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Exhibit 99.(i)
Piper Marbury Rudnick & Wolfe LLP
6225 Smith Avenue
Baltimore, Maryland 21209-3600
www.piperrudnick.com
PHONE (410) 580-3000
FAX (410) 580-3001
December 8, 2000
The Prudential Investment Portfolios, Inc.
Gateway Center Three
100 Mulberry Street
Newark, New Jersey 07102
Re: Registration Statement on Form N-1A
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Ladies and Gentlemen:
We have acted as special Maryland counsel to The Prudential Investment
Portfolios, Inc (the "Fund"), in connection with the registration under the
Securities Act of 1933, as amended (the "Securities Act"), by the Fund of up to
3,250,000,000 shares of Common Stock, par value $.001 per share, divided into
five classes, designated as Class A, Class B, Class C, Class I and Class Z (the
"Shares"), pursuant to a registration statement filed with the Securities and
Exchange Commission (the "Commission") on Form N-1A, as amended (the
"Registration Statement"). This opinion is being furnished at your request in
connection with the filing of the Registration Statement.
In our capacity as Maryland counsel, we have reviewed originals or copies,
certified or otherwise identified to our satisfaction, of the following
documents:
(a) The Charter of the Company certified by the Maryland State
Department of Assessments and Taxation (the "MSDAT").
(b) The By-Laws of the Company.
(c) The Registration Statement.
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The Prudential Investment Portfolios, Inc.
December 8, 2000
Page 2
(d) The minutes of proceedings of the Company relating to (i) the
authorization of the issuance of the Shares, and (ii) the authorization of
the Registration Statement and the transactions contemplated thereby.
(e) A short-form Good Standing Certificate for the Company, dated a
recent date, issued by the MSDAT.
(f) A Certificate of Secretary of the Company, dated as of the date
hereof, as to certain factual matters (the "Certificate").
(g) Such other documents as we have considered necessary to the
rendering of the opinion expressed below.
In such examination of the aforesaid documents, we have assumed, without
independent investigation, the genuineness of all signatures, the legal capacity
of all individuals who have executed any of the aforesaid documents, the
authenticity of all documents submitted to us as originals, the conformity with
originals of all documents submitted to us as copies (and the authenticity of
the originals of such copies), and the accuracy and completeness of all public
records reviewed by us. As to factual matters, we have relied on the
Certificate and have not independently verified the matters stated therein.
Based upon the foregoing, having regard for such legal considerations as we
deem relevant, and limited in all respects to applicable Maryland law, we are of
the opinion and advise you that:
1. The Fund has been duly incorporated and is validly existing as a
corporation in good standing under the laws of the State of Maryland.
2. The Shares to be issued by the Fund pursuant to the Registration
Statement have been duly authorized and, when issued as contemplated in the
Registration Statement in an amount not to exceed the number of Shares
authorized by the Charter but unissued, will be validly issued, fully paid and
nonassessable.
In addition to the qualifications set forth above, this opinion is subject
to the qualification that we express no opinion as to the laws of any
jurisdiction other than the State of Maryland. This opinion concerns only the
effect of the laws (exclusive of the securities or "blue sky" laws and the
principles of conflict of laws) of the State of Maryland as currently in effect.
We assume no obligation to supplement this opinion if any applicable laws change
after the date hereof or if any facts or circumstances come to our attention
after the date hereof that might change this opinion. This opinion is limited
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The Prudential Investment Portfolios, Inc.
December 8, 2000
Page 3
to the matters set forth herein, and no other opinion should be inferred beyond
the matters expressly stated.
We hereby consent to the filing of this opinion as an exhibit to the Fund's
Registration Statement.
Very truly yours,
/s/ Piper Marbury Rudnick & Wolfe LLP
