*Firm-wide GIPS compliance and GIPS Verification: Applied Research Investments (“ARI”) claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Applied Research Investments (“ARI”) has been independently verified for the periods 04/01/2017 – 09/30/2017. The verification report(s) is/are available upon request. The Firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards as of September 30,2017; and the Firm has complied with the portability requirements of the GIPS standards for the composites listed below. Ashland Partners has reviewed the performance record for compliance with the portability requirements of the GIPS standards for the following composites: 1. ARI EAFE Composite for the periods from July 1, 2012, to April 30, 2017. 2. ARI Asia Pacific Composite for the periods from May 1, 2007, to April 30, 2017. 3. ARI Global Opportunities Composite for the periods from September 1, 2009, to April 30, 2017. Account returns Composites are calculated daily. Monthly account returns are calculated by geometrically linking the daily returns. The return of the Composites is calculated monthly by weighting monthly account returns by the beginning market values. Returns include the reinvestment of interest, dividends and any capital gains. Returns are calculated gross of management and custodial fees but net of non-reclaimable withholding taxes on dividends, interest income and capital gains at trade date. Past performance is no guarantee of future performance
  1. ARI Global is GIPS compliant starting April 1, 2017. Represented by CIBC Asset Management Inc. performance since inception. Does not conform to GIPS standard, was structured as a carve-out fund from a balanced portfolio.
  2. MSCI has not approved, reviewed or produced this report, makes no express or implied warranties or representations and is not liable whatsoever for any data in the report. You may not redistribute the MSCI data or use it as a basis for other indices or investment products. MSCI Index detailed information can be found on https://www.msci.com/indexes.
  3. Applied Research Investments, LLC basic management fee schedules are described in its firm brochure pursuant to Form ADV Part 2.
  4. Investing involves risk including loss of capital. In addition to the normal risks associated with investing, international investments may involve risk of capital loss from unfavorable fluctuation in currency values, from differences in generally accepted accounting principles or from economic or political instability in other nations. International markets involve heightened risks related to the same factors as well as increased volatility and lower trading volume. Diversification does not prevent all investment losses.