# EDGAR Filing Document

**Accession Number:** 0000071701
**File Stem:** 0000071701-25-000070
**Filing Date:** 2025-11
**Character Count:** 26157
**Document Hash:** d67dbe4477b73a6b7fd31c0bd5110ddb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000071701-25-000070.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0000071701-25-000070

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DAVIS NEW YORK VENTURE FUND INC
- **CENTRAL INDEX KEY:** 0000071701

**ORGANIZATION NAME:**
- **EIN:** 132601967
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 002-29858
- **FILM NUMBER:** 251460896

**BUSINESS ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD
- **STREET 2:** SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756
- **BUSINESS PHONE:** (520)806-7600

**MAIL ADDRESS:**
- **STREET 1:** 2949 E. ELVIRA ROAD
- **STREET 2:** SUITE 101
- **CITY:** TUCSON
- **STATE:** AZ
- **ZIP:** 85756

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NEW YORK VENTURE FUND INC
- **DATE OF NAME CHANGE:** 19920703

As filed with the Securities and Exchange Commission

on November 7, 2025

Registration No. 333-289813

(Investment Company Act Registration No. 811-02737)

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. 3 |  |

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<br> Davis International Fund

An authorized series of

Davis New York Venture Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

2949 E. Elvira Suite 101

Tucson, AZ 85756

(Address of Principal Executive Offices)

(520) 434-3793

(Registrant's Telephone Number)

Agents for Service:

Lisa Cohen

Davis Selected Advisers, L.P.

2949 E. Elvira Road, Suite 101

Tucson, Arizona 85756

520-434-3771

-or-

Richard Cutshall

Greenberg Traurig LLP

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1144 15<sup>th</sup> Street

Suite 3300

Denver, Colorado 80202

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|:---|
| EXPLANATORY NOTE <br>|
| This Post-Effective Amendment is being filed solely to file as an exhibit the final opinion of Greenberg Traurig LLP supporting the tax consequences of the reorganization (Exhibit 12 to Item 16) of this Registration Statement on Form N-14. <br>[The Proxy Statement/Prospectus is incorporated by reference to the Registrant's Registration Statement on Form N-14 filed on September 24, 2025 (SEC accession number 71701-25-000058). The Statement of Additional Information is incorporated by reference to the Registrant's Registration Statement on Form N-14 filed on September 24, 2025 (SEC accession number 71701-25-000058).](https://www.sec.gov/Archives/edgar/data/71701/000007170125000058/0000071701-25-000058-index.htm)  |

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PART C

Item 15. <u>Indemnification</u>

Registrant's Articles of Incorporation indemnifies its directors, officers and employees to the full extent permitted by Section 2-418 of the Maryland General Corporation Law, subject only to the provisions of the Investment Company Act of 1940. The indemnification provisions of the Maryland General Corporation Law (the "Law") permit, among other things, corporations to indemnify directors and officers unless it is proved that the individual (1) acted in bad faith or with active and deliberate dishonesty, (2) actually received an improper personal benefit in money, property or services, or (3) in the case of a criminal proceeding, had reasonable cause to believe that his act or omission was unlawful. The Law was also amended to permit corporations to indemnify directors and officers for amounts paid in settlement of stockholders' derivative suits.

In addition, the Registrant's directors and officers are covered under a policy to indemnify them for loss (subject to certain deductibles) including costs of defense incurred by reason of alleged errors or omissions, neglect or breach of duty. The policy has a number of exclusions including alleged acts, errors, or omissions which are finally adjudicated or established to be deliberate, dishonest, malicious or fraudulent or to constitute willful misfeasance, bad faith, gross negligence or reckless disregard of their duties in respect to any registered investment company. This coverage is incidental to a general policy carried by the Registrant's adviser.

In addition to the foregoing indemnification, Registrant's Articles of Incorporation exculpate directors and officers with respect to monetary damages except to the extent that an individual actually received an improper benefit in money property or services or to the extent that a final adjudication finds that the individual acted with active and deliberate dishonesty.

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In addition to the foregoing indemnification, Registrant's Articles of Incorporation exculpate directors and officers with respect to monetary damages except to the extent that an individual actually received an improper benefit in money property or services or to the extent that a final adjudication finds that the individual acted with active and deliberate dishonesty.

