Exhibit (i)
November 20, 2000
Kemper Horizon Fund
222 South Riverside Plaza
Chicago, Illinois 60606
Ladies and Gentlemen:
Reference is made to Post-Effective Amendment No. 7 to the Registration
Statement on Form N-lA under the Securities Act of 1933 being filed by Kemper
Horizon Fund (the "Fund") in connection with the public offering from time to
time of units of beneficial interest, no par value ("Shares"), in the Kemper
Horizon 20+ Portfolio, Kemper Horizon 10+ Portfolio and Kemper Horizon 5
Portfolio (each, a "Portfolio" and collectively, the "Portfolios").
We have acted as counsel to the Fund, and in such capacity are familiar
with the Fund's organization and have counseled the Fund regarding various legal
matters. We have examined such Fund records and other documents and certificates
as we have considered necessary or appropriate for the purposes of this opinion.
In our examination of such materials, we have assumed the genuineness of all
signatures and the conformity to original documents of all copies submitted to
us.
Based upon the foregoing and assuming that the Fund's Agreement and
Declaration of Trust dated June 12, 1995 as amended by the Written Instrument
Amending the Agreement and Declaration of Trust dated September 7, 1995, and the
Written Instrument Changing the Name of the Existing Series and Establishing and
Designating Two Additional Series dated September 8, 1995, the Written
Instrument Establishing and Designating Separate Classes of Shares dated
September 16, 1995, the Written Instrument Changing the Name of the Existing
Series, dated November 10, 1995 and the Amended and Restated Written Instrument
Establishing and Designating Separate Classes of Shares dated March 6, 1996 and
the By-Laws of the Fund adopted September 16, 1995, are presently in full force
and effect and have not been amended in any respect and that the resolutions
adopted by the Board of Trustees of the Fund on September 16, 1995, November 10,
1995 and March 6, 1996 relating to organizational matters, securities matters
and the issuance of shares are presently in full force and effect and have not
been amended in any respect, we advise you and opine that (a) the Fund is a
validly existing voluntary association with transferrable shares under the laws
of the Commonwealth of Massachusetts and is authorized to issue an unlimited
number of Shares in the Portfolios; and (b) presently and upon such further
issuance of the Shares in accordance with the
<PAGE>
VEDDER PRICE
Kemper Horizon Fund
November 20, 2000
Page 2
Fund's Agreement and Declaration of Trust and the receipt by the Fund of a
purchase price not less than the net asset value per Share and when the
pertinent provisions of the Securities Act of 1933 and such "blue-sky" and
securities laws as may be applicable have been complied with, and assuming that
the Fund continues to validly exist as provided in (a) above, the Shares are and
will be legally issued and outstanding, fully paid and nonassessable.
The Fund is an entity of the type commonly known as a "Massachusetts
business trust." Under Massachusetts law, shareholders could, under certain
circumstances, be held personally liable for the obligations of the Fund or the
Portfolios. However, the Agreement and Declaration of Trust disclaims
shareholder liability for acts and obligations of the Fund or a Portfolio and
requires that notice of such disclaimer be given in each note, bond, contract,
instrument, certificate share or undertaking made or issued by the Trustees or
officers of the Fund. The Agreement and Declaration of Trust provides for
indemnification out of the property of the Portfolios for all loss and expense
of any shareholder of that Portfolio held personally liable for the obligations
of such Portfolio. Thus, the risk of liability is limited to circumstances in
which the Portfolios would be unable to meet its obligations.
This opinion is solely for the benefit of the Fund, the Fund's Board of
Trustees and the Fund's officers and may not be relied upon by any other person
without our prior written consent. We hereby consent to the use of this opinion
in connection with said Post-Effective Amendment.
Very truly yours,
/s/VEDDER, PRICE, KAUFMAN & KAMMHOLZ
VEDDER, PRICE, KAUFMAN & KAMMHOLZ
COK/DAS
