# Calculation Methodology
Performance is reported net of investment management fees, where such fee information is available. Performance is reported gross of all other expenses such as custodial and other fees. Performance is calculated using the daily time-weighted method. Daily calculation methodology: ((Ending market value - contributions + withdrawals - fees - previous ending market value)/previous ending market value). The calculation methodology for periods geometrically links daily returns for all days within a selected period by multiplying them together. Example for 3 days with 2% return per day: 1.02 x 1.02 x 1.02 = 1.0612, or 6.12%. Performance for some periods may include data from external sources supplied for inclusion in the performance history, whose accuracy has not been verified. All investments involve risk. This information has been shared for informational purposes and should not be considered specific investment advice or recommendation to any person or organization. Past performance is not indicative of future performance. Please read important additional disclosures here.