Subject: File No. S7-08-20
From: James K. Merrill
Affiliation: Merrill Real Estate Ag Consulting

July 27, 2020

I'm a small investor. I depend on my hired advisors to give me as much information about the market, and my place in it, as possible. To increase the threshold for big investors to publicly report on their holdings will prevent my advisors from giving me I need to stay in the market. I thought you guys were here to represent ALL investors? Keep considering measures like you propose and you'll only be protecting the big guys. Good luck with that What are you thinking?