[MUSIC PLAYING] Hello, I'm George Gatch, CEO of J.P. Morgan Asset Management. At J.P. Morgan Asset Management, we've built a resilient, well-resourced, investment-led organization. Our investment process is disciplined and research-driven, which has resulted in leading capabilities across asset classes and vehicles, including the largest core real estate strategy globally, the largest US equity fund run by a woman-- Equity Income run by Clare Hart.

Overall, we are the fifth largest asset manager and the third largest active manager. The breadth and depth of our diversified $2 trillion platform allows us to be unbiased in our approach to portfolio construction, and we're continuously investing and innovating across our platform as clients' needs evolve, including advancing our sustainable investing offering across product solutions, ESG data analytics, climate research, and importantly, stewardship.

We have a global network of investors, including over 1,000 portfolio managers, traders, and research analysts in over 70 locations across 35 countries, giving us local market knowledge, in addition to deep global resources. Our global network of investors is united by disciplined research, a comprehensive risk management and investment process, and a common technology platform, Spectrum.

Spectrum is our proprietary portfolio management trading and risk analytics platform that enables our investors to share best practices on global research and risk management, while improving transparency and allowing for faster decision-making and increased efficiencies. Part of our investment culture includes a focus on robust product governance led by the asset management investment committee.

The investment committee brings together our most senior investors across asset classes to conduct strategy, peer reviews, collaborate on best practices, and ensure our strategies are leveraging our strongest investment capabilities and resources. This includes reviewing all investment activities, conducting extensive reviews of investment platforms and products, and also reviewing research, trading, and ESG practices.

The investment committee also helps foster a team-driven investment approach, including a robust focus on succession planning to ensure that there is a portfolio management team supporting alpha generation across each strategy. To further align the long-term interest of our investors and our clients and fund shareholders, we created a Mandatory Investment Program called MIP, unique to J.P. Morgan Asset Management.

Investors, including portfolio managers, research analysts, traders, are required to invest 50% of their deferred compensation in the funds which they manage or contribute to. Through the investment committee and our focus on cultivating a best in class investment culture, we've created a workplace where our portfolio managers have both autonomy, as well as access to our firm's deep, deep resources.

This process has proven to work as we remain an industry leader in long-term performance across asset classes. A few examples include nearly 80% of our mutual fund AUM is ranked in the top two quartiles over the 10-year period, and nearly 200 4- and 5-star funds ranked by Morningstar.

As a global asset management firm, we must create an environment where we can attract, retain, and motivate industry-leading talent, and that means fostering a diverse and inclusive environment. We recognize and appreciate the awesome responsibility we have as stewards of our clients' capital. And our fiduciary culture will continue to inform our actions on the path ahead. We thank you all for your time and partnership with J. P. Morgan. Thank you.

[MUSIC PLAYING]