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                                 UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                   FORM N-CSR

                   CERTIFIED SHAREHOLDER REPORT OF REGISTERED
                        MANAGEMENT INVESTMENT COMPANIES



		Investment Company Act file number 811-06106

                          Pioneer Mid Cap Value Fund
               (Exact name of registrant as specified in charter)


                       60 State Street, Boston, MA 02109
              (Address of principal executive offices) (ZIP code)


            Terrence J. Cullen, Pioneer Investment Management, Inc.,
                       60 State Street, Boston, MA 02109
                    (Name and address of agent for service)


Registrant's telephone number, including area code:  (617) 742-7825


Date of fiscal year end:  October 31


Date of reporting period:  November 1, 2010 through October 31, 2011


Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1).  The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609.  The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.


ITEM 1. REPORTS TO SHAREOWNERS.


                        Pioneer Mid Cap
                        Value Fund
--------------------------------------------------------------------------------
                        Annual Report | October 31, 2011
--------------------------------------------------------------------------------

                        Ticker Symbols:

                        Class A   PCGRX
                        Class B   PBCGX
                        Class C   PCCGX
                        Class R   PCMRX
                        Class Y   PYCGX

                        [LOGO]PIONEER
                              Investments(R)
<PAGE>



                      visit us: us.pioneerinvestments.com
<PAGE>

Table of Contents

<TABLE>
<S>                                                                           <C>
Letter to Shareowners                                                          2
Portfolio Management Discussion                                                4
Portfolio Summary                                                              7
Prices and Distributions                                                       8
Performance Update                                                             9
Comparing Ongoing Fund Expenses                                               14
Schedule of Investments                                                       16
Financial Statements                                                          24
Notes to Financial Statements                                                 33
Report of Independent Registered Public Accounting Firm                       41
Trustees, Officers and Service Providers                                      43
</TABLE>


                      Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    1
<PAGE>

President's Letter

Dear Shareowner,

During the first three quarters of 2011, the U.S. economy struggled to gain
solid footing. The economy went through a soft patch in the first half, and the
second half, so far, has been highlighted by the U.S. government's battle over
the debt ceiling and Standard & Poor's downgrade of the U.S. Treasury's credit
rating from the top rating of "AAA" for the first time in history. After
rallying nicely in the first half, U.S. equity markets reacted sharply this
summer to the political stalemate and the downgrade. There has been continued
pressure on equities due to concerns about the growing European sovereign-debt
crisis and its potential impact on the global economy.

Despite legitimate reasons for concern, we believe there are also reasons for
optimism that the U.S. economy will continue to exhibit modest growth and is
not headed into a severe recession. Corporations continue to post solid
earnings and, for the most part, are maintaining their positive earnings
outlooks. They also have strong balance sheets with improved net leverage and
high cash levels. Auto production has rebounded following the Japanese
supply-chain interruptions caused by the earthquake and tsunami last spring.
Retail sales growth year-over-year has remained steady despite low consumer
confidence. And despite high unemployment in the U.S., private sector
employment has grown consistently, albeit modestly, since February 2010. There
are certainly risks to our outlook, including possible contagion from the
European sovereign-debt and banking crisis, the fiscal drag from federal and
state budget cuts in the U.S., as well as potential "negative feedback loops"
from capital-market volatility. But broadly speaking, we think the subpar
economic recovery is consistent with recoveries from other "balance
sheet"-caused recessions.

The difficult recovery process has been accompanied by wide market swings.
While this is a challenging environment, our investment professionals continue
to focus on finding good opportunities to invest in both equity and bond
markets using the same disciplined approach Pioneer has used since 1928. Our
approach is to identify undervalued individual securities with the greatest
potential for success, carefully weighing risk against reward. Our teams of
investment professionals continually monitor and analyze the relative
valuations of different sectors and securities globally to help build
portfolios that we believe can help you achieve your investment goals.


2    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

At Pioneer, we have long advocated the benefits of staying diversified and
investing for the long term. The strategy has generally performed well for many
investors. Our advice, as always, is to work closely with a trusted financial
advisor to discuss your goals and work together to develop an investment
strategy that meets your individual needs. There is no single best strategy
that works for every investor.

We invite you to learn more about Pioneer and our time-tested approach to
investing by consulting with your financial advisor or visiting us online at
us.pioneerinvestments.com. We greatly appreciate your trust in us and we thank
you for investing with Pioneer.

Sincerely,






/s/ Daniel K. Kingsbury



Daniel K. Kingsbury
President and CEO
Pioneer Investment Management USA, Inc.


Any information in this shareowner report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These statements should
not be relied upon for any other purposes. Past performance is no guarantee of
future results, and there is no guarantee that market forecasts discussed will
be realized.


                      Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    3
<PAGE>

Portfolio Management Discussion | 10/31/11

A series of rapid-succession changes in sentiment buffeted equity markets over
the 12 months ended October 31, 2011, as investors reacted to competing, and
often inconsistent, signals about the health of the domestic and global
economies. In the following interview, Rod Wright, senior vice president and
portfolio manager at Pioneer, and Timothy Horan, vice president and portfolio
manager at Pioneer, discuss the factors that affected the performance of
Pioneer Mid Cap Value Fund during the 12-month period. Mr. Wright and Mr. Horan
are responsible for day-to-day management of the Fund.

Q How did the Fund perform during the 12 months ended October 31, 2011?

A Pioneer Mid Cap Value Fund Class A shares returned 1.04% at net asset value
  over the 12 months ended October 31, 2011, while the Fund's benchmark, the
  Russell Midcap Value Index (the Russell Index), returned 5.83%. Over the same
  12-month period, the average return of the 302 mutual funds in Lipper's
  Multi-Cap Value Funds category was 4.57%.

Q What were the principal factors that influenced the Fund's performance over
  the 12 months ended October 31, 2011?

A The Fund had produced results in line with the overall market and the
  benchmark Russell Index through February 2011, when confidence in the strength
  of the global economic recovery appeared to dominate investors' sentiments.
  However, in March 2011, a major earthquake and tsunami in northeastern Japan
  resulted in a partial meltdown at an important nuclear power plant, creating
  doubts throughout the world about the safety and viability of nuclear power.
  As investors tried to assess the significance of that development, the Fund's
  investments in several utilities with nuclear power operations took hits to
  their stock prices. We reduced the Fund's exposure to utilities for this
  reason, and also due to concerns about future costs related to the nuclear
  power issue.

  Following the early reaction to the Japanese natural disasters, the equity
  market remained in a trading range for several months, not showing any clear
  trend until August 2011, when a series of developments caused investors to
  fear that the economy could fall back into recession. As economic data
  appeared to indicate a slowing of economic growth domestically, European
  sovereign-debt issues again captured headlines, while monetary authorities in
  China appeared to favor slowing growth in that country's economy. At the same
  time, the U.S. Congress became mired in a protracted, partisan debate about
  raising the nation's debt ceiling. The debate over the debt ceiling was
  quickly followed by a decision by the Standard & Poor's credit rating agency
  to lower the AAA credit rating of U.S. Treasury securities for the first time.
  In the resulting market slump, the


4    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

  financials sector proved to be a particular drag on the Fund's relative
  returns. We emphasized investments in higher-quality regional banks and in
  diversified financial companies with good earnings and sound business models,
  but even those companies suffered as investors worried about the vulnerability
  of financial stocks.

  The market environment subsequently changed and stock prices moved sharply
  higher again in October 2011. The improving sentiment late in the 12-month
  period came as Europe appeared to be moving towards some type of solution to
  its sovereign-debt problems and as U.S. corporations continued to post solid
  earnings gains. The Fund's benchmark-relative performance improved
  substantially during the market recovery over the final weeks of its fiscal
  year.

Q What types of investments had the most affect on the Fund's performance,
  either positive or negative, during the 12 months ended October 31, 2011?

A The Fund's stock selections in the health care, materials, industrials and
  consumer staples sectors all made positive contributions to performance. The
  Fund's investments in health care had the largest effect, as portfolio
  exposure to health maintenance organizations (HMOs) such as Humana, Aetna and
  Cigna provided a boost when the market recognized the long-term earnings
  prospects of health care insurance and services providers. The group had
  fallen out of favor because of initial fears about the effects national health
  care reform would have in the U.S. Other Fund investments in health care that
  contributed to performance included Baxter International, a producer of
  medical devices, and Forest Labs, a specialty pharmaceutical company.

  Leading contributors among the Fund's materials holdings during the period
  included Temple Inland, a packaging company that was acquired by International
  Paper at a premium stock price, and Ecolab, a distributor of specialty
  cleaning materials and services to the industrial market. In the industrials
  sector, leading performers in the Fund included human resource and benefits
  management company Towers Watson, while Church & Dwight, a producer of a
  variety of consumer cleaning products, was a major positive contributor among
  the Fund's consumer staples positions.

  Other individual Fund holdings that were noteworthy performance contributors
  included Petrohawk, an energy exploration and production company that was
  acquired at a profit to the Fund; bond ratings firm Moody's; and broadcasting
  network CBS.

  The Fund's investments in the information technology sector were less
  successful during the 12-month period. ASML, a semiconductor equipment
  manufacturer, and equipment company Xerox both lagged the market during the
  period. The Fund's benchmark-relative performance was also


                      Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    5
<PAGE>

  hurt by not owning shares of Motorola Mobility Holdings, a company whose stock
  surged when it announced that it was to be acquired by Google.

  Individual Fund investments that also detracted from results included shares
  of NII Holdings, a U.S.-based telecommunications firm operating in Latin
  America; Popular, the largest bank in Puerto Rico; packaging company Owens
  Illinois; and electronics retailer Best Buy. We sold the Fund's positions in
  all four companies.

