These calculations were prepared using a time-weighted rate of return in accordance with The CFA Institute's Global Investment Performance Standards. 

Consistent with industry practice, gross investment returns are calculated as gross of the investment expenses disclosed in the System’s audited financial statements in the Statement of Changes in Fiduciary Net Position and as detailed in the supplemental schedule of Investment, Professional and Administrative Expenses. The gross return figures do not take into account the underlying fees, expenses and carried interest for certain limited partnerships and other alternative investment strategies. Detailed schedules of these additional investment management expenses can be found in the Investment Section of the System’s Annual Comprehensive Financial Report.