Exhibit (i)
VEDDER PRICE VEDDER, PRICE, KAUFMAN & KAMMHOLZ
222 NORTH LASALLE STREET
CHICAGO, ILLINOIS 60601-1003
312-609-7500
FACSIMILE: 312-609-5005
A PARTNERSHIP INCLUDING VEDDER, PRICE, KAUFMAN &
KAMMHOLZ, P.C.
WITH OFFICES IN CHICAGO AND NEW YORK CITY
November 20, 2000
Zurich Money Funds
222 South Riverside Plaza
Chicago, Illinois 60606
Ladies and Gentlemen:
Reference is made to Post-Effective Amendment No. 50 to the
Registration Statement on Form N-1A under the Securities Act of 1933 being filed
by Zurich Money Funds (the "Fund") in connection with the public offering from
time to time of units of beneficial interest, no par value ("Shares"), in the
Zurich Money Market Fund, Zurich Government Money Fund, and Zurich TaxFree Money
Fund (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 Amended and
Restated Agreement and Declaration of Trust dated January 20, 1998 and the
By-Laws of the Fund adopted October 10, 1985, are presently in fall 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 October 10, 1985, August 6, 1986, May
12, 1987 and September 15, 1997, 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 Portfolio; and (b) presently and upon such
further issuance of the Shares in accordance with the Fund's Amended and
Restated 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.
<PAGE>
VEDDER PRICE
Zurich Money Funds
November 20, 2000
Page 2
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 a
Portfolio. However, the Amended and Restated 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 Amended and Restated Agreement and
Declaration of Trust provides for indemnification out of the property of a
Portfolio 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 a Portfolio 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
RJM/COK