Q What is your investment outlook?

A We believe the higher-quality mid-cap companies that we emphasize in the
  Fund's portfolio should have the potential to do well amid general uncertainty
  about the near-term economic and market outlooks. Longer-term resolutions to
  the sovereign-debt problems of some European countries do not appear close,
  and we think the domestic political debate over national fiscal policy is not
  likely to be settled before the November 2012 elections. In such an
  environment, we expect higher-quality companies to have an advantage.

  And yet the domestic economy has demonstrated remarkable resiliency, in spite
  of European banking problems and a dysfunctional political environment in
  Washington D.C. Growth in U.S. gross domestic product (GDP) persists and
  corporations continue to generate improved earnings. We think the economy
  should continue to expand, but at a slow pace. Stock market valuations appear
  attractive, and we believe this is an environment in which a portfolio of
  attractively priced stocks of companies with above- average business
  characteristics can do well.

Please refer to the Schedule of Investments on pages 16-23 for a full listing
of Fund securities.

Mid-sized companies may offer the potential for higher returns, but are also
subject to greater short-term price fluctuations than larger, more established
companies.

Investing in foreign and/or emerging markets securities involves risks relating
to interest rates, currency exchange rates, economic, and political conditions.

At times, the Fund's investments may represent industries or industry sectors
that are interrelated or have common risks, making it more susceptible to any
economic, political, or regulatory developments or other risks affecting those
industries and sectors.

These risks may increase share price volatility.

Past performance is no guarantee of future results, and there is no guarantee
that market forecasts discussed will be realized.

Any information in this shareholder report regarding market or economic trends
or the factors influencing the Fund's historical or future performance are
statements of opinion as of the date of this report. These opinions should not
be relied upon for any other purposes.


6    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Portfolio Summary | 10/31/11

Sector Distribution
--------------------------------------------------------------------------------
(As a percentage of equity holdings)


[THE DATA BELOW IS REPRESENTED AS A PIE CHART IN THE PRINTED MATERIAL.]


<TABLE>
<S>                                             <C>
Financials                                      33.8%
Industrials                                     11.1%
Consumer Discretionary                           9.1%
Utilities                                        8.7%
Health Care                                      8.7%
Consumer Staples                                 8.5%
Energy                                           7.7%
Information Technology                           7.0%
Materials                                        3.6%
Telecommunication Services                       1.8%
</TABLE>


10 Largest Holdings
--------------------------------------------------------------------------------
(As a percentage of equity holdings)*

<TABLE>
<S>       <C>                                 <C>
    1.    Humana, Inc.                        2.34%
    2.    Republic Services, Inc.             2.13
    3.    Ecolab, Inc.                        2.04
    4.    CIT Group, Inc.                     2.01
    5.    PPL Corp.                           1.84
    6.    Unum Group                          1.83
    7.    Consolidated Edison, Inc.           1.80
    8.    CIGNA Corp.                         1.77
    9.    Capital One Financial Corp.         1.76
   10.    Constellation Brands, Inc.          1.71
</TABLE>

* This list excludes temporary cash investments and derivative instruments. The
  portfolio is actively managed, and current holdings may be different. The
  holdings listed should not be considered recommendations to buy or sell any
  security listed.


                      Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    7
<PAGE>

Prices and Distributions | 10/31/11

Net Asset Value per Share
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
     Class                          10/31/11                         10/31/10
--------------------------------------------------------------------------------
<S>                                  <C>                              <C>
       A                             $19.92                           $19.81
--------------------------------------------------------------------------------
       B                             $16.38                           $16.38
--------------------------------------------------------------------------------
       C                             $16.29                           $16.26
--------------------------------------------------------------------------------
       R                             $19.58                           $19.48
--------------------------------------------------------------------------------
       Y                             $20.87                           $20.75
--------------------------------------------------------------------------------
</TABLE>

Distributions per Share: 11/1/10-10/31/11
--------------------------------------------------------------------------------

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                     Net
                  Investment         Short-Term            Long-Term
     Class          Income          Capital Gains        Capital Gains
--------------------------------------------------------------------------------
<S>                <C>                  <C>                  <C>
       A           $0.1010              $--                  $--
--------------------------------------------------------------------------------
       B           $    --              $--                  $--
--------------------------------------------------------------------------------
       C           $    --              $--                  $--
--------------------------------------------------------------------------------
       R           $0.0452              $--                  $--
--------------------------------------------------------------------------------
       Y           $0.1882              $--                  $--
--------------------------------------------------------------------------------
</TABLE>

The Russell Midcap Value Index measures the performance of U.S. mid-cap value
stocks. Index returns assume reinvestment of dividends and, unlike Fund
returns, do not reflect any fees, expenses or sales charges. It is not possible
to invest directly in an index.

The index defined here pertains to the "Value of $10,000 Investment" and "Value
of $5 Million Investment" charts on pages 9-13.


8    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Performance Update | 10/31/11                                     Class A Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund at public offering price,
compared to that of the Russell Midcap Value Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 2011)
--------------------------------------------------------------------------------
                                      Net Asset     Public Offering
Period                                Value (NAV)   Price (POP)
--------------------------------------------------------------------------------
<S>                                   <C>           <C>
 10 Years                             6.48%          5.85%
 5 Years                              0.01          -1.17
 1 Year                               1.04          -4.78
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated March 1, 2011,
 as revised November 1, 2011)
--------------------------------------------------------------------------------
                                      Gross         Net
--------------------------------------------------------------------------------
<S>                                   <C>           <C>
                                      1.23%          1.23%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]

Value of $10,000 Investment

<TABLE>
<CAPTION>
               Pioneer Mid Cap   Russell Midcap
               Value Fund        Value Index
<S>            <C>               <C>
10/01          $ 9,425           $10,000
10/02          $ 8,859           $ 9,703
10/03          $11,642           $12,951
10/04          $13,697           $15,508
10/05          $15,327           $18,532
10/06          $17,644           $22,333
10/07          $20,549           $24,506
10/08          $13,007           $14,991
10/09          $14,810           $17,168
10/10          $17,470           $21,887
10/11          $17,651           $23,164
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

NAV results represent the percent change in net asset value per share. Returns
would have been lower had sales charges been reflected. POP returns reflect
deduction of maximum 5.75% sales charge. All results are historical and assume
the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.


                      Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    9
<PAGE>

Performance Update | 10/31/11                                     Class B Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund, compared to that of the Russell
Midcap Value Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 2011)
--------------------------------------------------------------------------------
                                        If             If
Period                                  Held           Redeemed
--------------------------------------------------------------------------------
<S>                                     <C>            <C>
 10 Years                                5.48%          5.48%
 5 Years                                -0.99          -0.99
 1 Year                                  0.00          -4.00
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated March 1, 2011,
 as revised November 1, 2011)
--------------------------------------------------------------------------------
                                        Gross          Net
--------------------------------------------------------------------------------
<S>                                     <C>            <C>
                                         2.29%          2.29%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]

Value of $10,000 Investment

<TABLE>
<CAPTION>
               Pioneer Mid Cap   Russell Midcap
               Value Fund        Value Index
<S>            <C>               <C>
10/01          $10,000           $10,000
10/02          $ 9,325           $ 9,703
10/03          $12,148           $12,951
10/04          $14,169           $15,508
10/05          $15,701           $18,532
10/06          $17,913           $22,333
10/07          $20,668           $24,506
10/08          $12,956           $14,991
10/09          $14,596           $17,168
10/10          $17,041           $21,887
10/11          $17,041           $23,164
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. "If Redeemed"
returns reflect the deduction of applicable contingent deferred sales charge
(CDSC). Effective December 1, 2004, the period during which a CDSC is applied
to withdrawals was shortened to 5 years. The maximum CDSC for Class B shares is
4% and declines over five years. For more complete information, please see the
prospectus. Note: Shares purchased prior to December 1, 2004, remain subject to
the CDSC in effect at the time you purchased those shares. For performance
information for shares purchased prior to December 1, 2004, please visit
us.pioneerinvestments.com. All results are historical and assume the
reinvestment of dividends and capital gains. Other share classes are available
for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of taxes that a
shareowner would pay on Fund distributions or the redemption of Fund shares.


