WILMER CUTLER PICKERING
HALE AND DORR LLP
David C. Phelan
60 State Street
Boston, MA 02109
+ 1 617 526 6372
+ 1 617 526 5000 fax
david.phelan@wilmerhale.com
June 24, 2005
Pioneer Europe Fund
60 State Street
Boston, Massachusetts 02109
Pioneer Europe Select Fund
60 State Street
Boston, Massachusetts 02109
Ladies and Gentlemen:
This opinion is being delivered to you in connection with the Agreement and Plan
of Reorganization (the "Agreement") made as of May 13, 2005 by and between
Pioneer Europe Fund ("Acquiring Fund") and Pioneer Europe Select Fund ("Acquired
Fund"). Pursuant to the Agreement, Acquiring Fund will acquire all of the assets
of Acquired Fund in exchange solely for (i) the assumption by Acquiring Fund of
all of the liabilities of Acquired Fund (the "Acquired Fund Liabilities"), and
(ii) the issuance of Class A shares, Class B shares, and Class C shares of
beneficial interest of Acquiring Fund (the "Acquiring Fund Shares") to Acquired
Fund, followed by the distribution by Acquired Fund, in liquidation of Acquired
Fund, of the Acquiring Fund Shares to the shareholders of Acquired Fund and the
termination of Acquired Fund (the foregoing together constituting the
"Transaction"). All section references, unless otherwise indicated, are to the
United States Internal Revenue Code of 1986, as amended (the "Code").
In rendering this opinion, we have examined and relied upon (i) the prospectus
for Acquiring Fund dated March 1, 2005; (ii) the statement of additional
information for Acquiring Fund dated March 1, 2005; (iii) the prospectus for
Acquired Fund dated December 3, 2005; (iv) the statement of additional
information for Acquired Fund dated December 3, 2005; (v) the Notice of Special
Meeting of Shareholders Scheduled for June 21, 2005 and the accompanying proxy
statement and prospectus on Form N-14; (vi) the Agreement; (vii) the tax
representation certificates delivered pursuant to the Agreement and relevant to
this opinion (the "Representation Certificates"); and (viii) such other
documents as we deemed necessary or relevant to our analysis.
In our examination of documents, we have assumed, with your permission, the
authenticity of original documents, the accuracy of copies, the genuineness of
signatures, the legal capacity of signatories, and the proper execution of
documents. We have further assumed, with your permission, that (i) all parties
to the Agreement and to any other documents examined by us have acted, and will
act, in accordance with the terms of such Agreement and documents and that the
Transaction will be consummated pursuant to the terms and conditions set forth
in the Agreement without the waiver or modification of any such terms and
conditions; (ii) all representations contained in the Agreement, as well as
BALTIMORE BEIJING BERLIN BOSTON BRUSSELS LONDON
MUNICH NEW YORK NORTHERN VIRGINIA OXFORD WALTHAM WASHINGTON
Pioneer Europe Fund
Pioneer Europe Select Fund
June 24, 2005
Page 2
those representations contained in the Representation Certificates are, on the
date hereof, and will be, at the consummation of the Transaction and thereafter
as relevant, true and complete; (iii) any representation made in any of the
documents referred to herein "to the knowledge and belief" (or similar
qualification) of any person or party is, and at the consummation of the
Transaction will be, correct without such qualification; and (iv) as to all
matters for which a person or entity has represented that such person is not a
party to, does not have, or is not aware of any plan, intention, understanding,
or agreement, there is no such plan, intention, understanding, or agreement. We
have not attempted to verify independently any of the above assumptions or
representations, but in the course of our representation, nothing has come to
our attention that would cause us to question the accuracy thereof.
The conclusions expressed herein represent our judgment as to the proper
treatment of the Transaction under the income tax laws of the United States
based upon the relevant provisions of the Code, the Treasury Regulations
promulgated thereunder, and interpretations of the foregoing as expressed in
court decisions, rulings and other pronouncements of the Internal Revenue
Service (the "IRS"), and other administrative determinations, all as in effect
on the date of this opinion. We cannot give any assurance that such laws will
not be amended or otherwise changed after the consummation of the Transaction or
that any such changes will not affect the conclusions expressed herein. We
undertake no obligation to update or supplement this opinion to reflect any
changes in law that may occur.
Our opinion represents our best judgment of how a court would decide if
presented with the issues addressed herein and is not binding upon the IRS or
any court. Thus, no assurance can be given that a position taken in reliance on
our opinion will not be challenged by the IRS or rejected by a court.
This opinion is limited to the specific United States federal income tax
consequences of the Transaction set forth below. It does not address any other
federal, state, local, or foreign income, estate, gift, transfer, sales, use, or
other tax consequences that may result from the Transaction or any other
transaction , including any transaction undertaken in connection with the
Transaction. This opinion may not apply to certain classes of taxpayers,
including without limitation shareholders who are not citizens or residents of
the United States, insurance companies, tax-exempt organizations, financial
institutions, dealers in securities or foreign currencies, or persons who hold
their shares as part of a straddle or conversion transaction.
On the basis of and subject to the foregoing and in reliance upon the
representations, facts and assumptions described above, we are of the opinion
that the acquisition by Acquiring Fund of the assets of Acquired Fund solely in
exchange for the issuance of Acquiring Fund Shares to Acquired Fund and the
assumption of the Acquired Fund Liabilities by Acquiring Fund, followed by the
distribution by Acquired Fund, in liquidation of Acquired Fund, of Acquiring
Fund Shares to Acquired Fund shareholders in exchange for their Acquired Fund
Shares and the termination of Acquired Fund, will constitute a "reorganization"
within the meaning of Section 368(a) of the Code.
Pioneer Europe Fund
Pioneer Europe Select Fund
June 24, 2005
Page 3
As indicated above, our opinion is based solely on the documents that we have
examined, including without limitation the Representation Certificates and the
assumptions described herein. If any of the facts or representations contained
in such documents is, or later becomes, inaccurate in any material respect, or
if any of the assumptions we have made is, or later becomes, unfounded in any
material respect, our opinion may be adversely affected and may not be relied
upon.
This opinion is being delivered to you solely in connection with the closing
condition set forth in Section 9.5 of the Agreement. This opinion is intended
solely for the benefit of you and the shareholders of the Acquired Fund and it
may not be relied upon for any other purpose or by any other person or entity,
and may not be made available to any other person or entity, without our prior
written consent.
Very truly yours,
WILMER CUTLER PICKERING
HALE AND DORR LLP
By: /s/ Roger M. Ritt
-------------------------
Roger M. Ritt, Partner