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Exhibit 11
October 30, 2000
Dresdner RCM Global Funds, Inc.
Four Embarcadero Center
San Francisco, California 94111-4189
Re: Dresdner RCM Global Funds, Inc.
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Ladies and Gentlemen:
We have acted as special Maryland counsel to Dresdner RCM Global
Funds, Inc., a Maryland corporation (the "Corporation"), in connection with
the transfer of all of the assets and liabilities of Dresdner RCM Capital
Funds, Inc., a Maryland corporation ("Capital Funds"), and Dresdner RCM
Investment Funds Inc., A Maryland corporation ("Investment Funds" and,
collectively with Capital Funds, the "Companies"), to the Corporation acting
on behalf of its Dresdner RCM Europe Fund, Dresdner RCM International Growth
Equity Fund, Dresdner RCM MidCap Fund, and Dresdner RCM Small Cap Fund (each
a "Fund" and, collectively, the "Funds"), and the Corporation's related
issuance of shares of Class I Common Stock and Class N Common Stock of its
Dresdner RCM Europe Fund and Dresdner RCM International Growth Equity Fund
and Class I Common Stock of its Dresdner RCM MidCap Fund and Dresdner RCM
Small Cap Fund, $.0001 par value per share (each a "Class" and, collectively
the "Shares"), pursuant to proposed Agreements and Plans of Reorganization
(the "Agreements") between the Corporation, on behalf of the Funds, and (i)
Capital Funds, on behalf of its Dresdner RCM International Growth Equity
Fund, Dresdner RCM MidCap Fund, and Dresdner RCM Small Cap Fund and (ii)
Investment Funds, on behalf of its Dresdner RCM Europe Fund, its sole series.
We have examined the Corporation's Charter and Bylaws, its
Registration Statement on Form N-14 to be filed with the Securities and
Exchange Commission with respect to the reorganizations contemplated in the
Agreements, substantially in the form in which it is to become effective (the
"Registration Statement"), and the form of the Agreements as approved by the
Board of Directors of the Corporation. We have further examined and relied
upon a certificate of the Maryland State Department of Assessments and
Taxation to the effect that the Corporation is duly incorporated and existing
under the laws of the State of Maryland and in good standing and duly
authorized to transact business in the State of Maryland.
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Dresdner RCM Global Funds, Inc.
October 30, 2000
Page 2
We have also examined and relied upon a certificate of the Secretary
of the Corporation certifying, among other matters, the forms of the
Agreements presented to us as being substantially in the forms approved by
the Board of Directors of the Corporation, and the resolutions of the Board
of Directors of the Corporation approving the Agreements and authorizing the
issuance of the Shares pursuant to the Agreements. We have also examined and
relied upon such corporate records of the Corporation and other documents and
certificates with respect to factual matters as we have deemed necessary to
render the opinion expressed herein. We have assumed, without independent
verification, the genuineness of all signatures on documents that we
reviewed, the authenticity of all documents submitted to us as originals,
and the conformity with originals of all documents submitted to us as copies.
We have also assumed that the terms of each of the Agreements are fair
and reasonable to the Corporation.
Based on the foregoing and subject to the qualifications set forth
below, we are of the opinion that:
1. The Corporation is validly existing as a corporation in good
standing under the laws of the State of Maryland.
2. The Shares of the Funds to be issued in accordance with the terms
of the Agreements, to the extent that the number of Shares of each Class of
each Fund to be issued by the Corporation on behalf of the Funds and
distributed to stockholders of the Companies does not exceed the number of
authorized and unissued shares of that Class of the respective Fund at the
time of their issuance, when so issued, will constitute validly issued
shares, fully paid and nonassessable, under the laws of the State of Maryland.
This letter expresses our opinion with respect to the Maryland General
Corporation Law governing matters such as the authorization and issuance of
stock. It does not extend to the securities or "Blue Sky" laws of Maryland,
to federal securities laws or to other laws.
We consent to the filing of this opinion as an exhibit to the
Registration Statement. We do not hereby admit that we are "experts" as that
term is used in the Securities Act of 1933 and the regulations thereunder.
This opinion may not be relied upon by any other person or for any other
purpose without our prior written consent.
Very truly yours
/s/ Venable, Baetjer and Howard, LLP
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