10    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Performance Update | 10/31/11                                     Class C Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund, compared to that of the Russell
Midcap Value Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 2011)
--------------------------------------------------------------------------------
                                        If             If
Period                                  Held           Redeemed
--------------------------------------------------------------------------------
<S>                                     <C>            <C>
 10 Years                                5.56%          5.56%
 5 Years                                -0.86          -0.86
 1 Year                                  0.19           0.19
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated March 1, 2011,
 as revised November 1, 2011)
--------------------------------------------------------------------------------
                                        Gross          Net
--------------------------------------------------------------------------------
<S>                                     <C>            <C>
                                         2.13%          2.13%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]

Value of $10,000 Investment

<TABLE>
<CAPTION>
               Pioneer Mid Cap   Russell Midcap
               Value Fund        Value Index
<S>            <C>               <C>
10/01          $10,000           $10,000
10/02          $ 9,315           $ 9,703
10/03          $12,137           $12,951
10/04          $14,153           $15,508
10/05          $15,702           $18,532
10/06          $17,932           $22,333
10/07          $20,704           $24,506
10/08          $12,995           $14,991
10/09          $14,668           $17,168
10/10          $17,144           $21,887
10/11          $17,175           $23,164
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

Class C shares held for less than one year are also subject to a 1% contingent
deferred sales charge (CDSC). The performance of Class C shares does not
reflect the 1% front-end sales charge in effect prior to February 1, 2004. If
you paid a 1% sales charge, your returns would be lower than those shown above.
"If Held" results represent the percent change in net asset value per share.
Returns would have been lower had sales charges been reflected. All results are
historical and assume the reinvestment of dividends and capital gains. Other
share classes are available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    11
<PAGE>

Performance Update | 10/31/11                                     Class R Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $10,000
investment made in Pioneer Mid Cap Value Fund, compared to that of the Russell
Midcap Value Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 2011)
--------------------------------------------------------------------------------
                                        If             If
Period                                  Held           Redeemed
--------------------------------------------------------------------------------
<S>                                     <C>            <C>
 10 Years                                6.20%          6.20%
 5 Years                                -0.25          -0.25
 1 Year                                  0.73           0.73
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated March 1, 2011,
 as revised November 1, 2011)
--------------------------------------------------------------------------------
                                        Gross          Net
--------------------------------------------------------------------------------
<S>                                     <C>            <C>
                                         1.50%          1.50%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]

Value of $10,000 Investment

<TABLE>
<CAPTION>
               Pioneer Mid Cap   Russell Midcap
               Value Fund        Value Index
<S>            <C>               <C>
10/01          $10,000           $10,000
10/02          $ 9,354           $ 9,703
10/03          $12,267           $12,951
10/04          $14,415           $15,508
10/05          $16,100           $18,532
10/06          $18,481           $22,333
10/07          $21,465           $24,506
10/08          $13,559           $14,991
10/09          $15,407           $17,168
10/10          $18,116           $21,887
10/11          $18,248           $23,164
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

The performance shown for Class R shares for the period prior to the
commencement of operations of Class R shares on April 1, 2003, is based on the
performance of Class A shares, reduced to reflect the higher distribution and
service fees of Class R shares. For the period beginning on April 1, 2003, the
actual performance of Class R shares is reflected. Class R shares are not
subject to sales charges and are available for limited groups of eligible
investors, including institutional investors. All results are historical and
assume the reinvestment of dividends and capital gains. Other share classes are
available for which performance and expenses will differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.


12    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Performance Update | 10/31/11                                     Class Y Shares

Investment Returns
--------------------------------------------------------------------------------
The mountain chart on the right shows the change in value of a $5 Million
investment made in Pioneer Mid Cap Value Fund, compared to that of the Russell
Midcap Value Index.


<TABLE>
<CAPTION>
Average Annual Total Returns
(As of October 31, 2011)
--------------------------------------------------------------------------------
                                        If           If
Period                                  Held         Redeemed
--------------------------------------------------------------------------------
<S>                                     <C>          <C>
 10 Years                               6.97%        6.97%
 5 Years                                0.42         0.42
 1 Year                                 1.44         1.44
--------------------------------------------------------------------------------

<CAPTION>
 Expense Ratio
 (Per prospectus dated March 1, 2011,
 as revised November 1, 2011)
--------------------------------------------------------------------------------
                                        Gross        Net
--------------------------------------------------------------------------------
<S>                                     <C>          <C>
                                        0.84%        0.84%
--------------------------------------------------------------------------------
</TABLE>


[THE DATA BELOW IS REPRESENTED AS A MOUNTAIN CHART IN THE PRINTED MATERIAL.]

Value of $5 Million Investment

<TABLE>
<CAPTION>
               Pioneer Mid Cap   Russell Midcap
               Value Fund        Value Index
<S>            <C>               <C>
10/01          $ 5,000,000       $ 5,000,000
10/02          $ 4,723,035       $ 4,851,443
10/03          $ 6,237,918       $ 6,475,534
10/04          $ 7,374,814       $ 7,753,748
10/05          $ 8,304,334       $ 9,265,872
10/06          $ 9,599,215       $11,166,581
10/07          $11,216,267       $12,252,810
10/08          $ 7,131,941       $ 7,495,489
10/09          $ 8,159,596       $ 8,583,824
10/10          $ 9,666,067       $10,943,511
10/11          $ 9,804,795       $11,581,991
</TABLE>


Call 1-800-225-6292 or visit us.pioneerinvestments.com for the most recent
month-end performance results. Current performance may be lower or higher than
the performance data quoted.

The performance data quoted represents past performance, which is no guarantee
of future results. Investment return and principal value will fluctuate, and
shares, when redeemed, may be worth more or less than their original cost.

Class Y shares are not subject to sales charges and are available for limited
groups of eligible investors, including institutional investors. All results
are historical and assume the reinvestment of dividends and capital gains.
Other share classes are available for which performance and expenses will
differ.

Performance results reflect any applicable expense waivers in effect during the
periods shown. Without such waivers Fund performance would be lower. Waivers
may not be in effect for all funds. Certain fee waivers are contractual through
a specified period. Otherwise, fee waivers can be rescinded at any time. See
the prospectus and financial statements for more information.

The performance table and graph do not reflect the deduction of fees and taxes
that a shareowner would pay on Fund distributions or the redemption of Fund
shares.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    13
<PAGE>

Comparing Ongoing Fund Expenses

As a shareowner in the Fund, you incur two types of costs:

(1) ongoing costs, including management fees, distribution and/or service
    (12b-1) fees, and other Fund expenses; and

(2) transaction costs, including sales charges (loads) on purchase payments.

This example is intended to help you understand your ongoing expenses (in
dollars) of investing in the Fund and to compare these costs with the ongoing
costs of investing in other mutual funds. The example is based on an investment
of $1,000 at the beginning of the Fund's latest six-month period and held
throughout the six months.


Using the Tables
--------------------------------------------------------------------------------
Actual Expenses

The first table below provides information about actual account values and
actual expenses. You may use the information in this table, together with the
amount you invested, to estimate the expenses that you paid over the period as
follows:

1. Divide your account value by $1,000
   Example: an $8,600 account value [divided by] $1,000 = 8.6

2. Multiply the result in (1) above by the corresponding share class's number
   in the third row under the heading entitled "Expenses Paid During Period"
   to estimate the expenses you paid on your account during this period.

Expenses Paid on a $1,000 Investment in Pioneer Mid Cap Value Fund

Based on actual returns from May 1, 2011 through October 31, 2011.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
 Share Class                        A           B           C           R           Y
------------------------------------------------------------------------------------------
<S>                             <C>         <C>         <C>         <C>         <C>
 Beginning Account Value        $1,000.00   $1,000.00   $1,000.00   $1,000.00   $1,000.00
 on 5/1/11
------------------------------------------------------------------------------------------
 Ending Account Value             $863.89     $859.40     $860.15     $861.75     $865.97
 (after expenses) on 10/31/11
------------------------------------------------------------------------------------------
 Expenses Paid                      $5.26      $10.22       $9.28       $6.66       $3.43
 During Period*
------------------------------------------------------------------------------------------
</TABLE>

* Expenses are equal to the Fund's annualized expense ratio of 1.12%, 2.18%,
  1.98%, 1.42%, and 0.73% for Class A, Class B, Class C, Class R and Class Y
  shares, respectively, multiplied by the average account value over the
  period, multiplied by 184/365 (to reflect the one-half year period).


14    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Hypothetical Example for Comparison Purposes

The table below provides information about hypothetical account values and
hypothetical expenses based on the Fund's actual expense ratio and an assumed
rate of return of 5% per year before expenses, which is not the Fund's actual
return. The hypothetical account values and expenses may not be used to
estimate the actual ending account balance or expenses you paid for the period.


You may use this information to compare the ongoing costs of investing in the
Fund and other funds. To do so, compare this 5% hypothetical example with the
5% hypothetical examples that appear in the shareholder reports of the other
funds.

Please note that the expenses shown in the tables are meant to highlight your
ongoing costs only and do not reflect any transaction costs, such as sales
charges (loads) that are charged at the time of the transaction. Therefore, the
table below is useful in comparing ongoing costs only and will not help you
determine the relative total costs of owning different funds. In addition, if
these transaction costs were included, your costs would have been higher.

Expenses Paid on a $1,000 Investment in Pioneer Mid Cap Value Fund

Based on a hypothetical 5% per year return before expenses, reflecting the
period from May 1, 2011 through October 31, 2011.


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------
 Share Class                        A           B           C           R           Y
------------------------------------------------------------------------------------------
<S>                             <C>         <C>         <C>         <C>         <C>
 Beginning Account Value        $1,000.00   $1,000.00   $1,000.00   $1,000.00   $1,000.00
 on 5/1/11
------------------------------------------------------------------------------------------
 Ending Account Value           $1,019.56   $1,014.22   $1,015.22   $1,018.05   $1,021.53
 (after expenses) on 10/31/11
------------------------------------------------------------------------------------------
 Expenses Paid                      $5.70      $11.07      $10.06       $7.22       $3.72
 During Period*
------------------------------------------------------------------------------------------
</TABLE>

* Expenses are equal to the Fund's annualized expense ratio of 1.12%, 2.18%,
  1.98%, 1.42%, and 0.73% for Class A, Class B, Class C, Class R and Class Y
  shares, respectively, multiplied by the average account value over the
  period, multiplied by 184/365 (to reflect the one-half year period).


