TRS Disclosure Statement
TRS provides independent research on open- and closed-end equity and fixed
income managers.
TRS' monitoring, measuring and ranking template, data, analytics or
the results displayed in its rankings are based on objective criteria.
The numbers dictate the TRS managers' scores; the scores dictate the
rankings; and the rankings are revealing.
TRS does not solicit fund complexes to pay TRS for the right to advertise
or market off TRS' rankings, or otherwise to license TRS content in a
manner which might make TRS appear to be susceptible to the influence
of the fund complexes or of particular funds or managers.
TRS will not adjust or revise its template in order to please a prospective
or existing customer whose subjective interests may be different from
that the objective outcome of the ranking system.
To ensure the integrity of our independence:
1) TRS will not solicit, nor accept, gratuities from the entities
or individuals who are tracked and ranked.
2) To the extent that funds or fund complexes wish to purchase TRS content
for its internal, non-public and constructive use in order to understand
and improve manager performance, TRS will be prepared to:
A) strive to ensure that the use of TRS materials is in privity with
independent directors and other fiduciaries whose duty is to shareholders
of, and investors in, the funds themselves as opposed to the fund complexes
which manage and advise the funds; and
B) in the event that there are fund complexes and its managements who
wish to subscribe to TRS products and services, and TRS determines that
there is an ethically appropriate business relationship, TRS will disclose
this on its website.
TRS welcomes the insights and comments of subscribers on all aspects
of TRS' service.
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