Bingham McCutchen LLP Letterhead]Pioneer Series Trust Xi • August 29th, 2013
This opinion is furnished to you pursuant to Paragraph 8.4 of the Agreement and Plan of Reorganization (the “Agreement”), dated as of June 7, 2013, by and between Pioneer Value Fund, a Delaware statutory trust, on behalf of Pioneer Value Fund, the sole series thereof, and Pioneer Research Fund, a Delaware statutory trust, on behalf of Pioneer Research Fund, the sole series thereof. All capitalized terms not otherwise defined herein have the meanings ascribed to them in the Agreement. The Agreement contemplates the acquisition of all of the assets of Pioneer Research Fund by Pioneer Value Fund in exchange for (a) the assumption by Pioneer Value Fund of the liabilities of Pioneer Research Fund and (b) the issuance and delivery by Pioneer Value Fund to Pioneer Research Fund, for distribution, in accordance with Paragraph 1.4 of the Agreement, pro rata to Research Fund Shareholders in exchange for their Research Fund Shares and in complete liquidation of Pioneer Research Fund, of a number
