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I think MikeDouglas is correct.  In a practical matter, one of our managers sends us annual GIPS compliant reports … we also get quarterly reports from them but I don’t believe they are GIPS compliant.  I just pulled out the material and they have language that reads:
“One of the requirements of the standards is to annually provide all existing clients with a compliant presentation of the composites in which the clients’ portfolios are included.”
I think the requirements are:
GIPS: Annual
Asset Manager Code: Quarterly

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