# EDGAR Filing Document

**Accession Number:** 0000076721
**File Stem:** 0001398344-26-002870
**Filing Date:** 2026-2
**Character Count:** 26051
**Document Hash:** cb9da0ec08a294e63813011e3d04b689
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-002870.hdr.sgml**: 20260212

**ACCESSION NUMBER**: 0001398344-26-002870

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20260212

**DATE AS OF CHANGE**: 20260212

**EFFECTIVENESS DATE**: 20260212

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** IMPAX FUNDS SERIES TRUST I
- **CENTRAL INDEX KEY:** 0000076721

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-291545
- **FILM NUMBER:** 26625351

**BUSINESS ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801-3852
- **BUSINESS PHONE:** 800-767-1729

**MAIL ADDRESS:**
- **STREET 1:** 30 PENHALLOW STREET, SUITE 400
- **CITY:** PORTSMOUTH
- **STATE:** NH
- **ZIP:** 03801-3852

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD FUNDS SERIES TRUST I
- **DATE OF NAME CHANGE:** 20070831

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD BALANCED FUND
- **DATE OF NAME CHANGE:** 20061113

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PAX WORLD BALANCED FUND INC
- **DATE OF NAME CHANGE:** 20040624

**As filed electronically with the Securities and Exchange Commission on February 12, 2026**

**Securities Act File No. 333-291545**

**U.S. SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM N-14**

**REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933**

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| | |
|:---|:---|
| **Pre-Effective Amendment No. ____** | **[ ]** |
| **Post-Effective Amendment No. ____** | **1** |

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**Impax Funds Series Trust I**

(Exact Name of Registrant as Specified in Charter)

**30 Penhallow Street, Suite 100**

**Portsmouth, New Hampshire 03801**

(Address of Principal Executive Offices)

**Registrant's Telephone Number, including Area Code: (800) 767-1729**

**Edward Farrington**

**Impax Asset Management LLC**

**30 Penhallow Street, Suite 100**

**Portsmouth, New Hampshire 03801**

(Name and address of agent for service)

***Copies to:***

**Brian D. McCabe, Esq.**

**Ropes & Gray LLP**

**800 Boylston Street**

**Boston, MA 02199**

**Telephone Number: (617) 951-7000**

It is proposed that this filing will become effective immediately upon filing pursuant to Rule 462(d) under the Securities Act of 1933, as amended (the "Securities Act").

This amendment to the registration statement on Form N-14 of Impax Funds Series Trust I, filed with the Commission on November 14, 2025 (File No. 333-291545) (the "Registration Statement"), is being filed solely for the purpose of filing the executed opinion of counsel as to tax matters and consequences to shareholders related to the reorganization of Impax Global Sustainable Infrastructure Fund into Impax Global Infrastructure ETF. There have been no changes to the Registration Statement as filed with the Commission on December 16, 2025 pursuant to Rule 497 under the Securities Act (File No. 333-291545).

**IMPAX FUNDS SERIES TRUST I**

**<u>PART C</u>**

**<u>Other Information</u>**

Item 15. <u>Indemnification.</u>

Article Five of the Bylaws of Registrant ("Article Five") provides that the Registrant shall indemnify each of its trustees and officers, and each person who serves at the Registrant's request as a director, officer, or trustee of another organization in which the Registrant has any interest as a shareholder, creditor, or otherwise, and the heirs, executors and administrators of each of them ("Covered Persons").

The Registrant shall indemnify each Covered Person against all liabilities and expenses, including but not limited to amounts paid in satisfaction of judgments, in compromise or as fines or penalties, and counsel fees reasonably incurred by the Covered Person, in connection with the defense or disposition of any action, suit, or other proceeding, whether civil or criminal, before any court or administrative or legislative body, in which the Covered Person is or was involved as a party or otherwise or with which the Covered Person is or was threatened, while in office or thereafter, by reason of any alleged act or omission as a trustee or officer or by reason of his or her being or having been a Covered Person, except that:

(i) no Covered Person is entitled to indemnification with respect to any matter as to which he or she is finally adjudicated in any action, suit, or other proceeding not to have acted in good faith in the reasonable belief that his or her action was in the best interests of the Registrant; and

(ii) no Covered Person is entitled to indemnification against any liability to the Registrant or its Shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

