Listed below are the actions that are not GIPS-compliant and the reason for noncompliance.

Action 2:	Portfolio valuations must be based on market values (not cost basis or book values). (Standard 1.A.2)
Action 6:	Composite returns must be calculated by asset weighting the individual portfolio returns using beginning-of-period values or a method that reflects both beginning-of-period values and external cash flows. (Standard 2.A.6)
Action 7:	Carve-out segments excluding cash are not permitted to be used to represent a discretionary portfolio and, as such, are not permitted to be included in composite returns. When a single asset class is carved out of a multiple asset class portfolio and the returns are presented as part of a single asset composite, cash must be allocated to the carve-out returns in a timely and consistent manner. Beginning January 1, 2010, carve-out returns are not permitted to be included in single asset class composite returns unless the carve-out is actually managed separately with its own cash balance. (Standard 3.A.8)
Action 8:	The total return for the benchmark for each annual period. The benchmark must reflect the investment mandate, objective, or strategy of the composite. (Standard 5.A.1.e)
Action 9:	Time-weighted rates of return that adjust for cash flows must be used. Periodic returns must be geometrically linked. (Standard 2.A.2)