HALE AND DORR LLP
COUNSELLORS AT LAW
WWW.HALEDORR.COM
60 STATE STREET [] BOSTON, MA 02109
617-526-6000 [] FAX 617-526-5000
November 10, 2000
Pioneer Global Financials Fund
60 State Street
Boston, Massachusetts 02109
Ladies and Gentlemen:
Pioneer Global Financials Fund (the "Trust") was established as a Delaware
business trust under an Agreement and Declaration of Trust dated August 25,
2000, as amended (as so amended, 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 therein provided. 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 four classes, designated as Class A, Class B, Class C
and Class Y.
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.
Any reference to "our knowledge", to any matter "known to us", "coming to
our attention" or "of which we are aware" or any variation of any of the
foregoing shall mean the conscious awareness of the attorneys in this firm who
have rendered substantive attention to the preparation of the Trust's
Registration Statement on Form N-1A or any amendments thereto, of the existence
or absence of any facts which would contradict the opinions set forth below. We
have not undertaken any independent investigation to
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Pioneer Global Financials Fund
November 10, 2000
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determine the existence or absence of such facts, and no inference as to
our knowledge of the existence or absence of such facts should be drawn from the
fact of our representation of the Trust. Without limiting the foregoing, we have
not examined any dockets or records of any court, administrative tribunal or
other similar entity, or any electronic or computer databases, in connection
with our opinions expressed below.
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 Business Trust Act, 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 Section 2 of Article VIII 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).
Subject to the foregoing, we are of the opinion that the Trust is a duly
organized and validly existing business 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-1A and the Underwriting Agreement between the Trust and
Pioneer Funds Distributor, Inc., will constitute legally and 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
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
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Pioneer Global Financials Fund
November 10, 2000
Page 3
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.
This opinion is furnished to you solely for your use and may not be quoted
to or relied upon by any other person or entity or used for any other purpose,
without our prior written consent.
We consent to your filing this opinion with the Securities and Exchange
Commission (the "Commission") as an exhibit to any amendments to the Trust's
registration statement with the Commission. Except as provided in this
paragraph, this opinion may not be relied upon by, or filed with, any other
parties or for any other purpose.
Very truly yours,
/s/ Hale and Dorr LLP
Hale and Dorr LLP