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    15
<PAGE>

Schedule of Investments | 10/31/11


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
 Shares                                                           Value
--------------------------------------------------------------------------------
<S>            <C>                                                <C>
               COMMON STOCKS -- 98.6%
               ENERGY -- 7.6%
               Integrated Oil & Gas -- 2.8%
  300,000      Murphy Oil Corp.                                   $   16,611,000
  587,587      QEP Resources, Inc.                                    20,888,718
                                                                  --------------
                                                                  $   37,499,718
--------------------------------------------------------------------------------
               Oil & Gas Drilling -- 1.8%
  250,000      Ensco Plc (A.D.R.)                                 $   12,415,000
  600,000      Nabors Industries, Inc.*                               10,998,000
                                                                  --------------
                                                                  $   23,413,000
--------------------------------------------------------------------------------
               Oil & Gas Exploration & Production -- 2.4%
  190,000      Devon Energy Corp.                                 $   12,340,500
  225,000      Noble Affiliates, Inc.                                 20,101,500
                                                                  --------------
                                                                  $   32,442,000
--------------------------------------------------------------------------------
               Oil & Gas Refining & Marketing -- 0.6%
  300,000      Valero Energy Corp.                                $    7,380,000
                                                                  --------------
               Total Energy                                       $  100,734,718
--------------------------------------------------------------------------------
               MATERIALS -- 3.5%
               Diversified Chemical -- 0.8%
  130,000      PPG Industries, Inc.                               $   11,233,300
--------------------------------------------------------------------------------
               Diversified Metals & Mining -- 0.7%
  215,800      Freeport-McMoRan Copper & Gold, Inc. (Class B)     $    8,688,108
--------------------------------------------------------------------------------
               Specialty Chemicals -- 2.0%
  495,000      Ecolab, Inc. (b)                                   $   26,650,800
                                                                  --------------
               Total Materials                                    $   46,572,208
--------------------------------------------------------------------------------
               CAPITAL GOODS -- 6.0%
               Aerospace & Defense -- 0.5%
  100,000      L-3 Communications Holdings, Inc.                  $    6,778,000
--------------------------------------------------------------------------------
               Construction & Engineering -- 1.2%
  275,000      Fluor Corp.                                        $   15,633,750
--------------------------------------------------------------------------------
               Industrial Machinery -- 4.3%
  300,000      Crane Co.                                          $   13,233,000
  250,000      Snap-On, Inc.                                          13,417,500
  250,000      SPX Corp.                                              13,652,500
  250,001      Stanley Black & Decker, Inc.*                          15,962,564
                                                                  --------------
                                                                  $   56,265,564
                                                                  --------------
               Total Capital Goods                                $   78,677,314
--------------------------------------------------------------------------------
               COMMERCIAL SERVICES & SUPPLIES -- 3.6%
               Environmental & Facilities Services -- 2.1%
  975,000      Republic Services, Inc.                            $   27,748,500
--------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


16    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
 Shares                                                           Value
--------------------------------------------------------------------------------
<S>            <C>                                                <C>
               Human Resource & Employment Services -- 1.5%
  300,000      Towers Watson & Co.                                $   19,710,000
                                                                  --------------
               Total Commercial Services & Supplies               $   47,458,500
--------------------------------------------------------------------------------
               TRANSPORTATION -- 1.4%
               Airlines -- 1.4%
2,200,000      Southwest Airlines Co.                             $   18,810,000
                                                                  --------------
               Total Transportation                               $   18,810,000
--------------------------------------------------------------------------------
               AUTOMOBILES & COMPONENTS -- 1.6%
               Auto Parts & Equipment -- 1.0%
  266,700      Lear Corp.                                         $   12,510,897
--------------------------------------------------------------------------------
               Motorcycle Manufacturers -- 0.6%
  212,800      Harley-Davidson, Inc.                              $    8,277,920
                                                                  --------------
               Total Automobiles & Components                     $   20,788,817
--------------------------------------------------------------------------------
               CONSUMER DURABLES & APPAREL -- 1.3%
               Homebuilding -- 1.3%
  983,000      Toll Brothers, Inc.*                               $   17,143,520
                                                                  --------------
               Total Consumer Durables & Apparel                  $   17,143,520
--------------------------------------------------------------------------------
               CONSUMER SERVICES -- 1.5%
               Hotels, Resorts & Cruise Lines -- 1.5%
  600,000      Wyndham Worldwide Corp.                            $   20,202,000
                                                                  --------------
               Total Consumer Services                            $   20,202,000
--------------------------------------------------------------------------------
               MEDIA -- 0.6%
               Broadcasting -- 0.6%
  325,000      CBS Corp. (Class B)                                $    8,388,250
                                                                  --------------
               Total Media                                        $    8,388,250
--------------------------------------------------------------------------------
               RETAILING -- 3.9%
               Apparel Retail -- 0.8%
  342,400      Guess?, Inc.                                       $   11,295,776
--------------------------------------------------------------------------------
               Department Stores -- 1.6%
  399,400      Kohl's Corp.                                       $   21,172,194
--------------------------------------------------------------------------------
               Specialty Stores -- 1.5%
1,300,000      Staples, Inc.                                      $   19,448,000
                                                                  --------------
               Total Retailing                                    $   51,915,970
--------------------------------------------------------------------------------
               FOOD & DRUG RETAILING -- 1.0%
               Drug Retail -- 1.0%
  370,400      CVS/Caremark Corp.                                 $   13,445,520
                                                                  --------------
               Total Food & Drug Retailing                        $   13,445,520
--------------------------------------------------------------------------------
               FOOD, BEVERAGE & TOBACCO -- 6.0%
               Distillers & Vintners -- 1.7%
1,100,000      Constellation Brands, Inc.*                        $   22,242,000
--------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    17
<PAGE>

Schedule of Investments | 10/31/11 (continued)

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
 Shares                                                          Value
--------------------------------------------------------------------------------
<S>            <C>                                               <C>
               Packaged Foods & Meats -- 4.3%
  488,200      Campbell Soup Co. (b)                             $   16,232,650
  400,000      ConAgra, Inc.                                         10,132,000
  764,400      Sara Lee Corp.                                        13,606,320
  225,000      The J.M. Smucker Co.                                  17,329,500
                                                                 --------------
                                                                 $   57,300,470
                                                                 --------------
               Total Food, Beverage & Tobacco                    $   79,542,470
--------------------------------------------------------------------------------
               HOUSEHOLD & PERSONAL PRODUCTS -- 1.3%
               Household Products -- 1.3%
  400,000      Church & Dwight Co., Inc.                         $   17,672,000
                                                                 --------------
               Total Household & Personal Products               $   17,672,000
--------------------------------------------------------------------------------
               HEALTH CARE EQUIPMENT & SERVICES -- 6.5%
               Health Care Equipment -- 1.5%
  240,900      Baxter International, Inc.                        $   13,244,682
  121,400      Zimmer Holdings, Inc.*                                 6,389,282
                                                                 --------------
                                                                 $   19,633,964
--------------------------------------------------------------------------------
               Managed Health Care -- 5.0%
  310,600      Aetna, Inc.                                       $   12,349,456
  521,600      CIGNA Corp.                                           23,127,744
  359,900      Humana, Inc.                                          30,551,911
                                                                 --------------
                                                                 $   66,029,111
                                                                 --------------
               Total Health Care Equipment & Services            $   85,663,075
--------------------------------------------------------------------------------
               PHARMACEUTICALS & BIOTECHNOLOGY -- 2.1%
               Pharmaceuticals -- 2.1%
  203,100      Salix Pharmaceuticals, Ltd.*                      $    6,957,191
  510,900      Teva Pharmaceutical Industries, Ltd. (A.D.R.)         20,870,265
                                                                 --------------
                                                                 $   27,827,456
                                                                 --------------
               Total Pharmaceuticals & Biotechnology             $   27,827,456
--------------------------------------------------------------------------------
               BANKS -- 9.1%
               Diversified Banks -- 1.3%
  700,000      Comerica, Inc.                                    $   17,885,000
--------------------------------------------------------------------------------
               Regional Banks -- 7.8%
  750,700      CIT Group, Inc.*                                  $   26,161,895
  390,895      City National Corp.                                   16,581,766
2,710,900      KeyCorp                                               19,138,954
  383,700      PNC Bank Corp.                                        20,608,527
1,019,200      SunTrust Banks, Inc.                                  20,108,816
                                                                 --------------
                                                                 $  102,599,958
                                                                 --------------
               Total Banks                                       $  120,484,958
--------------------------------------------------------------------------------
               DIVERSIFIED FINANCIALS -- 5.9%
               Asset Management & Custody Banks -- 1.2%
  350,000      Ameriprise Financial, Inc.                        $   16,338,000
--------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.
18    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
 Shares                                                          Value
--------------------------------------------------------------------------------
<S>            <C>                                               <C>
               Consumer Finance -- 3.0%
  502,000      Capital One Financial Corp. (b)                   $   22,921,320
  678,900      Discover Financial Services, Inc.                     15,994,884
                                                                 --------------
                                                                 $   38,916,204
--------------------------------------------------------------------------------
               Specialized Finance -- 1.7%
  625,000      Moody's Corp. (b)                                 $   22,181,250
                                                                 --------------
               Total Diversified Financials                      $   77,435,454
--------------------------------------------------------------------------------
               INSURANCE -- 10.6%
               Life & Health Insurance -- 4.1%
  425,500      Aflac, Inc.                                       $   19,185,795
  600,000      Lincoln National Corp. (b)                            11,430,000
1,000,000      Unum Group                                            23,840,000
                                                                 --------------
                                                                 $   54,455,795
--------------------------------------------------------------------------------
               Multi-Line Insurance -- 1.2%
  796,377      Hartford Financial Services Group, Inc. (b)       $   15,330,257
--------------------------------------------------------------------------------
               Property & Casualty Insurance -- 3.9%
  700,000      Allstate Corp.                                    $   18,438,000
  675,000      Axis Capital Holdings, Ltd.                           21,161,250
  167,700      Chubb Corp.                                           11,244,285
                                                                 --------------
                                                                 $   50,843,535
--------------------------------------------------------------------------------
               Reinsurance -- 1.4%
  139,800      PartnerRe, Ltd.*                                  $    8,698,356
  150,000      RenaissanceRe Holdings, Ltd. (b)                      10,218,000
                                                                 --------------
                                                                 $   18,916,356
                                                                 --------------
               Total Insurance                                   $  139,545,943
--------------------------------------------------------------------------------
               REAL ESTATE -- 7.8%
               Industrial Real Estate Investment Trusts -- 1.0%
  950,000      First Potomac Realty Trust                        $   13,499,500
--------------------------------------------------------------------------------
               Mortgage Real Estate Investment Trusts -- 1.3%
1,000,000      Annaly Capital Management, Inc. (b)               $   16,850,000
--------------------------------------------------------------------------------
               Office Real Estate Investment Trusts -- 1.9%
  743,100      BioMed Property Trust, Inc.                       $   13,457,541
  110,000      Boston Properties, Inc.                               10,888,900
                                                                 --------------
                                                                 $   24,346,441
--------------------------------------------------------------------------------
               Residential Real Estate Investment Trusts -- 1.0%
  218,400      Equity Residential Property Trust                 $   12,815,712
--------------------------------------------------------------------------------
               Retail Real Estate Investment Trusts -- 1.4%
1,070,000      Kimco Realty Corp.                                $   18,692,900
--------------------------------------------------------------------------------
               Specialized Real Estate Investment Trusts -- 1.2%
1,150,000      Host Hotels & Resorts, Inc.                       $   16,410,500
                                                                 --------------
               Total Real Estate                                 $  102,615,053
--------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    19
<PAGE>

