Good morning and thank you, Christopher [Mirabile]. And good morning to all of you and thank you for your participation in this last Investor Advisory Committee meeting for the year. Although all of our schedules are tight and time is pressing, I do want to take a moment to speak to my interest in today’s agenda.

Over the course of the day, the IAC will hear and consider presentations from three panels on topics ranging from account statement disclosure, corporate tax transparency, and single-stock exchange-traded funds. I am looking forward to what our panel of experts has to say about these topics and to the subsequent questions by and discussion among the Committee members. Account statements that convey information in a way that investors can understand and use are fundamental to investor protection. As you consider this topic, please think about how technology can be used to enhance investor interest in and interaction with account information. I also see value in the Committee taking up the single-stock ETFs issue now at this early stage of development. I am not looking for a recommendation as much as for the opportunity to hear your conversation on the issue. For these discussions to be worthwhile, of course, there must be a muscular give-and-take among panelists and Committee members alike. Only after a vigorous, multi-faceted, public debate can we hope to get the full benefit of the remarkable array of talents and insights each IAC member brings to exploring the pressing challenges facing American investors.

As we approach the end of 2022 I would like to put in a plug for the IAC to spend some time in the New Year considering the Commission’s recently proposed open-end fund liquidity and mandatory swing pricing initiative. That rule, if finalized, would dramatically alter the expectations, experiences, and expenses of mutual fund investors and further their migration from open-end funds to ETFs. I, for one, would benefit from hearing from the IAC on this proposal.

Thank you.