Item 16. <u>Exhibits</u>

(1) [*Articles of incorporation.*](https://www.sec.gov/Archives/edgar/data/71701/0000071701-96-000002.txt) [Incorporated by reference to Exhibit 28(a) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;](https://www.sec.gov/Archives/edgar/data/71701/0000071701-96-000002.txt)

(2) [*By-Laws.*](https://www.sec.gov/Archives/edgar/data/71701/000095012310086335/y03943exv99w23wb.htm) [Incorporated by reference to Exhibit 28(b) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;](https://www.sec.gov/Archives/edgar/data/71701/000095012310086335/y03943exv99w23wb.htm)

(3) *Trust Agreements.* N/A;

(4) *Agreement and Plan of Reorganization.* Filed herewith as Exhibit 1 to the Information Statement/Prospectus;

(5) [*Instruments defining the rights of shareholders.*](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000071701/000139834425003487/fp0092456-1_485bposixbrl.htm) [Incorporated herein by reference from the Registrant's Articles of Incorporation, By-Laws, and registration statement on Form N-1A filed on Edgar;](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000071701/000139834425003487/fp0092456-1_485bposixbrl.htm)

(6) [*Investment Advisory Agreements.*](https://www.sec.gov/Archives/edgar/data/71701/000095013600001375/0000950136-00-001375-0005.txt) [Incorporated by reference to Exhibit 28(d) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;](https://www.sec.gov/Archives/edgar/data/71701/000095013600001375/0000950136-00-001375-0005.txt)

(7) [*Underwriting Agreements.*](https://www.sec.gov/Archives/edgar/data/71701/000095013601501394/file003.txt) [Incorporated by reference to Exhibit 28(e) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;](https://www.sec.gov/Archives/edgar/data/71701/000095013601501394/file003.txt)

(8) *Bonus, profit sharing, pension or other similar contracts.* N/A;

(9) [*Custodial Agreements.*](https://www.sec.gov/Archives/edgar/data/71701/000095013600001375/0000950136-00-001375-0008.txt) [Incorporated by reference to Exhibit 28(g) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;](https://www.sec.gov/Archives/edgar/data/71701/000095013600001375/0000950136-00-001375-0008.txt)

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|:---|:---|
| (10)a  | [*Rule 12b-1 Plan.*](https://www.sec.gov/Archives/edgar/data/71701/000095013602002695/file002.txt)[Incorporated by reference to Exhibit 28(m) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;](https://www.sec.gov/Archives/edgar/data/71701/000095013602002695/file002.txt)  |

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|:---|:---|
| (10)b  | [*Rule 18f-3 Plan.*](https://www.sec.gov/Archives/edgar/data/71701/000007170117000067/18f3_plan.htm)[Incorporated by reference to Exhibit 28(n) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;](https://www.sec.gov/Archives/edgar/data/71701/000007170117000067/18f3_plan.htm)  |

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(11)\* O*pinion and consent of counsel;* 

(12) [Tax opinion. Form of tax opinion, as filed herein as Exhibit 12;](taxopinion-davis_selected700.htm)

(13) *Material contracts not made in the ordinary course of business.* N/A;

(14)\* *Consent of Independent Accountants;* 

(15) *Financial Statements Omitted.* N/A;

(16) [*Powers of Attorney.*](https://www.sec.gov/Archives/edgar/data/0000071701/000139834425003487/fp0092456-1_ex9928q.htm) [Incorporated by reference to Exhibit 28(q) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR;](https://www.sec.gov/Archives/edgar/data/0000071701/000139834425003487/fp0092456-1_ex9928q.htm)

(17) [*Code of Ethics.*](https://www.sec.gov/Archives/edgar/data/71701/000108406018000016/code_of_ethics.htm) [Incorporated by reference to Exhibit 28(p) of Part C of Davis New York Venture Fund, Inc.'s registration statement filed on EDGAR.](https://www.sec.gov/Archives/edgar/data/71701/000108406018000016/code_of_ethics.htm)

\*filed herein

Item 17.

Undertakings

(1) The undersigned registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is 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 [17 CFR 230.145c], the reoffering prospectus will contain the information called for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to the information called for by the other items of the applicable form.

(2) The undersigned registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as 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 of 1933, each post-effective amendment shall be deemed to be the initial bona fide offering of them.

DAVIS NEW YORK VENTURE FUND, INC.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant certifies that it meets all of the requirements for the effectiveness of this Registration Statement pursuant to Rule 485(b) under the Securities Act of 1933 and has duly caused this Post-Effective Amendment No. 2 to the Registration Statement to be signed on its behalf by the undersigned, in the City of Tucson and State of Arizona on the 7<sup>th</sup> day of November 2025.

DAVIS NEW YORK VENTURE FUND, INC.

