Exhibit (i)
[DECHERT PRICE & RHOADS LETTERHEAD]
August 31, 2000
Farmers Investment Trust
222 South Riverside Plaza
Chicago, IL 60606
Re: Post-Effective Amendment No. 4 to the Registration Statement on Form
N-1A (SEC File No. 811-09085)
Ladies and Gentlemen:
Farmers Investment Trust (the "Trust") is a trust created under a
written Declaration of Trust dated October 26, 1998. The Declaration of Trust,
as amended from time to time, is referred to as the "Declaration of Trust." The
beneficial interest under the Declaration of Trust is represented by
transferable shares, $.01 par value per share ("Shares"). The Trustees have the
powers set forth in the Declaration of Trust, subject to the terms, provisions
and conditions therein provided.
We are of the opinion that all legal requirements have been complied
with in the creation of the Trust and that said Declaration of Trust is legal
and valid.
Under Article V, Section 5.4 of the Declaration of Trust, the Trustees
are empowered, in their discretion, from time to time, to issue Shares for such
amount and type of consideration, at such time or times and on such terms as the
Trustees may deem best. Under Article V, Section 5.1 of the Declaration of
Trust, it is provided that the number of Shares authorized to be issued under
the Declaration of Trust is unlimited. Under Article V, Section 5.11 of the
Declaration of Trust, the Trustees may authorize the division of Shares into two
or more series. Under Article V, Section 5.13 of the Declaration of Trust, the
Trustees may authorize the division of Shares of any series into two or more
classes. By written instruments, the Trustees have from time to time established
various series of the Trust and various classes of those series. The Shares are
currently divided into five series (the "Funds"), each of which has two classes.
By votes adopted on February 12, 1999 and November 10, 1999, the
Trustees of the Trust authorized the President, any Vice President, the
Secretary and the Treasurer, from time to time, to determine the appropriate
number of Shares to be registered, to register with the Securities and Exchange
Commission, and to issue and sell to the public, such Shares.
We understand that you are about to file with the Securities and
Exchange Commission, on Form N-1A, Post Effective Amendment No. 4 to the Trust's
Registration Statement (the "Registration Statement") under the Securities Act
of 1933, as amended (the "Securities Act"), in connection with the continuous
offering of the Shares of the five Funds: Income Portfolio, Income with Growth
Portfolio, Balanced Portfolio, Growth with Income Portfolio and Growth
Portfolio. We understand that our opinion is required to be filed as an exhibit
to the Registration Statement.
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Farmers Investment Trust
August 31, 2000
Page 2
We are of the opinion that all necessary Trust action precedent to the
issue of the Shares of the Funds named above has been duly taken, and that all
such Shares may be legally and validly issued for cash, and when sold will be
fully paid and non-assessable by the Trust upon receipt by the Trust or its
agent of consideration for such Shares in accordance with the terms in the
Registration Statement, subject to compliance with the Securities Act, the
Investment Company Act of 1940, as amended, and applicable state laws regulating
the sale of securities.
We consent to your filing this opinion with the Securities and Exchange
Commission as an Exhibit to Post-Effective Amendment No. 4 to the Registration
Statement.
Very truly yours,
/s/DECHERT PRICE & RHOADS
DECHERT PRICE & RHOADS