As to any matter disposed of (whether by a compromise payment, pursuant to a consent decree, or otherwise) without an adjudication by a court, or by any other body before which the proceeding was brought, if it is determined that a Covered Person has not acted in good faith in the reasonable belief that his or her actions were in the best interests of the Registrant or is liable to the Registrant and its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office, the Registrant shall provide indemnification without regard for the conditions stated in sections (i) and (ii) in the preceding paragraph if: (a) approved, after notice that it involves such indemnification, by at least a majority of the trustees, who are neither "interested persons" of Registrant, as defined in Section 2(a)(19) of the 1940 Act (or who is exempted from being an "interested person" by rule, regulation, or order of the Securities and Exchange Commission), nor parties to the actions, suits, or other proceedings in question, (or another action, suit, or other proceeding on the same or similar grounds) is then or has been pending ("disinterested, non-party trustees"), acting on the matter (provided that a majority of the disinterested non-party trustees then in office act on the matter) upon a determination, based upon a review of readily available facts (as opposed to a full trial type inquiry) that the Covered Person has acted in good faith in the reasonable belief that his or her action was in the best interests of the Registrant and is not liable to the Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office; or (b) there has been obtained an opinion in writing of independent legal counsel, based upon a review of readily available facts (as opposed to a full trial type inquiry) to the effect that the Covered Person appears to have acted in good faith in the reasonable belief that his or her action was in the best interests of the Registrant and that such indemnification would not protect the Covered Person against any liability to the Registrant to which the Covered Person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office.

Registrant shall pay the expenses, including counsel fees (but excluding amounts paid in satisfaction of judgments, in compromise, or as fines or penalties), incurred by a Covered Person in respect of any action, suit, or proceeding against which the Covered Person may be entitled to indemnification under Article Five, from time to time in advance of the final disposition of the action, suit, or proceeding, upon receipt of an undertaking by or on behalf of the Covered Person to repay to the Registrant amounts so paid if it is ultimately determined that indemnification of such expenses is not authorized under Article Five, if (i) the Covered Person has provided appropriate security for such undertaking, or (ii) the Registrant is insured against losses arising from any such advance payments, or (iii) either a majority of the disinterested, non-party trustees of Registrant acting on the matter (provided that a majority of the disinterested, non-party trustees then in office act on the matter), or independent legal counsel as expressed in a written opinion, determines, based on a review of readily-available facts (as opposed to a full trial type inquiry), that there is reason to believe that the Covered Person ultimately will be found entitled to indemnification under Article Five. For purposes of the determination or opinion referred to in this section (iii), the majority of disinterested non-party trustees acting on the matter or independent legal counsel, as the case may be, shall afford the Covered Person a rebuttable presumption that the Covered Person has not engaged in willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of the Covered Person's office.

Any approval of indemnification pursuant to Article Five does not prevent the recovery from any Covered Person of any amount paid to such Covered Person in accordance with Article Five as indemnification if such Covered Person is subsequently adjudicated by a court of competent jurisdiction to be liable to Registrant or its shareholders by reason of (a) not acting in good faith in the reasonable belief that such Covered Person's action was in the best interests of Registrant or (b) to have been liable to Registrant or its shareholders by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of such Covered Person's office.

Article Five also provides that its indemnification provisions are not exclusive and do not affect any other rights to which any Covered Person may be entitled. Nothing contained in Article Five affects any rights to indemnification to which personnel of the Registrant, other than Covered Persons, and other persons may be entitled by contract or otherwise under law, nor the power of the Registrant to purchase and maintain liability insurance on behalf of any such person.

The Trust has also entered into Indemnification Agreements with each of its Trustees and its chief compliance officer, a copy of which has been filed as an exhibit to this registration statement, establishing certain procedures with respect to the indemnification described above.

Item 16. <u>Exhibits.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) [Amended and Restated Agreement and Declaration of Trust of Registrant dated October 3, 2025. Incorporated by reference to Post-Effective Amendment No. 108 to the Registrant's registration statement on Form N-1A.](https://www.sec.gov/Archives/edgar/data/76721/000139834425018818/fp0095539-1_ex9928a1.htm)

(2) [By-Laws. Bylaws of Registrant. Incorporated by reference to Post-Effective Amendment No. 49 to the Registrant's registration statement on Form N-1A.](http://www.sec.gov/Archives/edgar/data/76721/000110465907018830/a07-2763_1ex99db.htm)

(3) Not Applicable.