Schedule of Investments | 10/31/11 (continued)


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
 Shares                                                          Value
--------------------------------------------------------------------------------
<S>             <C>                                              <C>
                SOFTWARE & SERVICES -- 2.0%
                Application Software -- 1.5%
  2,400,000     Compuware Corp.*                                 $   20,280,000
--------------------------------------------------------------------------------
                Internet Software & Services -- 0.5%
    421,600     Yahoo!, Inc.*                                    $    6,593,824
                                                                 --------------
                Total Software & Services                        $   26,873,824
--------------------------------------------------------------------------------
                TECHNOLOGY HARDWARE & EQUIPMENT -- 2.5%
                Communications Equipment -- 1.4%
    777,800     Juniper Networks, Inc.*                          $   19,032,766
--------------------------------------------------------------------------------
                Office Electronics -- 1.1%
  1,753,100     Xerox Corp.                                      $   14,340,358
                                                                 --------------
                Total Technology Hardware & Equipment            $   33,373,124
--------------------------------------------------------------------------------
                SEMICONDUCTORS -- 2.4%
                Semiconductor Equipment -- 1.3%
    415,900     ASM Lithography Holdings NV (A.D.R.)             $   17,438,687
--------------------------------------------------------------------------------
                Semiconductors -- 1.1%
    374,500     Analog Devices, Inc.                             $   13,695,465
                                                                 --------------
                Total Semiconductors                             $   31,134,152
--------------------------------------------------------------------------------
                TELECOMMUNICATION SERVICES -- 1.8%
                Integrated Telecommunication Services -- 1.0%
    386,900     CenturyLink, Inc.                                $   13,642,094
--------------------------------------------------------------------------------
                Wireless Telecommunication Services -- 0.8%
    430,000     NII Holdings, Inc.*                              $   10,117,900
                                                                 --------------
                Total Telecommunication Services                 $   23,759,994
--------------------------------------------------------------------------------
                UTILITIES -- 8.6%
                Electric Utilities -- 4.3%
    403,900     Exelon Corp.                                     $   17,929,121
    450,000     Northeast Utilities Corp.                            15,556,500
    818,600     PPL Corp. (b)                                        24,042,281
                                                                 --------------
                                                                 $   57,527,902
--------------------------------------------------------------------------------
                Multi-Utilities -- 4.3%
    413,200     Ameren Corp.                                     $   13,172,816
    950,000     CMS Energy Corp. (b)                                 19,779,000
    404,900     Consolidated Edison, Inc. (b)                        23,431,563
                                                                 --------------
                                                                 $   56,383,379
                                                                 --------------
                Total Utilities                                  $  113,911,281
--------------------------------------------------------------------------------
                TOTAL COMMON STOCKS
                (Cost $1,234,798,659)                            $1,303,975,601
--------------------------------------------------------------------------------
</TABLE>

The accompanying notes are an integral part of these financial statements.


20    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>


<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
Principal
Amount ($)                                                                    Value
---------------------------------------------------------------------------------------------
<S>             <C>                                                           <C>
                TEMPORARY CASH INVESTMENTS -- 3.9%
                Securities Lending Collateral -- 3.9% (c)
                Certificates of Deposit:
  1,725,372     Bank of Nova Scotia Houston, 0.32%, 6/11/12                   $    1,726,624
  2,156,764     DnB Nor Bank ASA NY, 0.22%, 11/14/11                               2,158,241
  1,942,124     JPMorgan Chase Bank NA, 0.43%, 11/16/12                            1,942,452
  1,510,237     National Australia Bank NY, 0.31%, 1/9/12                          1,510,796
  1,294,742     RaboBank Nederland, 0.34%, 4/2/12                                  1,295,084
  2,155,420     Skandinav Enskilda Bank NY, 0.33%, 11/9/11                         2,158,290
  2,157,180     Westpac Banking Corp., NY, 0.32%, 12/6/11                          2,158,280
                                                                              --------------
                                                                              $   12,949,767
---------------------------------------------------------------------------------------------
                Commercial Paper:
    690,417     Commonwealth Bank of Australia, 0.28%, 12/15/11               $      690,417
  1,315,571     Commonwealth Bank of Australia, 0.39%, 2/23/12                     1,315,571
    237,212     General Electric Capital Corp., 0.28%, 11/21/11                      237,436
  1,941,949     Nestle Capital Corp., 0.19%, 12/20/11                              1,941,949
  1,725,697     Nordea NA, 0.28%, 1/9/12                                           1,725,697
  1,726,610     Procter & Gamble, 0.14%, 11/3/11                                   1,726,610
    479,430     Straight-A Funding LLC, 0.19%, 12/9/2011                             479,430
  1,294,238     Svenska HandelsBanken, 0.38%, 10/5/12                              1,294,968
    431,545     Thunderbay Funding LLC, 0.22%, 12/13/11                              431,545
    863,133     Thunderbay Funding LLC, 0.22%, 12/5/11                               863,133
  1,078,913     Variable Funding Capital Co. LLC, 0.21%, 12/7/11                   1,078,913
                                                                              --------------
                                                                              $   11,785,669
---------------------------------------------------------------------------------------------
                Tri-party Repurchase Agreements:
  4,316,560     Merrill Lynch, Inc., 0.08%, dated 10/31/11, repurchase
                price of $4,316,560 plus accrued interest on 11/1/11
                collateralized by the following:
                $4,034,146 Freddie Mac, 0.5 - 0.75%,
                2/15/13 - 3/28/13
                $365,569 Federal Home Loan Bank, 0.0%, 11/4/11                $    4,316,560
  5,592,707     RBS Securities, Inc., 0.09%, dated 10/31/11, repurchase
                price of $5,592,707 plus accrued interest on 11/1/11
                collateralized by $5,704,727 US Treasury Note, 1.75%,
                10/31/18                                                           5,592,707
  5,395,700     Barclays Capital Markets, 0.09%, dated 10/31/11,
                repurchase price of $5,395,700 plus accrued interest on
                11/1/11 collateralized by $5,503,615 U.S. Treasury Notes,
                3.125%, 5/15/21                                                    5,395,700
</TABLE>

The accompanying notes are an integral part of these financial statements.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    21
<PAGE>

Schedule of Investments | 10/31/11 (continued)


<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
Principal
Amount ($)                                                                    Value
---------------------------------------------------------------------------------------------
<S>             <C>                                                           <C>
                Tri-party Repurchase Agreements -- (continued)
  6,474,839     HSBC Plc, 0.09%, dated 10/31/11, repurchase price of
                $6,474,839 plus accrued interest on 11/1/11 collateralized
                by the following:
                  $3,445,539 Federal Home Loan Bank,
                    0.12 - 5.625%, 2/27/12 - 8/15/24
                  $3,158,953 Federal National Mortgage Association,
                    0.75 - 7.25%, 12/18/13 - 11/15/30                         $    6,474,839
                                                                              --------------
                                                                              $   21,779,806
---------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
 Shares                                                          Value
--------------------------------------------------------------------------------
<S>             <C>                                              <C>
                Money Market Mutual Funds:
  2,158,280     BlackRock Preferred Money Market Fund            $    2,158,280
  2,158,280     Fidelity Prime Money Market Fund                  2,158,280
                                                                 --------------
                                                                 $    4,316,560
                                                                 --------------
                Total Securities Lending Collateral              $   50,831,802
--------------------------------------------------------------------------------
                TOTAL TEMPORARY CASH INVESTMENTS
                (Cost $50,831,802)                               $   50,831,802
--------------------------------------------------------------------------------
                TOTAL INVESTMENT IN SECURITIES -- 102.5%
                (Cost $1,285,630,461) (a)                        $1,354,807,403
--------------------------------------------------------------------------------
                OTHER ASSETS AND LIABILITIES -- (2.5)%           $  (32,391,052)
--------------------------------------------------------------------------------
                TOTAL NET ASSETS -- 100.0%                       $1,322,416,351
================================================================================
</TABLE>

(A.D.R.) American Depositary Receipt

*        Non-income producing security.

