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August 25, 2000
Financial Investors Trust
Suite 3100
370 17th Street
Denver, CO 80202
RE: Financial Investors Trust
Ladies and Gentlemen:
We have acted as counsel to Financial Investors Trust, a Delaware
business trust (the "Trust"), and are providing this opinion in connection with
the registration by the Trust of shares of beneficial interest, no par value
(the "Shares"), of the funds listed on EXHIBIT A attached hereto (the "Fund"),
each a series of the Trust, described in Post-Effective Amendment No. 19 to the
Registration Statement on Form N1-A of the Trust (1933 Act File No. 33-72626;
1940 Act File No. 811-08194), as filed with the Securities and Exchange
Commission on August 25, 2000 (the "Registration Statement").
In such connection, we have examined the Trust Instrument and Bylaws of
the Trust, the proceedings of its Trustees relating to the authorization,
issuance and proposed sale of the Shares, and considered such other records and
documents and such factual and legal matters as we deemed appropriate for
purposes of this opinion.
Based on the foregoing, it is our opinion that the Shares have been
duly authorized and, when sold as contemplated in the Registration Statement,
including receipt by the Fund of full payment for the Shares and compliance with
the Securities Act of 1933, the Investment Company Act of 1940 and applicable
state law regulating the offer and sale of securities, will be validly issued,
fully paid and non-assessable Shares of the Trust.
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We hereby consent to all references to this firm in the Registration
Statement and to the filing of this opinion as an exhibit to the Registration
Statement. This consent does not constitute a consent under Section 7 of the
Securities Act of 1933, and in consenting to the references to our firm in the
Registration Statement, we have not certified any part of the Registration
Statement and do not otherwise come within the categories of persons whose
consent is required under Section 7 of the rules and regulations of the
Securities and Exchange Commission thereunder.
Very truly yours,
DAVIS, GRAHAM & STUBBS LLP
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EXHIBIT A
List of Funds
ARISTATA EQUITY FUND
ARISTATA QUALITY BOND FUND
ARISTATA COLORADO QUALITY TAX-EXEMPT FUND
INTERESTATE FUND
PRIME MONEY MARKET FUND
UNITED ASSOCIATION S&P 500 INDES FUND
U.S. TREASURY MONEY MARKET FUND
U.S. GOVERNMENT MONEY MARKET FUND
MAGNET TOTAL MARKET GROWTH FUND
(INVESTOR SHARES)
MAGNET TOTAL MAREKT GROWTH FUND
(ADVISER SHARES)