(4) [Form of Agreement and Plan of Reorganization. Incorporated by reference to the Registrant's registration statement on Form N-14 filed November 14, 2025.](https://www.sec.gov/Archives/edgar/data/76721/000139834425020997/fp0096019-1_ex99164.htm)

(5) [Instruments Defining Rights of Securities Holders. Incorporated by reference to the following sections of the Agreement and Declaration of Trust listed above as Exhibit 23(a): Article III, Section 6, part (g); Article III, Sections 7-9; and Article V, Sections 1-6.](http://www.sec.gov/Archives/edgar/data/76721/000110465907018830/a07-2763_1ex99da.htm)

(6) [Amended and Restated Investment Advisory Contract between Registrant and Impax Asset Management LLC. Incorporated by reference to Post-Effective Amendment No. 108 to the Registrant's registration statement on Form N-1A.](https://www.sec.gov/Archives/edgar/data/76721/000139834425018818/fp0095539-1_ex9928d1.htm)

(7) [Underwriting Contracts. Distribution Agreement between Registrant and Foreside Financial Services, LLC. Incorporated by reference to the Registrant's registration statement on Form N-14 filed November 14, 2025.](https://www.sec.gov/Archives/edgar/data/76721/000139834425020997/fp0096019-1_ex99167.htm)

(8) Not Applicable.

(9) [Agency Services Agreement between Registrant and JPMorgan Chase Bank, N.A. Incorporated by reference to the Registrant's registration statement on Form N-14 filed November 14, 2025.](https://www.sec.gov/Archives/edgar/data/76721/000139834425020997/fp0096019-1_ex99169.htm)

(10) Not Applicable.

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| | |
|:---|:---|
| (11) | [Opinion and consent of Ropes & Gray LLP as to the legality of the securities being registered. Incorporated by reference to the Registrant's registration statement on Form N-14 filed November 14, 2025.](https://www.sec.gov/Archives/edgar/data/76721/000139834425020997/fp0096019-1_ex991611.htm) |
| (12) | [Opinion and consent of Ropes & Gray LLP as to tax matters is filed herewith.](fp0097574-1_ex991612.htm) |
| (13)(a) | [Form of Indemnification Agreement. Incorporated by reference to Post-Effective Amendment No. 102 to the Registrant's registration statement on Form N-1A.](https://www.sec.gov/Archives/edgar/data/76721/000139834423008300/fp0082975-1_ex9928h2.htm) |
| (13)(b) | [Form of Authorized Participant Agreement. Incorporated by reference to the Registrant's registration statement on Form N-14 filed November 14, 2025.](https://www.sec.gov/Archives/edgar/data/76721/000139834425020997/fp0096019-1_ex991613b.htm) |
| (14) | [Consent of Independent Registered Public Accounting Firm. Incorporated by reference to the Registrant's registration statement of Form N-14 filed November 14, 2025.](https://www.sec.gov/Archives/edgar/data/76721/000139834425020997/fp0096019-1_ex991614.htm) |
| (15) | Not Applicable. |
| (16) | [Power of Attorney, incorporated by reference to Post-Effective Amendment No. 108 to the Registrant's registration statement on Form N-1A.](https://www.sec.gov/Archives/edgar/data/76721/000139834425018818/fp0095539-1_ex9928q1.htm) |
| (17) | [Fund Services Agreement between Registrant and JPMorgan Chase Bank, N.A. Incorporated by reference to Post-Effective Amendment No. 104 to the Registrant's registration statement on Form N-1A.](https://www.sec.gov/Archives/edgar/data/76721/000139834423020247/fp0085834-1_ex9928h3.htm) |

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Item 17. <u>Undertakings</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The
undersigned Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which
is a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule 145(c)
of the Securities Act of 1933 (the "Securities Act"), the reoffering prospectus will contain the information called for by
the applicable registration form for reofferings by persons who may be deemed underwriters, in addition to the information called for
by the other items of the applicable form.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The
undersigned Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to
the registration statement and will not be used until the amendment is effective, and that, in determining any liability under the Securities
Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered therein, and the offering
of the securities at that time shall be deemed to be the initial bona fide offering of them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The
Registrant undertakes to file the opinion of counsel as to tax matters that is required by Item 16(12) in a post-effective amendment
to this Registration Statement within a reasonable time after the closing of the transactions contemplated herein.