(a)      At October 31, 2011, the net unrealized gain on investments based on
         cost for federal income tax purposes of $1,289,778,992 was as follows:

<TABLE>
<S>                                                                                    <C>
           Aggregate gross unrealized gain for all investments in which there is an
             excess of value over tax cost                                             $141,434,664
           Aggregate gross unrealized loss for all investments in which there is an
             excess of tax cost over value                                             (76,406,253)
                                                                                       ------------
           Net unrealized gain                                                         $65,028,411
                                                                                       ============
</TABLE>


The accompanying notes are an integral part of these financial statements.


22    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

(b)      At October 31, 2011, the following securities were out on loan:


<TABLE>
<CAPTION>
-------------------------------------------------------------------------
    Shares         Security                                    Value
-------------------------------------------------------------------------
<S>              <C>                                         <C>
     150,000     Annaly Capital Management, Inc.             $ 2,527,500
     288,100     Campbell Soup Co.                             9,579,325
     100,000     Capital One Financial Corp.                   4,566,000
      44,500     CMS Energy Corp.                                926,490
      10,900     Consolidated Edison, Inc.                       630,783
      65,000     Ecolab, Inc.                                  3,499,600
      40,900     Hartford Financial Services Group, Inc.         787,325
       2,000     Lincoln National Corp.                           38,100
     603,781     Moody's Corp.                                21,428,188
      50,000     PPL Corp.                                     1,468,500
      51,700     RenaissanceRe Holdings, Ltd.                  3,521,804
-------------------------------------------------------------------------
                 Total                                       $48,973,615
=========================================================================
</TABLE>

(c)      Securities lending collateral is managed by Credit Suisse AG, New York
         Branch.

Purchases and sales of securities (excluding temporary cash investments) for
the year ended October 31, 2011 aggregated $1,102,318,295 and $1,314,372,658,
respectively.

Various inputs are used in determining the value of the Fund's investments.
These inputs are summarized in the three broad levels listed below.


  Level 1 -- quoted prices in active markets for identical securities
  Level 2 -- other significant observable inputs (including quoted prices for
             similar securities, interest rates, prepayment speeds, credit risk,
             etc.)
  Level 3 -- significant unobservable inputs (including the Fund's own
             assumptions in determining fair value of investments)


Generally, equity securities are categorized as Level 1, fixed income
securities and senior loans are categorized as Level 2 and securities valued
using fair value methods (other than prices supplied by independent pricing
services) are categorized as Level 3. See Notes to Financial Statements --
Note 1A.

The following is a summary of the inputs used as of October 31, 2011, in
valuing the Fund's assets:


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                Level 1             Level 2         Level 3      Total
------------------------------------------------------------------------------------------------
<S>                             <C>                 <C>             <C>          <C>
 Common Stocks                  $1,303,975,601      $        --     $ --         $1,303,975,601
 Temporary Cash Investments                 --       24,735,436       --             24,735,436
 Repurchase Agreements                      --       21,779,806       --             21,779,806
 Money Market Mutual Funds           4,316,560               --       --              4,316,560
------------------------------------------------------------------------------------------------
 Total                          $1,308,292,161      $46,515,242     $ --         $1,354,807,403
================================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    23
<PAGE>

Statement of Assets and Liabilities | 10/31/11

<TABLE>
<S>                                                            <C>
ASSETS:
  Investment in securities (including securities loaned of
   $48,973,615) (cost $1,285,630,461)                          $1,354,807,403
  Cash                                                              5,946,212
  Receivables --
   Investment securities sold                                      22,162,723
   Fund shares sold                                                 6,642,032
   Dividends                                                          492,044
  Other                                                                33,979
--------------------------------------------------------------------------------
     Total assets                                              $1,390,084,393
--------------------------------------------------------------------------------
LIABILITIES:
  Payables --
   Investment securities purchased                             $   14,120,897
   Fund shares repurchased                                          2,136,865
   Upon return of securities loaned                                50,831,802
  Due to affiliates                                                   478,406
  Accrued expenses                                                    100,072
--------------------------------------------------------------------------------
     Total liabilities                                         $   67,668,042
--------------------------------------------------------------------------------
NET ASSETS:
  Paid-in capital                                              $1,390,323,257
  Undistributed net investment income                               8,340,023
  Accumulated net realized loss on investments                   (145,423,871)
  Net unrealized gain on investments                               69,176,942
--------------------------------------------------------------------------------
     Total net assets                                          $1,322,416,351
================================================================================
NET ASSET VALUE PER SHARE:
(No par value, unlimited number of shares authorized)
  Class A (based on $879,872,054/44,162,741 shares)            $        19.92
  Class B (based on $33,409,540/2,040,071 shares)              $        16.38
  Class C (based on $72,873,338/4,474,229 shares)              $        16.29
  Class R (based on $48,604,755/2,481,759 shares)              $        19.58
  Class Y (based on $287,656,664/13,786,564 shares)            $        20.87
MAXIMUM OFFERING PRICE:
  Class A ($19.92 [divided by] 94.25% )                        $        21.14
================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


24    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Statement of Operations

For the Year Ended 10/31/11

<TABLE>
<S>                                                         <C>               <C>
INVESTMENT INCOME:
  Dividends (net of foreign taxes withheld of $50,045)      $ 29,545,377
  Interest                                                        14,900
  Income from securities loaned, net                             175,066
--------------------------------------------------------------------------------------------
     Total investment income                                                  $  29,735,343
--------------------------------------------------------------------------------------------
EXPENSES:
  Management fees
   Basic Fee                                                $ 10,272,616
   Performance Adjustment                                     (1,486,850)
  Transfer agent fees and expenses
   Class A                                                     1,445,829
   Class B                                                       182,724
   Class C                                                       148,764
   Class R                                                        16,172
   Class Y                                                        16,435
  Distribution fees
   Class A                                                     2,512,633
   Class B                                                       438,554
   Class C                                                       854,067
   Class R                                                       287,244
  Shareholders communication expense                           1,806,776
  Administrative reimbursements                                  466,019
  Custodian fees                                                  59,700
  Registration fees                                              130,345
  Professional fees                                              115,521
  Printing expense                                                54,762
  Fees and expenses of nonaffiliated Trustees                     46,366
  Miscellaneous                                                   49,787
--------------------------------------------------------------------------------------------
     Total expenses                                                           $  17,417,464
--------------------------------------------------------------------------------------------
       Net investment income                                                  $  12,317,879
--------------------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
  Net realized gain on:
   Investments                                              $115,979,611
   Class action                                                  592,650      $ 116,572,261
--------------------------------------------------------------------------------------------
  Change in net unrealized gain (loss) on investments                         $(104,213,662)
--------------------------------------------------------------------------------------------
  Net gain on investments                                                     $  12,358,599
--------------------------------------------------------------------------------------------
  Net increase in net assets resulting from operations                        $  24,676,478
============================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    25
<PAGE>

Statement of Changes in Net Assets


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
                                                            Year Ended          Year Ended
                                                            10/31/11            10/31/10
------------------------------------------------------------------------------------------------
<S>                                                         <C>                 <C>
FROM OPERATIONS:
Net investment income                                        $   12,317,879      $    9,443,139
Net realized gain on investments and class action               116,572,261         146,736,229
Change in net unrealized gain (loss) on investments            (104,213,662)        102,174,682
------------------------------------------------------------------------------------------------
   Net increase in net assets resulting from operations      $   24,676,478      $  258,354,050
------------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREOWNERS:
Net investment income:
   Class A ($0.10 and $0.12 per share, respectively)         $   (5,044,203)     $   (7,621,742)
   Class C ($0.00 and $0.01 per share, respectively)                     --             (54,536)
   Class R ($0.05 and $0.10 per share, respectively)               (130,618)           (341,960)
   Class Y ($0.19 and $0.19 per share, respectively)             (3,123,335)         (3,313,707)
------------------------------------------------------------------------------------------------
     Total distributions to shareowners                      $   (8,298,156)     $  (11,331,945)
------------------------------------------------------------------------------------------------
FROM FUND SHARE TRANSACTIONS:
Net proceeds from sale or exchange of shares                 $  185,261,561      $  196,318,945
Reinvestment of distributions                                     6,733,668           9,084,826
Cost of shares repurchased                                     (431,841,062)       (449,866,557)
------------------------------------------------------------------------------------------------
   Net decrease in net assets resulting from Fund share
     transactions                                            $ (239,845,833)     $ (244,462,786)
------------------------------------------------------------------------------------------------
   Net increase (decrease) in net assets                     $ (223,467,511)     $    2,559,319
NET ASSETS:
Beginning of year                                             1,545,883,862       1,543,324,543
------------------------------------------------------------------------------------------------
End of year                                                  $1,322,416,351      $1,545,883,862
------------------------------------------------------------------------------------------------
Undistributed net investment income                          $    8,340,023      $    4,863,972
================================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