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| |
|:---|
| &nbsp;&nbsp; \*By: <u>/s/ Lisa Cohen</u>  |
| &nbsp;&nbsp; Lisa Cohen  |
| &nbsp;&nbsp; Attorney-in-Fact  |

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Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities indicated.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <u>Signature</u>  | &nbsp;&nbsp; <u>Title</u>  | &nbsp;&nbsp; <u>Date</u>  |
| &nbsp;&nbsp; <u>/s/ Kenneth Eich\*</u> <br> Kenneth Eich  | &nbsp;&nbsp; Principal Executive Officer  | &nbsp;&nbsp; November 7, 2025  |
| &nbsp;&nbsp; <u>/s/ Douglas Haines\*</u> <br> Douglas Haines  | &nbsp;&nbsp; Principal Financial Officer; and <br> Principal Accounting Officer  | &nbsp;&nbsp; November 7, 2025  |

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|:---|
| &nbsp;&nbsp; \*By: <u>/s/ Lisa Cohen</u>  |
| &nbsp;&nbsp; Lisa Cohen  |
| &nbsp;&nbsp; Attorney-in-Fact  |

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\*

Lisa Cohen signs this document on behalf of the Registrant and each of the foregoing officers pursuant to the power of attorney filed as Exhibit 28(q).

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| |
|:---|
| &nbsp;&nbsp; \*By: <u>/s/ Lisa Cohen</u>  |
| &nbsp;&nbsp; Lisa Cohen  |
| &nbsp;&nbsp; Attorney-in-Fact  |

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DAVIS NEW YORK VENTURE FUND, INC.

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed on November 7, 2025, by the following persons in the capacities indicated.

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| | |
|:---|:---|
| &nbsp;&nbsp; <u>Signature</u>  | &nbsp;&nbsp; <u>Title</u>  |
| &nbsp;&nbsp; <u>/s/ Francisco Borges\*</u>  | &nbsp;&nbsp; Director  |
| &nbsp;&nbsp; Francisco Borges  |  |
| &nbsp;&nbsp; <u>/s/ Andrew Davis\*</u>  | &nbsp;&nbsp; Director  |
| &nbsp;&nbsp; Andrew Davis  |  |
| &nbsp;&nbsp; <u>/s/ Christopher Davis\*</u>  | &nbsp;&nbsp; Director  |
| &nbsp;&nbsp; Christopher Davis  |  |

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| | |
|:---|:---|
| &nbsp;&nbsp; <u>/s/ John Gates\*</u>  | &nbsp;&nbsp; Director  |
| &nbsp;&nbsp; John Gates  |  |
| &nbsp;&nbsp; <u>/s/ Samuel H. Iapalucci\*</u>  | &nbsp;&nbsp; Director  |
| &nbsp;&nbsp; Samuel H. Iapalucci  |  |
| &nbsp;&nbsp; <u>/s/ Katherine MacWilliams\*</u>  | &nbsp;&nbsp; Director  |
| &nbsp;&nbsp; Katherine MacWilliams  |  |
| &nbsp;&nbsp; <u>/s/ Richard O'Brien\*</u>  | &nbsp;&nbsp; Director  |
| &nbsp;&nbsp; Richard O'Brien  |  |
| &nbsp;&nbsp; <u>/s/ Lara Vaughan\*</u>  | &nbsp;&nbsp; Director  |
| &nbsp;&nbsp; Lara Vaughan  |  |

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\* Lisa Cohen signs this document on behalf of each of the foregoing persons pursuant to the power of attorney filed as Exhibit 28(q).

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|:---|
| &nbsp;&nbsp; \*By: <u>/s/ Lisa Cohen</u>  |
| &nbsp;&nbsp; Lisa Cohen  |
| &nbsp;&nbsp; Attorney-in-Fact  |

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## Exhibit 99.12

![](image1.gif)

November 7, 2025

Selected International Fund

2949 E. Elvira Road, Suite 101

Tucson, AZ 85756

Davis International Fund

2949 E. Elvira Road, Suite 101

Tucson, AZ 85756

Re:

<u>Reorganization Agreement – Tax Matters</u>

Ladies and Gentlemen:

You have requested our opinion concerning certain United States ("<u>U.S.</u>") federal income tax consequences of transactions contemplated in the Agreement and Plan of Reorganization dated as of July 1, 2025 (the "<u>Reorganization Agreement</u>") entered into by and between Selected International Fund, Inc., a Maryland corporation ("<u>Target Entity</u>") on behalf of its series, Selected International Fund (the "<u>Target Fund</u>") and Davis New York Venture Fund, Inc., a Maryland corporation ("<u>Acquiring Entity</u>") on behalf of its series, Davis International Fund (the "<u>Acquiring Fund</u>"). This opinion as to certain U.S. federal income tax consequences of the Reorganization (as defined below) is furnished to you pursuant to Section 8.4 of the Reorganization Agreement. Unless otherwise indicated, capitalized terms shall have the meanings provided in the Reorganization Agreement.

