $100 million to $3.5 billion the number of funds that would be required to disclosed their holdings to the public would drop from 5,283 to 549. Which means $2.3 trillion in investment holdings would no longer be disclosed to the public resulting in loss of transparency and valuable insight to market participants.