**SIGNATURES**

As required by the Securities Act of 1933, as amended, this Registration Statement has been signed on behalf of the Registrant, in the City of Portsmouth and the State of New Hampshire, on the 12th day of February, 2026.

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| |
|:---|
| Impax Funds Series Trust I |
| /s/ Edward Farrington |
| Name: Edward Farrington |
| Title: President and Principal Executive Officer |

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As required by the Securities Act of 1933, as amended, this Registration Statement has been signed by the following persons in the capacities and on the dates indicated.

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| | | |
|:---|:---|:---|
| **Name** | **Title** | **Date** |
| /s/ Edward Farrington | Trustee, President (Principal Executive Officer) | February 12, 2026 |
| Edward Farrington |  |  |
| /s/ Daniel Saltus | Treasurer (Principal Financial and Accounting Officer) | February 12, 2026 |
| Daniel Saltus |  |  |
| \* | Trustee | February 12, 2026 |
| Adrian P. Anderson |  |  |
| \* | Trustee | February 12, 2026 |
| Ingrid Dyott |  |  |
| \* | Trustee | February 12, 2026 |
| Teresa Kong |  |  |
| \* | Trustee | February 12, 2026 |
| John L. Liechty |  |  |
| \* | Trustee | February 12, 2026 |
| Lyle Logan |  |  |
| \* | Trustee | February 12, 2026 |
| Gregory D. Sheehan |  |  |
| \* | Trustee | February 12, 2026 |
| Nancy S. Taylor |  |  |

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| | |
|:---|:---|
| \*By: | /s/ John Boese |
|  | John Boese<br> Attorney-in-Fact<br> February 12, 2026 |

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**IMPAX FUNDS SERIES TRUST I**

**EXHIBITS INDEX**

<u>EXHIBIT NO.</u> <u>DESCRIPTION</u> <br> [12](fp0097574-1_ex991612.htm) [Opinion and consent of Ropes & Gray LLP as to tax matters.](fp0097574-1_ex991612.htm)

## Exhibit 99.16

![](fp0097574-1_01.jpg)

February 2, 2026

Impax Global Sustainable Infrastructure Fund

Impax Funds Series Trust I

30 Penhallow Street, Suite 100

Portsmouth, New Hampshire 03801

Impax Global Infrastructure ETF

Impax Funds Series Trust I

30 Penhallow Street, Suite 100

Portsmouth, New Hampshire 03801

Ladies and Gentlemen:

We have acted as counsel in connection with the Agreement and Plan of Reorganization (the "Agreement") dated December 4, 2025, by and among Impax Funds Series Trust I, a Massachusetts business trust (the "Trust"), on behalf of one of its series, Impax Global Infrastructure ETF ("Acquiring Fund"), and the Trust on behalf of one of its series, Impax Global Sustainable Infrastructure Fund ("Acquired Fund"), and (iii) for purposes of paragraph 9.2 of the Agreement only, Impax Asset Management, LLC ("IAM"). The Agreement describes a proposed transaction (the "Reorganization") to occur as of the date of this letter, pursuant to which Acquiring Fund will acquire all of the assets of Acquired Fund in exchange for shares of beneficial interest in Acquiring Fund (the "Acquiring Fund Shares") and the assumption by Acquiring Fund of all of the liabilities of Acquired Fund following which the Acquiring Fund Shares received by Acquired Fund will be distributed by Acquired Fund to its stockholders (other than Cash-Out Shareholders) in liquidation and termination of Acquired Fund. This opinion as to certain U.S. federal income tax consequences of the Reorganization is furnished to you pursuant to Section 8.5 of the Agreement. Capitalized terms not defined herein are used herein as defined in the Agreement.

Acquired Fund is a series of the Trust, which is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. Shares of Acquired Fund are redeemable at net asset value at each stockholder's option. Acquired Fund has elected to be a regulated investment company for federal income tax purposes under Section 851 of the Internal Revenue Code of 1986, as amended (the "Code").

Acquiring Fund is a series of the Trust, which is registered under the 1940 Act as an open-end management investment company. Acquiring Fund operates as an exchange-traded fund; shares of Acquiring Fund are redeemable at net asset value only by authorized participants transacting in creation units and are traded on a national securities exchange.

