Investors should consider the potential state and local tax consequences of an investment in the Fund. An investor's share of the income or losses of the Fund may or may not be taken into consideration for state or local income tax purposes, depending upon the location of its domicile or residence, the sources of its other income and applicable state laws, local ordinances and regulations. Also, depending on the applicable state and local tax laws, some deductions and credits that are available to investors for federal income tax purposes may not be available for state or local tax purposes. Each investor should consult its own tax adviser to determine the tax consequences in the state and locality in which it is has a residence or domicile.