Pursuant to the Reorganization Agreement, the Target Fund will transfer all of its assets to the Acquiring Fund solely in exchange for (i) the assumption of the Target Fund's liabilities, and (ii) the issuance by the Acquiring Fund to the Target Fund of shares of beneficial interest of the Acquiring Fund. Following receipt of such shares, the Target Fund will distribute to the Target Fund's shareholders such shares of the Acquiring Fund in exchange solely for shares of beneficial interest of the Target Fund and in complete liquidation of the Target Fund. The foregoing steps shall be referred to collectively as the "<u>Reorganization</u>."

The opinions expressed herein are based solely upon current law, including the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), applicable Treasury Regulations, current positions of the Internal Revenue Service (the "<u>IRS</u>"), and existing judicial decisions.

In rendering our opinion, we have reviewed and relied upon: (i) the Reorganization Agreement; (ii) the combined Information Statement and Prospectus on Form N-14 filed by the Acquiring Fund Registrant with the Securities and Exchange Commission in connection with the Reorganization; (iii) certain representations concerning the Reorganization made to us by Target Entity on behalf of the Target Fund, and by the Acquiring Entity on behalf of the Acquiring Fund,

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Selected International Fund

Davis International Fund

November 7, 2025

in letters dated on or about the date hereof (the "<u>Representation Letters</u>"); (iv) such other documents, financial and other reports that we deemed relevant or appropriate; and (v) the Internal Revenue Code of 1986, as amended (the "<u>Code</u>"), applicable Treasury Department regulations in effect as of the date hereof, current published administrative positions of the Internal Revenue Service (the "<u>Service</u>") contained in revenue rulings and procedures, and such other statutes, regulations, rulings and decisions as we deemed material to the preparation of this opinion letter. For purposes of this opinion, we have assumed that the representations and warranties set forth in the Reorganization Agreement and the representations made in the Representation Letters are true and correct and that the conditions to the parties' obligations under the Agreement will be satisfied and the parties will comply with their respective covenants thereunder. To the extent that any of the representations or warranties in the Reorganization Agreement or any of the representations in either of the Representation Letters are inaccurate, the conclusions set forth herein may also become inaccurate, or may no longer apply.

In formulating our opinion, we have examined originals or copies, identified to our satisfaction, of documents and other instruments that we have deemed necessary or appropriate for purposes of this opinion. In performing such examination, we have assumed the authenticity of all documents submitted to us as copies, the authenticity of the originals of such documents, the genuineness of all signatures and the correctness of all representations made therein, without regard to any qualifications on the basis of knowledge, belief, intent or materiality. We cannot and do not represent that we checked the accuracy or completeness of, or otherwise independently verified, any of the various statements of fact contained in such documents and in documents incorporated by reference therein. If any of our assumptions described above are untrue for any reason or if the Reorganization is consummated in a manner that is different from the manner in which it is described in the Reorganization Agreement, or if there are documents or understandings between the parties that would alter or are inconsistent with the statements made therein, our opinions expressed below may be adversely affected and may not be relied upon.

Based upon the facts, assumptions and representations set forth or referred to herein, it is our opinion that for U.S. federal income tax purposes:

* The acquisition by the Acquiring Fund of all of the assets of the Target Fund, as provided for in the Reorganization Agreement, in exchange for Acquiring Fund shares and the assumption by the Acquiring Fund of the liabilities of the Target Fund, followed by the distribution by the Target Fund to its shareholders of the Acquiring Fund shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to the reorganization" within the meaning of Section 368(b) of the Code.

* No gain or loss will be recognized by the Target Fund upon the transfer of all of its assets to the Acquiring Fund solely in exchange for Acquiring Fund shares and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, pursuant to Section 361(a) and Section 357(a) of the Code.

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Selected International Fund

Davis International Fund

November 7, 2025

* No gain or loss will be recognized by the Acquiring Fund upon the receipt by it of all of the assets of the Target Fund in exchange solely for the assumption of the liabilities of the Target Fund and issuance of the Acquiring Fund shares pursuant to Section 1032(a) of the Code.

* No gain or loss will be recognized by the Target Fund upon the distribution of the Acquiring Fund shares by the Target Fund to its shareholders in complete liquidation (in pursuance of the Reorganization Agreement) pursuant to Section 361(c)(1) of the Code.

