| Report | PSPRS | PSPRS | Russell 3000 | Russell 3000 |
| Date | Month End | Fiscal YTD | Month End | Fiscal YTD |
| 6/30/2014 | 0.78% | 13.82% | 2.51% | 25.22% |
| 7/31/2014 | -0.67% | -0.67% | -1.97% | -1.97% |
| 8/31/2014 | 1.73% | 1.05% | 4.20% | 2.14% |
| 9/30/2014 | -1.53% | -0.49% | -2.08% | 0.01% |
There is usually about a two-month lag in PSPRS reporting its investment returns. This is usually not a problem, but with such volatile markets, it would be nice to see a shorter reporting time.
If there is a pattern for market returns for the current fiscal year, it is that there is no pattern. Year-to-date returns should return to positive since October 2014 returned 2.75%, though daily returns were a roller coaster ride. November 2014 has had much less volatility and is up about 1.0% month-to-date.
* Returns, gross of fees, are used because PSPRS usually does not report returns, net of fees, except on the final report of the fiscal year. The past two years fees have reduced the final annual reported return by about one-half of a percent.
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