Subject: File No. S7-08-20
From: Jeffrey L Marshall
Affiliation: none

July 28, 2020

I recently retired, and am in charge of managing my and my wife's 401k accounts. We are truly average savers, but have been doing this for 35 years. I am writing to urge you to NOT raise the reporting level for institutional managers, as it would greatly reduce the transparency available to the retail, small investor. Thanks, Jeff Marshall