* The tax basis of the assets of the Target Fund received by the Acquiring Fund will be the same as the tax basis of such assets in the hands of the Target Fund immediately prior to the transfer pursuant to Section 362(b) of the Code.

* The holding periods of the assets of the Target Fund in the hands of the Acquiring Fund will include the periods during which such assets were held by the Target Fund pursuant to Section 1223(2) of the Code**.**

* No gain or loss will be recognized by the shareholders of the Target Fund upon the exchange of all of their Target Fund shares for the Acquiring Fund shares pursuant to Section 354(a) of the Code.

* The aggregate tax basis of the Acquiring Fund shares to be received by each shareholder of the Target Fund will be the same as the aggregate tax basis of Target Fund **s**hares exchanged therefor pursuant to Section 358(a)(1) of the Code.

* The holding period of Acquiring Fund shares received by a shareholder of the Target Fund will include the holding period of the Target Fund shares exchanged therefor, provided that the shareholder held Target Fund shares as capital assets on the date of the exchange pursuant to Section 1223(1) of the Code.

* For purposes of Section 381 of the Code, the Acquiring Fund will succeed to and take into account, as of the date of the transfer as defined in Section 1.381(b)-1(b) of the Income Tax Regulations, the items of Target Fund described in Section 381(c) of the Code as if there had been no Reorganization, subject to the conditions and limitations specified in Sections 381, 382, 383 and 384 of the Code and, if applicable, the Income Tax Regulations promulgated thereunder.

Our opinion is limited to those U.S. federal income tax issues specifically considered herein, is for the benefit of the Target Fund, the Acquiring Fund and their respective shareholders, and may not be relied upon or cited by any other person or entity. We do not express any opinion as to any other U.S. federal tax issues, or any state, local or foreign tax law issues, arising from or related to the transactions contemplated by the Reorganization Agreement or otherwise. By way of illustration, and without limitation of the foregoing, we express no opinion regarding: (i) whether either the Target Fund or the Acquiring Fund qualifies or will qualify as a regulated investment company; (ii) the U.S. federal income tax consequences of the payment of certain

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Selected International Fund

Davis International Fund

November 7, 2025

Reorganization expenses by Davis Selected Advisers, L.P. except in relation to the qualification of the Reorganization as a "reorganization" under Section 368(a) of the Code; (iii) the effect of the Reorganization on any shareholder of the Target Fund that is required to recognize unrealized gains or losses for U.S. federal income tax purposes under a mark-to-market system of accounting; (iv) whether accrued market discount, if any, on any market discount bonds held by the Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; (v) whether any gain or loss will be required to be recognized with respect to any Asset that constitutes stock in a passive foreign investment company (within the meaning of Section 1297(a) of the Code); and (vi) any state, local or foreign tax consequences of the Reorganization.

This opinion letter is expressed as of the date hereof, and we are under no obligation to supplement or revise our opinion to reflect any legal developments, any factual matters arising subsequent to the date hereof, or the impact of any information, document, certificate, record, statement, representation, covenant, or assumption relied upon herein that becomes incorrect or untrue.

No ruling or advisory opinion has been or will be sought from the IRS or any other taxing authority as to any of the matters discussed herein. The opinions set forth in this letter are based on current provisions of the Code, the Treasury Regulations thereunder, and interpretations of the foregoing as expressed in court decisions, applicable legislative history, and the administrative rulings and practices of IRS, including its practices and policies in issuing private letter rulings, which are not binding on the IRS except with respect to a taxpayer that receives such a ruling, all as of the date hereof. These provisions and interpretations are subject to change by the IRS, Congress, and the courts (as applicable), which change may or may not be retroactive in effect and which might result in material modifications of our opinions. Our opinions do not foreclose the possibility of a contrary determination by the IRS or a court of competent jurisdiction. In this regard, an opinion of counsel with respect to an issue represents counsel's best professional judgment with respect to the outcome on the merits with respect to such issue if such issue were to be litigated, but an opinion is not binding on the IRS or the courts and is not a guarantee that the IRS will not assert a contrary position with respect to such issue or that a court will not sustain such a position asserted by the IRS. Furthermore, no assurance can be given that future legislative, judicial, or administrative changes, including on a retroactive basis, would not adversely affect the accuracy of the opinions expressed herein.

We hereby consent to the filing of the form of this opinion as an exhibit to the Registration Statement and to the use of our name and to any reference to our firm in the Registration Statement. In giving such consent, we do not thereby admit that we are within the category of persons whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

Greenberg Traurig, LLP

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