If the aggregate amount invested in the fund by benefit plan investors (e.g., employee benefit plans, individual retirement accounts (IRAs) and entities the underlying assets of which include plan assets) were to equal twenty-five percent (25%) or more of the aggregate investments in any class of equity interests in the fund (excluding investments by the fund's managers that are not benefit plan investors), the fund would be subject to various ERISA requirements. You should monitor on an ongoing basis (upon subscriptions, redemptions, transfers, etc.) the level of investments by benefit plan investors, and, to the extent your fund approaches the twenty-five percent (25%) threshold, you should contact us to discuss the application of ERISA rules and the alternatives for compliance.