Thank you, Mitch, for your generous introduction, and for developing such a terrific program as Chairman of this year's General Membership Meeting. And special thanks to the Institute's Chairman, Terry Glenn.
Terry is a great industry leader, with a remarkable combination of experience and vision.
We are extremely fortunate to have him as our navigator. Like you, Terry and I have been privileged to participate in this industry's phenomenal success. Mutual funds have democratized our markets by helping millions of Americans save and invest for their long-term goals. Mutual funds have fueled job growth and contributed to a more productive and competitive economy. And mutual funds have been recognized by leaders in Washington and around the world as well managed and effectively regulated.