Daily returns are computed from fully valued daily accounting down to the security level. Trade date accounting is used for fund values, providing a true time-weighted return. Returns on global portfolios are computed and reported in both base and local terms.

Monthly rates of return on both U.S. and non-U.S. portfolios and composites are computed using the internal rate of return (IRR), based on trade date accounting, full interest and dividend accrual, and accommodation of daily cash flows. For periods longer than one month, the dollar-weighted monthly returns are linked to provide time-weighted rates of return.

Returns are computed at the portfolio, aggregate and total fund level and may be computed gross of fees, net of manager fees or net of all fees, depending on customer interest and data availability. As service levels dictate, return calculation may also include reconciliation of returns with a customer’s asset managers.