While NAV is computed and reported as of a particular business date, all of the buys and sell orders for mutual funds are processed based on the cutoff time at the NAV of the trade date. If regulators mandate a cutoff time of 1:30 p.m., then buy and sell orders received before 1:30 p.m. will be executed at the NAV of that particular date. Any orders received after the cutoff time will be processed based on the NAV of the next business day.