We developed the T Standard to help investors measure the performance of portfolios during a transition. It's an important step toward bringing transition management to the same consistency expected in more traditional forms of performance measurement.

The T Standard can help you by:

• Presenting results from your perspective.
  T Standard reporting is consistent with implementation shortfall and with CFA Institute performance standards.
  
  
• Showing the impact of any undisclosed activities
  With the T Standard, you know exactly how your investments performed throughout your transition.
  
  
• Making it easier to compare and evaluate proposals.
  The T Standard is a step forward in providing meaningful composite track records for clients.
  
  
• Allowing meaningful analysis of outcome.
  The T Standard makes it harder for providers to disguise poor outcomes.

Used industry-wide for almost a decade, the T Standard has been updated over the years to reflect feedback requested from plan sponsors, providers and consultants. Feedback after the initial launch of the T Standard indicated that few changes were needed. In response to industry input, we clarified ambiguities, expanded reach into uncovered areas, and improved the level of transparency.

Recent enhancements to the T Standard

• More clarifying examples throughout the text.
• Timing of different components of the performance period(s) is described in more detail.
• Changes to the target portfolio during the implementation period are measured using the prior night's closing prices (T-1) prior to practical implementation of the target adjustment.
• Increased transparency is provided through disclosure around the timing of the receipt of portfolio information and/or target portfolio changes.
• Clarity is offered on the prices allowable for return calculation. Generally speaking, sources will be independent and disclosed, with calculation methodologies given in footnotes.

Because we use the T Standard, you can count on the accuracy of our estimate and the actual results we report. We also use the T Ratio to give you a context for comparing transitions that differ in complexity. Learn more about the T Ratio.

Russell Investments Implementation Services LLC., member of FINRA, SIPC. www.finra.org