THE NRS TRADING POLICY

The mutual fund industry’s trading practices have come under scrutiny by the Securities and Exchange Commission. In light of these investigations, NRS has a specific policy and guidelines governing the trading of mutual funds.

Our company is totally committed to maintaining a strictly controlled mutual fund and separate account trading policy that serves our customers and meets the compliance requirements of our Investment Management partners.

NRS policies and procedures ensure ethical behavior and moral integrity.
• No order received from a fund shareholder after the closing of the New York Stock Exchange (NYSE), on any business day, will be submitted to any fund manager to receive that day's closing Net Asset Value (NAV).
• Orders received after the closing of the NYSE, on any business day, will be submitted to the fund manager to receive the next business day's closing NAV. The normal closing time for the NYSE is 4:00 p.m. EST subject to exceptions for early closing.