26    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------
                                     '11 Shares      '11 Amount             '10 Shares      '10 Amount
-----------------------------------------------------------------------------------------------------------
<S>                                  <C>             <C>                    <C>             <C>
Class A
Shares sold                            4,077,567     $  85,668,724            5,065,085     $  93,989,904
Reinvestment of distributions            222,381         4,707,836              376,860         6,791,090
Less shares repurchased              (10,885,426)     (228,058,943)         (11,540,848)     (306,733,655)
-----------------------------------------------------------------------------------------------------------
   Net decrease                       (6,585,478)    $(137,682,383)          (6,098,903)    $(205,952,661)
===========================================================================================================
Class B
Shares sold or exchanged                  96,787     $   1,716,717              199,943     $   3,076,887
Less shares repurchased               (1,107,227)      (19,183,208)          (1,397,821)      (21,562,363)
-----------------------------------------------------------------------------------------------------------
   Net decrease                       (1,010,440)    $ (17,466,491)          (1,197,878)    $ (18,485,476)
===========================================================================================================
Class C
Shares sold                              436,706     $   7,613,921              604,882     $   9,304,143
Reinvestment of distributions                 --                --                2,970            44,259
Less shares repurchased               (1,298,167)      (22,281,454)          (1,491,036)      (22,736,390)
-----------------------------------------------------------------------------------------------------------
   Net decrease                         (861,461)    $ (14,667,533)            (883,184)    $ (13,387,988)
===========================================================================================================
Class R
Shares sold                              558,870     $  11,589,960              915,893     $  16,753,543
Reinvestment of distributions              6,003           125,238               18,343           325,769
Less shares repurchased               (1,120,157)      (23,246,544)          (1,321,315)      (24,122,770)
-----------------------------------------------------------------------------------------------------------
   Net decrease                         (555,284)    $ (11,531,346)            (387,079)    $  (7,043,458)
===========================================================================================================
Class Y
Shares sold                            3,608,357     $  78,672,239            3,804,944     $  73,194,468
Reinvestment of distributions             86,039         1,900,594              102,325         1,923,708
Less shares repurchased               (6,523,631)     (139,070,913)          (3,872,876)      (74,711,379)
-----------------------------------------------------------------------------------------------------------
   Net increase (decrease)            (2,829,235)    $ (58,498,080)              34,393     $     406,797
===========================================================================================================
</TABLE>


The accompanying notes are an integral part of these financial statements.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    27
<PAGE>


Financial Highlights

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                                                            Year Ended    Year Ended
                                                            10/31/11      10/31/10
-------------------------------------------------------------------------------------
<S>                                                         <C>           <C>
Class A
Net asset value, beginning of period                        $  19.81      $    16.91
-------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income                                      $   0.17      $     0.12
 Net realized and unrealized gain (loss) on investments         0.04            2.90
-------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations        $   0.21      $     3.02
Distributions to shareowners:
 Net investment income                                         (0.10)          (0.12)
 Net realized gain                                                --              --
-------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                  $   0.11      $     2.90
-------------------------------------------------------------------------------------
Net asset value, end of period                              $  19.92      $    19.81
=====================================================================================
Total return*                                                   1.04%          17.96%
Ratio of net expenses to average net assets+                    1.12%           1.23%
Ratio of net investment income to average net assets+           0.78%           0.61%
Portfolio turnover rate                                           72%             89%
Net assets, end of period (in thousands)                    $879,872      $1,005,305
Ratios with reduction for fees paid indirectly:
 Net expenses                                                   1.12%           1.23%
 Net investment income                                          0.78%           0.61%
=====================================================================================
</TABLE>


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------
                                                            Year Ended      Year Ended     Year Ended
                                                            10/31/09        10/31/08       10/31/07
------------------------------------------------------------------------------------------------------
<S>                                                         <C>             <C>            <C>
Class A
Net asset value, beginning of period                        $    15.04      $    25.62     $    25.33
------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income                                      $     0.14      $     0.17     $     0.11
 Net realized and unrealized gain (loss) on investments           1.91           (8.99)          3.58
------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations        $     2.05      $    (8.82)    $     3.69
Distributions to shareowners:
 Net investment income                                           (0.18)          (0.10)         (0.10)
 Net realized gain                                                  --           (1.66)         (3.30)
------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                  $     1.87      $   (10.58)    $     0.29
------------------------------------------------------------------------------------------------------
Net asset value, end of period                              $    16.91      $    15.04     $    25.62
======================================================================================================
Total return*                                                    13.87%         (36.70)%        16.47%
Ratio of net expenses to average net assets+                      1.43%           1.13%          1.03%
Ratio of net investment income to average net assets+             0.89%           0.80%          0.48%
Portfolio turnover rate                                             81%             61%            54%
Net assets, end of period (in thousands)                    $1,046,729      $1,101,941     $2,048,721
Ratios with reduction for fees paid indirectly:
 Net expenses                                                     1.43%           1.13%          1.02%
 Net investment income                                            0.89%           0.80%          0.49%
======================================================================================================
</TABLE>

* Assumes initial investment at net asset value at the beginning of each
  period, reinvestment of all distributions, the complete redemption of the
  investment at net asset value at the end of each period and no sales charges.
  Total return would be reduced if sales charges were taken into account.
+ Ratios with no reduction for fees paid indirectly.

The accompanying notes are an integral part of these financial statements.


28  Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>


<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------------------
                                                             Year Ended    Year Ended   Year Ended    Year Ended   Year Ended
                                                             10/31/11      10/31/10     10/31/09      10/31/08     10/31/07
------------------------------------------------------------------------------------------------------------------------------
<S>                                                          <C>           <C>          <C>           <C>          <C>
Class B
Net asset value, beginning of period                         $ 16.38       $ 14.03      $ 12.47       $ 21.65      $  22.00
------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                $ (0.03)      $ (0.05)     $  0.01(a)    $ (0.01)     $  (0.10)
 Net realized and unrealized gain (loss) on investments         0.03          2.40         1.57         (7.51)         3.05
------------------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations         $    --       $  2.35      $  1.58       $ (7.52)     $   2.95
Distributions to shareowners:
 Net investment income                                            --            --        (0.02)           --            --
 Net realized gain                                                --            --           --         (1.66)        (3.30)
------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                   $    --       $  2.35      $  1.56       $ (9.18)     $  (0.35)
------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                               $ 16.38       $ 16.38      $ 14.03       $ 12.47      $  21.65
==============================================================================================================================
Total return*                                                   0.00%        16.75%       12.66%       (37.32)%       15.38%
Ratio of net expenses to average net assets+                    2.18%         2.29%        2.51%         2.09%         1.97%
Ratio of net investment loss to average net assets+            (0.28)%       (0.45)%      (0.17)%       (0.16)%       (0.46)%
Portfolio turnover rate                                           72%           89%          81%           61%           54%
Net assets, end of period (in thousands)                     $33,410       $49,961      $59,595       $70,729      $149,348
Ratios with reduction for fees paid indirectly:
 Net expenses                                                   2.18%         2.29%        2.51%         2.08%         1.95%
 Net investment loss                                           (0.28)%       (0.45)%      (0.17)%       (0.15)%       (0.44)%
==============================================================================================================================
</TABLE>

*   Assumes initial investment at net asset value at the beginning of each
    period, reinvestment of all distributions, the complete redemption of the
    investment at net asset value at the end of each period and no sales
    charges. Total return would be reduced if sales charges were taken into
    account.
+   Ratios with no reduction for fees paid indirectly.
(a) The amount shown for a share outstanding does not correspond with the
    aggregate gain on investments for the period due to the timing of sales and
    repurchases of shares in relation to fluctuating market values of the
    investments of the Fund.

The accompanying notes are an integral part of these financial statements.


                       Pioneer Mid Cap Value Fund | Annual Report | 10/31/11  29
<PAGE>

Financial Highlights (continued)

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------
                                                             Year Ended    Year Ended
                                                             10/31/11      10/31/10
--------------------------------------------------------------------------------------
<S>                                                          <C>           <C>
Class C
Net asset value, beginning of period                         $ 16.26       $ 13.92
--------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                $ (0.01)      $ (0.04)
 Net realized and unrealized gain (loss) on investments         0.04          2.39
--------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations         $  0.03       $  2.35
Distributions to shareowners:
 Net investment income                                            --         (0.01)
 Net realized gain                                                --            --
--------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                   $  0.03       $  2.34
--------------------------------------------------------------------------------------
Net asset value, end of period                               $ 16.29       $ 16.26
======================================================================================
Total return*                                                   0.19%        16.88%
Ratio of net expenses to average net assets+                    1.98%         2.13%
Ratio of net investment loss to average net assets+            (0.08)%       (0.29)%
Portfolio turnover rate                                           72%           89%
Net assets, end of period (in thousands)                     $72,873       $86,750
Ratios with reduction for fees paid indirectly:
 Net expenses                                                   1.98%         2.13%
 Net investment loss                                           (0.08)%       (0.29)%
======================================================================================
</TABLE>


<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------
                                                             Year Ended    Year Ended    Year Ended
                                                             10/31/09      10/31/08      10/31/07
----------------------------------------------------------------------------------------------------
<S>                                                          <C>           <C>           <C>
Class C
Net asset value, beginning of period                         $ 12.38       $ 21.48       $  21.84
----------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                $  0.01(a)    $  0.00(b)    $  (0.08)
 Net realized and unrealized gain (loss) on investments         1.57         (7.44)          3.02
----------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations         $  1.58       $ (7.44)      $   2.94
Distributions to shareowners:
 Net investment income                                         (0.04)           --             --
 Net realized gain                                                --         (1.66)         (3.30)
----------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                   $  1.54       $ (9.10)      $  (0.36)
----------------------------------------------------------------------------------------------------
Net asset value, end of period                               $ 13.92       $ 12.38       $  21.48
====================================================================================================
Total return*                                                  12.87%       (37.23)%        15.46%
Ratio of net expenses to average net assets+                    2.35%         1.98%          1.87%
Ratio of net investment loss to average net assets+            (0.03)%       (0.05)%        (0.36)%
Portfolio turnover rate                                           81%           61%            54%
Net assets, end of period (in thousands)                     $86,536       $92,814       $187,566
Ratios with reduction for fees paid indirectly:
 Net expenses                                                   2.35%         1.97%          1.86%
 Net investment loss                                           (0.03)%       (0.04)%        (0.35)%
====================================================================================================
</TABLE>

*   Assumes initial investment at net asset value at the beginning of each
    period, reinvestment of all distributions, the complete redemption of the
    investment at net asset value at the end of each period and no sales
    charges. Total return would be reduced if sales charges were taken into
    account.
+   Ratios with no reduction for fees paid indirectly.
(a) The amount shown for a share outstanding does not correspond with the
    aggregate gain on investments for the period due to the timing of sales and
    repurchases of shares in relation to fluctuating market values of the
    investments of the Fund.
(b) Amount rounds to less than $0.01 per share.


