GIPS states the following: Following are provisions that apply to the calculation and presentation of PRIVATE EQUITY investments other than OPEN-END or EVERGREEN FUNDS (which MUST follow the main GIPS provisions). But as part of composite construction requirements it states the following: 7.A.7 Partnership/fund investments, DIRECT INVESTMENTS, and OPEN-END PRIVATE EQUITY investments (e.g., EVERGREEN FUNDS) MUST be in separate COMPOSITES. I presume it means that Evergreen funds should be in a separate composite so that general GIPS provision could be applied. correct?