A typical FiduciaryVest client will receive custom-tailored research, advice, documentation and implementation of services that, taken together, form a sound investment program.

FiduciaryVest believes that, for risk control reasons, the investing strategies represented in the "hedge fund" category each need to be diversified by other approaches to the same strategy. For this basic reason, FiduciaryVest decided years ago to limit its searches in the hedge fund space to actively managed "fund of funds" products. A fund of funds investing vehicle delivers a portfolio of hedge funds, the result being significantly enhanced control and limitation of the underlying hedge funds' individual risk exposures. (Stated conversely, we have not, and will not perform searches for individually managed hedge funds.) In the "post-Madoff" investment world, FiduciaryVest recognizes the need to insist upon in-depth disclosure of custody and control systems of investment managers who offer products to our clients.

The following paragraphs were lifted from a communication FiduciaryVest is sending to all fund of funds managers which we have researched and consider suitable for recommendation to clients which have, or will deploy assets in the hedge fund category. We believe these paragraphs speak for themselves.

"...as representatives of investors in fund of funds investment products, I am determined for FiduciaryVest to identify clear evidence to support the following premise:

"Assume that our client has just wired the initial cash investment capital from its custodial account to your fund of hedge funds; (1) Describe the integrated SYSTEM* of (a) physical, (b) organizational, (c) accounting and (d) reporting controls that together will very effectively prevent** fraudulent mis-use of cash and/or mis-representation of results; (2) Provide evidence that this system is regularly tested (externally, at random intervals) to determine that it is actually functioning.

*For the purpose of this exercise, assume that a high level of personal integrity by individuals and their business enterprises (and investors' unmitigated trust in them) is not to be considered.

**We recognize that collusion among key (particularly high-ranking) individuals can defeat almost any control system; in the mostly small entrepreneurial organizations that make up the hedge fund industry, the potential for internal collusion is particularly acute. Nevertheless, we expect the possibility for fraudulent collusion to be addressed, confronted, documented and frequently re-visited, especially at the fund of funds manager level."

*FiduciaryVest is a fee-only investment adviser. FiduciaryVest has NO formal or informal connection to, or affiliation with any investment manager or investing product.