National Investment Services of America, LLC

National Investment Services of America, LLC is a primarily institutional-focused investment manager that oversees separate accounts and private funds across a range of fixed income strategies and a preferred stock strategy, and it provides subadvisory services to an affiliated registered investment company and non-affiliated collective investment trusts. Clients include multi-employer and ERISA pension and health and welfare funds, corporations, state and local governmental entities, endowments and foundations, as well as a limited number of individual and employee accounts.

NIS’s investment approach emphasizes fundamental economic analysis, technical interest-rate and credit research, with portfolio decisions driven by yield‑curve positioning, sector allocation, and security selection across components that include traditional fixed income, high yield, total absolute return, and preferred stock. Portfolios are managed discretionaryy within clients’ investment policy statements and, where directed, can incorporate client-specific restrictions or prescribed social and governance criteria.

Noteworthy aspects of the firm compared with many peers include acting as the managing member of its private funds and serving as subadvisor to the American Beacon NIS Core Plus Bond Fund and certain collective investment trusts, while also being registered as an exempt commodity pool operator with the CFTC. NIS has an affiliated limited‑purpose broker‑dealer that facilitates distribution and placement of its private funds, negotiates advisory agreements on a case‑by‑case basis, and may employ incentive fees for certain private‑fund strategies, resulting in potentially differing terms across clients.