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Exhibit 23(i)
OPINION AND CONSENT OF COUNSEL
October 27, 2000
Monument Series Fund
7920 Norfolk Avenue
Suite 500
Bethesda, Maryland 20814
Ladies and Gentlemen:
This opinion is given in connection with the filing with the Securities
and Exchange Commission ("SEC") by Monument Series Fund, a Delaware business
trust ("Company") of Post-Effective Amendment No. 9 to the Registration
Statement on Form N-1A ("Registration Statement") under the Securities Act of
1933 ("1933 Act") and Amendment No. 11 under the Investment Company Act of 1940
("1940 Act") (File Nos. 333-26223 and 811-8199). This filing relates to existing
Class A, Class B and Class C shares of beneficial interest. In addition, the
filing relates to three separate existing series of the Company: (i) Monument
Medical Sciences Fund; (ii) Monument Telecommunications Fund; and (iii) Monument
Internet Fund, which is becoming Monument Digital Technology Fund with the
effectiveness of this registration statement. An additional series, Monument New
Economy Fund, has been declared effective but has not yet commenced operations.
In addition, the Company is adding an additional series by this filing: Monument
Genomics Fund. The authorized shares of beneficial interest of the Portfolios
are referred to in this opinion as the "Shares."
This firm has examined the following documents: Articles of
Incorporation; Articles of Amendment; proposed Declaration of Trust; By-Laws;
Registration Statement on Form N-1A filed on April 30, 1997; Pre-Effective
Amendment No. 1 to the Registration Statement on Form N-1A filed on October 21,
1997; Pre-Effective Amendment No. 2 to the Registration Statement on Form N-1A
filed on December 27, 1997; Post-Effective Amendment No. 1 to the Registration
Statement on Form N-1A filed on June 12, 1998; Post-Effective Amendment No. 2 to
the Registration Statement on Form N-1A filed on September 29, 1998;
Post-Effective Amendment No. 3 to the Registration Statement on Form N-1A filed
on November 3, 1998; Post-Effective Amendment No. 4 to the Registration
Statement on Form N-1A filed on March 1, 1999; Post-Effective Amendment No. 5 to
the Registration Statement on Form N-1A filed on April 15, 1999; Post-Effective
Amendment No. 6 to the Registration Statement on Form N-1A filed on August 3,
1999; Post-Effective Amendment No. 7 to the Registration Statement on Form N-1A
filed on or about January 18, 2000; Post-Effective Amendment No. 8 to the
Registration Statement on Form N-1A filed on or about March 10, 2000; and
Post-Effective Amendment No. 9 to the Registration Statement on Form N-1A to be
filed on or about October 30, 2000; pertinent provisions of the laws of the
State of Delaware; and such other records, certificates, documents and statutes
that this firm has deemed relevant in order to render the opinion expressed in
this letter.
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Based on the examination, this firm is of the opinion that:
1. The Company is a corporation duly organized, validly existing, and in
good standing under the laws of the State of Delaware; and
2. The Shares to be offered for sale by the Company, when issued in the
manner contemplated by the Registration Statement, as amended, will be legally
issued, fully-paid and non-assessable.
This letter expresses the firm's opinion as to the Delaware Business
Trust Act governing matters such as the due organization of the Company and the
authorization and issuance of the Shares, but does not extend to the securities
or "Blue Sky" laws of Delaware or to federal securities or other laws.
This firm consents to the use of this opinion as an exhibit to the
Registration Statement, as amended.
Very truly yours,
BETH-ANN ROTH, P.C.