ROPES & GRAY LLP February 2, 2026

For purposes of this opinion, we have considered the Agreement, the combined Prospectus/Information Statement dated December 16, 2025, and such other items as we have deemed necessary to render this opinion. In addition, each of Acquired Fund and Acquiring Fund has provided us with a letter dated as of the date hereof (collectively, the "Representation Letters") representing as to certain facts, occurrences and information upon which each of Acquired Fund and Acquiring Fund has indicated that we may rely in rendering this opinion (whether or not contained or reflected in the documents and items referred to above).

In reviewing the foregoing materials, we have assumed, with your permission, the authenticity of original documents, the accuracy of copies, the genuineness of signatures, the legal capacity of signatories, and the proper execution of documents. We have further assumed that (i) all parties to the Agreement and any other documents examined by us have acted, and will act, in accordance with the terms of such Agreement and documents, and that the Reorganization will be consummated pursuant to the terms and conditions set forth in the Agreement without the waiver or modification of any such terms and conditions; and (ii) all representations contained in the Agreement, as well as those representations contained in the Representation Letters, are true and complete.

Based on and subject to the foregoing and subject to the final paragraph hereof, we are of the opinion that, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Reorganization will constitute a "reorganization"
within the meaning of Section 368(a) of the Code, and Acquiring Fund and Acquired Fund each will be "a party to a reorganization"
within the meaning of Section 368(b) of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Under Sections 361 and 357(a) of the Code, Acquired
Fund will not recognize gain or loss upon the transfer of Acquired Fund's assets to Acquiring Fund in exchange for Acquiring Fund
Shares and the assumption by Acquiring Fund of all the liabilities of Acquired Fund, or upon the distribution of Acquiring Fund Shares
by Acquired Fund to its stockholders in liquidation (except with respect to Cash-Out Shareholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Under Section 354 of the Code, Acquired Fund
stockholders will not recognize any gain or loss upon the exchange of their Acquired Fund shares for Acquiring Fund Shares (except with
respect to cash received by Acquired Fund shareholders in redemption of fractional shares prior to the Reorganization or cash received
by Cash-Out Shareholders);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Under Section 358 of the Code, the aggregate
tax basis of Acquiring Fund Shares an Acquired Fund stockholder receives in the Reorganization will be the same as the aggregate tax basis
of the Acquired Fund shares exchanged therefor;

ROPES & GRAY LLP February 2, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Under Section 1223(1) of the Code, an Acquired
Fund stockholder's holding period for the Acquiring Fund Shares received in the Reorganization will be determined by including the
period during which such stockholder held or is treated for federal income tax purposes as having held the Acquired Fund shares exchanged
therefor, provided that the stockholder held those Acquired Fund shares as capital assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Under Section 1032 of the Code, Acquiring Fund
will not recognize gain or loss upon the receipt of the assets of Acquired Fund in exchange for Acquiring Fund Shares and the assumption
by Acquiring Fund of all the liabilities of Acquired Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Under Section 362(b) of the Code, Acquiring Fund's
tax basis in the assets of Acquired Fund transferred to Acquiring Fund in the Reorganization will be the same as Acquired Fund's
tax basis immediately prior to the transfer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Under Section 1223(2) of the Code, the holding
period in the hands of Acquiring Fund of each Acquired Fund asset transferred to Acquiring Fund in the Reorganization will include the
period during which such asset was held or treated for federal income tax purposes as held by Acquired Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Acquiring
Fund will succeed to and take into account the items of Acquired Fund described in Section 381(c) of the Code, subject to the conditions
and limitations specified in Sections 381, 382, 383 and 384 of the Code and the Regulations thereunder.

No ruling has been or will be obtained from the IRS as to the subject matter of this opinion and there can be no assurance that the IRS or a court of law will concur with the opinion set forth above. Our opinion is based on the Code, Treasury Regulations, IRS rulings, judicial decisions, and other applicable authority, all as in effect on the date of this opinion. The legal authorities on which this opinion is based may be changed at any time. Any such changes may be retroactively applied and could modify the opinions expressed above.

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| |
|:---|
| Very truly yours, |
| /s/ Ropes & Gray |
| Ropes & Gray LLP |

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