Dear Clients and Friends of KRFS,

We would like to remind you that June 30, 2009 is the due date to file Form TD F 90-22.1 Report of Foreign Bank and Financial Accounts. Click here for an informative article which explains what the reporting requirements are, who is affected and the penalties for non-compliance. Below is a summary of the information for your benefit.

Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1)

This memorandum is intended to alert you that each United States person, who had a financial interest in or signature authority, or other authority over any bank, securities, or other financial account in a foreign country that exceed $10,000 in aggregate value at any time during the calendar year must report that relationship by filing Form TD F 90-22.1 with the Treasury Department on or before June 30, of the succeeding year. Please note that there is no extension of time to file Form TD F90-22.1. This requirement often applies to investment funds and/or officers or employees of such funds.

Definitions of Key Terms:

United States person: means (1) a citizen or resident of the United States, (2) a domestic partnership, (3) a domestic corporation, (4) a domestic estate or trust, or (5) any person [or foreign entity] in and doing business in the United States.

Financial Interest: A U.S. person will be treated as having a financial interest in an account if (1) the person is the owner of record or has legal title, whether the account is maintained for his or her own benefit or for the benefit of others; or (2) the person is not the owner of record or legal title but the owner of record or legal title is either: (a) a person acting as an agent, nominee, attorney, or in some other capacity on behalf of the U.S person, (b) a corporation in which the U.S. person owns directly or indirectly more than 50 percent of the total value of shares of stock, (c) a partnership in which the U.S. person owns an interest in more than 50 percent of the profits, or (d) a trust in which the U.S. person either has a present beneficial interest in more than 50 percent of the assets or from which such person receives more than 50 percent of the current income.

Signature Authority: A person has signature authority over an account if such person can control the disposition of money or other property in it by delivery of a document containing his or her signature (or his or her signature and that of one or more other persons) to the bank or other person with whom the account is maintained.

Other Authority: Exist in a person who can exercise comparable power over an account by direct communication to bank or other person with whom the account is maintained, either orally or by some other means.

Penalties for Failure to File:

The penalty for an unintentional failure to file Form TD F 90-22.1 is $10,000. This penalty could apply even if the taxpayer did not know about the filing requirement. The penalty for an intentional failure to file Form TD F 90-22.1 is the greater of $100,000 or 50 percent of the value of the account, and the person may be subject to criminal prosecution.

Form 1040 Reporting Requirement

In addition to the filing requirements listed above, an individual taxpayer with a Form TD F 90-22.1 filing requirement will also need to disclose that they have an interest in or a signature or other authority over a foreign financial account and list the foreign country the account is in on line 7 of Schedule B of their Form 1040.

Please review prior to June 30th all foreign account(s) (if any) that your fund has an interest in to determine if the fund and/or any of the offices or employees of the fund have a Form TD F 90-22.1 filing requirement. If you have any questions determining if you have a filing requirement or need assistance completing Form TD 90-22.1, please contact Tim LeBrun at (305) 858-5600 or tlebrun@kaufmanrossin.com.

About Kaufman Rossin Fund Services

Established in 1994, Kaufman Rossin Fund Services (KRFS) is an independent full-service provider of administration services to the investment community. Born out of one of the nation's top CPA firms, KRFS maintains top-tier technical skills, quality control practices and technology. KRFS "Goes Beyond" its competition by delivering expertise in the complex areas of taxation, accounting standards and financial statement preparation. Clients worldwide rely on KRFS for startup, accounting and valuation, back-office outsourcing, investor services, tax services, customized reporting and corporate services. KRFS has offices in Miami, Fort Lauderdale, Boston, New York and the Cayman Islands. For more information visit www.krfs.com.