[LETTERHEAD]
WILMERHALE
+1 617 526 6000 (t)
+1 617 526 5000 (f)
wilmerhale.com
June 29, 2007
Pioneer Interest Shares
60 State Street
Boston, Massachusetts 02109
Ladies and Gentlemen:
Pioneer Bond Fund (the "Trust") was originally organized as a Massachusetts
corporation on August 16, 1978, reorganized as a Massachusetts business trust
on December 31, 1985 and reorganized as a Delaware statutory trust on May 17,
1999 under an Agreement and Declaration of Trust dated January 5, 1999, as
amended from time to time (the "Declaration of Trust"). The beneficial
interests thereunder are represented by transferable shares of beneficial
interest, no par value.
The Trustees have the powers set forth in the Declaration of Trust, subject to
the terms, provisions and conditions provided therein. Pursuant to Article V,
Section 2 of the Declaration of Trust, the number of shares of beneficial
interest authorized to be issued under the Declaration of Trust is unlimited and
the Trustees are authorized to divide the shares into one or more series of
shares and one or more classes thereof as they deem necessary or desirable.
Pursuant to Article V, Section 3 of the Declaration of Trust, the Trustees are
empowered in their discretion to issue shares of any series for such amount and
type of consideration, including cash or securities, and on such terms as the
Trustees may authorize, all without action or approval of the shareholders. As
of the date of this opinion, the Trustees have divided the shares of the Trust
into six classes of shares designated as Class A, Class B, Class C, Class Y,
Class R and Class Z shares. Class Z shares of the Trust have not yet been issued
as of the date of this opinion.
We have examined the Declaration of Trust and By-Laws, each as amended from
time to time, of the Trust, and such other documents as we have deemed
necessary or appropriate for the purposes of this opinion, including, but not
limited to, originals, or copies certified or otherwise identified to our
satisfaction, of such documents, Trust records and other instruments. In our
examination of the above documents, we have assumed the genuineness of all
signatures, the authenticity of all documents submitted to us as originals and
the conformity to original documents of all documents submitted to us as
certified of photostatic copies.
Our opinions below are qualified to the extent that they may be subject to or
affected by (i) applicable bankruptcy, insolvency, reorganization, fraudulent
conveyance or transfer, moratorium or similar laws affecting the rights and
remedies of creditors generally, (ii) statutory or decisional law concerning
recourse by creditors to security in the absence of notice or hearing and (iii)
duties and standards imposed on creditors and parties to contracts, including,
without limitation, requirements of good faith, reasonableness and fair
dealing. Further, we do not express any opinion as to (i) the availability of
the remedy of specific performance or any other equitable remedy upon breach of
any provision of any agreement whether applied by a court of law or equity,
(ii) the successful assertion of any equitable defense, or (iii) the right of
any party to enforce the indemnification or contribution provisions of any
agreement.
In rendering the opinion below, insofar as it relates to the good standing and
valid existence of the Trust, we have relied solely on a certificate of the
Secretary of State of the State of Delaware, dated as of a recent date, and
such opinion is limited accordingly and is rendered as of the date of such
certificate.
This opinion is limited to the Delaware Statutory Trust Act statute (which for
this purpose includes applicable provisions of the Delaware Constitution and
reported judicial decisions interpreting these laws), and we express no opinion
with respect to the laws of any other jurisdiction or to any other laws of the
State of Delaware. Further, we express no opinion as to compliance with any
state or federal securities laws, including the securities laws of the State of
Delaware.
Our opinion below, as it relates to the non-assessability of the shares of the
Trust, is qualified to the extent that any shareholder is, was or may become a
named Trustee of the Trust. It is also qualified to the extent that, pursuant
to Article VIII, Section 2 of the Declaration of Trust, the Trustees have the
power to cause shareholders, or shareholders of a particular series, to pay
certain custodian, transfer, servicing or similar agent charges by setting off
the same against declared but unpaid dividends or by reducing share ownership
(or by both means).
Wilmer Cutler Pickering Hale and Dorr LLP, 60 State Street,
Boston, Massachusetts 02109
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[LETTERHEAD]
WILMERHALE
Pioneer Interest Shares
June 29, 2007
Page 2
Subject to the foregoing, we are of the opinion that the Trust is a duly
organized and validly existing statutory trust in good standing under the laws
of the State of Delaware and that the shares of beneficial interest of the
Trust, when issued in accordance with the terms, conditions, requirements and
procedures set forth in the Declaration of Trust, the Trust's Registration
Statement on Form N-14, and the Agreement and Plan of Reorganization between
the Trust and Pioneer Interest Shares will be validly issued, fully paid and
non-assessable shares of beneficial interest in the Trust, subject to
compliance with the Securities Act of 1933, as amended (the "Securities Act"),
the Investment Company Act of 1940, as amended, and the applicable state laws
regulating the sale of securities.
We are opining only as to the specific legal issues expressly set forth herein,
and no opinion should be inferred as to any other matters. We are opining on
the date hereof as to the law in effect on the date hereof, and we disclaim any
obligation to advise you of any change in any of these sources of law or
subsequent legal or factual developments that might affect any matters or
opinions set forth herein.
We hereby consent to the filing of this opinion with the Securities and
Exchange Commission (the "Commission") as an exhibit to the Trust's
Registration Statement in accordance with the requirements of Form N-14 under
the Securities Act. In giving such consent, we do not hereby admit that we are
in the category of persons whose consent is required under Section 7 of the
Securities Act or the rules and regulations of the Commission.
Best regards,
WILMER CUTLER PICKERING
HALE AND DORR LLP
By: /s/ Christopher P. Harvey
Christopher P. Harvey, Partner