The accompanying notes are an integral part of these financial statements.


30  Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------
                                                                  Year Ended    Year Ended
                                                                  10/31/11      10/31/10
-------------------------------------------------------------------------------------------
<S>                                                               <C>           <C>
Class R
Net asset value, beginning of period                              $ 19.48       $ 16.66
-------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                     $  0.10       $  0.05
 Net realized and unrealized gain (loss) on investments              0.05          2.87
-------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations              $  0.15       $  2.92
Distributions to shareowners:
 Net investment income                                              (0.05)        (0.10)
 Net realized gain                                                     --            --
-------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                        $  0.10       $  2.82
-------------------------------------------------------------------------------------------
Net asset value, end of period                                    $ 19.58       $ 19.48
===========================================================================================
Total return*                                                        0.73%        17.58%
Ratio of net expenses to average net assets+                         1.42%         1.50%
Ratio of net investment income (loss) to average net assets+         0.48%         0.33%
Portfolio turnover rate                                                72%           89%
Net assets, end of period (in thousands)                          $48,605       $59,172
Ratios with reduction for fees paid indirectly:
 Net expenses                                                        1.42%         1.50%
 Net investment income                                               0.48%         0.33%
===========================================================================================


<CAPTION>
--------------------------------------------------------------------------------------------------------
                                                                  Year Ended   Year Ended    Year Ended
                                                                  10/31/09     10/31/08      10/31/07
--------------------------------------------------------------------------------------------------------
<S>                                                               <C>          <C>           <C>
Class R
Net asset value, beginning of period                              $ 14.82      $  25.26      $ 25.06
--------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income (loss)                                     $  0.08      $   0.11      $  0.05
 Net realized and unrealized gain (loss) on investments              1.91         (8.85)        3.53
--------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations              $  1.99      $  (8.74)     $  3.58
Distributions to shareowners:
 Net investment income                                              (0.15)        (0.04)       (0.08)
 Net realized gain                                                     --         (1.66)       (3.30)
--------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                        $  1.84      $ (10.44)     $  0.20
--------------------------------------------------------------------------------------------------------
Net asset value, end of period                                    $ 16.66      $  14.82      $ 25.26
========================================================================================================
Total return*                                                       13.63%       (36.83)%      16.14%
Ratio of net expenses to average net assets+                         1.66%         1.40%        1.33%
Ratio of net investment income (loss) to average net assets+         0.62%         0.54%        0.18%
Portfolio turnover rate                                                81%           61%          54%
Net assets, end of period (in thousands)                          $57,029      $ 40,614      $62,741
Ratios with reduction for fees paid indirectly:
 Net expenses                                                        1.66%         1.40%        1.33%
 Net investment income                                               0.62%         0.54%        0.18%
========================================================================================================
</TABLE>

* Assumes initial investment at net asset value at the beginning of each
  period, reinvestment of all distributions, and the complete redemption of the
  investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.

The accompanying notes are an integral part of these financial statements.


                       Pioneer Mid Cap Value Fund | Annual Report | 10/31/11  31
<PAGE>


Financial Highlights (continued)


<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------------
                                                            Year Ended    Year Ended    Year Ended    Year Ended    Year Ended
                                                            10/31/11      10/31/10      10/31/09      10/31/08      10/31/07
-------------------------------------------------------------------------------------------------------------------------------
<S>                                                         <C>           <C>           <C>           <C>           <C>
Class Y
Net asset value, beginning of period                        $  20.75      $  17.70      $  15.76      $  26.73      $  26.31
-------------------------------------------------------------------------------------------------------------------------------
Increase (decrease) from investment operations:
 Net investment income                                      $   0.29      $   0.19      $   0.21      $   0.26      $   0.19
 Net realized and unrealized gain (loss) on investments         0.02          3.05          2.01         (9.39)         3.74
-------------------------------------------------------------------------------------------------------------------------------
  Net increase (decrease) from investment operations        $   0.31      $   3.24      $   2.22      $  (9.13)     $   3.93
Distributions to shareowners:
 Net investment income                                         (0.19)        (0.19)        (0.28)        (0.18)        (0.21)
 Net realized gain                                                --            --            --         (1.66)        (3.30)
-------------------------------------------------------------------------------------------------------------------------------
Net increase (decrease) in net asset value                  $   0.12      $   3.05      $   1.94      $ (10.97)     $   0.42
-------------------------------------------------------------------------------------------------------------------------------
Net asset value, end of period                              $  20.87      $  20.75      $  17.70      $  15.76      $  26.73
===============================================================================================================================
Total return*                                                   1.44%        18.46%        14.41%       (36.41)%       16.84%
Ratio of net expenses to average net assets+                    0.73%         0.84%         0.95%         0.71%         0.68%
Ratio of net investment income to average net assets+           1.18%         0.99%         1.35%         1.23%         0.82%
Portfolio turnover rate                                           72%           89%           81%           61%           54%
Net assets, end of period (in thousands)                    $287,657      $344,695      $293,436      $236,643      $354,485
Ratios with reduction for fees paid indirectly:
 Net expenses                                                   0.73%         0.84%         0.95%         0.71%         0.68%
 Net investment income                                          1.18%         0.99%         1.35%         1.23%         0.82%
===============================================================================================================================
</TABLE>

* Assumes initial investment at net asset value at the beginning of each
  period, reinvestment of all distributions, and the complete redemption of the
  investment at net asset value at the end of each period.
+ Ratios with no reduction for fees paid indirectly.

The accompanying notes are an integral part of these financial statements.


32  Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Notes to Financial Statements | 10/31/11

1. Organization and Significant Accounting Policies

Pioneer Mid Cap Value Fund (the Fund) is a Delaware statutory trust. The Fund
is registered under the Investment Company Act of 1940 as a diversified,
open-end management investment company. The investment objective of the Fund is
to seek capital appreciation by investing in a diversified portfolio of
securities consisting primarily of common stocks.

The Fund offers five classes of shares designated as Class A, Class B, Class C,
Class R and Class Y shares. Effective as of the close of business on December
31, 2009, Class B shares are no longer offered to new or existing shareholders,
except that dividends and/or capital gain distributions may continue to be
reinvested in Class B shares, and shareholders may exchange their Class B
shares for Class B shares of other Pioneer funds, as permitted by existing
exchange privileges. Each class of shares represents an interest in the same
portfolio of investments of the Fund and has identical rights (based on
relative net asset values) to assets and liquidation proceeds. Share classes
can bear different rates of class-specific fees and expenses such as transfer
agent and distribution fees. Differences in class-specific fees and expenses
will result in differences in net investment income and, therefore, the payment
of different dividends from net investment income earned by each class. The
Amended and Restated Declaration of Trust of the Fund gives the Board the
flexibility to specify either per share voting or dollar-weighted voting when
submitting matters for shareholder approval. Under per share voting, each share
of a class of the Fund is entitled to one vote. Under dollar-weighted voting, a
shareholder's voting power is determined not by the number of shares owned, but
by the dollar value of the shares on the record date. Each share class has
exclusive voting rights with respect to matters affecting only that class,
including with respect to the distribution plan for that class. There is no
distribution plan for Class Y shares. Class B shares convert to Class A shares
approximately eight years after the date of purchase.

The Fund's financial statements have been prepared in conformity with U.S.
generally accepted accounting principles that require the management of the
Fund to, among other things, make estimates and assumptions that affect the
reported amounts of assets and liabilities, the disclosure of contingent assets
and liabilities at the date of the financial statements, and the reported
amounts of income, expenses and gains and losses on investments during the
reporting period. Actual results could differ from those estimates.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    33
<PAGE>

The following is a summary of significant accounting policies followed by the
Fund in the preparation of its financial statements, which are consistent with
those policies generally accepted in the investment company industry:


A. Security Valuation

   Security transactions are recorded as of trade date. The net asset value of
   the Fund is computed once daily, on each day the New York Stock Exchange
   (NYSE) is open, as of the close of regular trading on the NYSE. In computing
   the net asset value, securities that have traded on an exchange are valued at
   the last sale price on the principal exchange where they are traded.
   Securities that have not traded on the date of valuation, or securities for
   which sale prices are not available, generally are valued at the mean between
   the last bid and asked prices. Short-term fixed income securities with
   remaining maturities of sixty days or less generally are valued at amortized
   cost. Money market mutual funds are valued at net asset value.

   Trading in foreign securities is substantially completed each day at various
   times prior to the close of the NYSE. The values of such securities used in
   computing the net asset value of the Fund's shares are determined as of such
   times.

   Securities for which market prices and/or quotations are not readily
   available or are considered to be unreliable are valued using fair value
   methods pursuant to procedures adopted by the Board of Trustees. The Fund may
   use fair value methods if it is determined that a significant event has
   occurred after the close of the exchange or market on which the security
   trades and prior to the determination of the Fund's net asset value. Examples
   of a significant event might include political or economic news, corporate
   restructurings, natural disasters, terrorist activity or trading halts. Thus,
   the valuation of the Fund's securities may differ from exchange prices.

   At October 31, 2011, there were no securities that were valued using fair
   value methods (other than securities that were valued using prices supplied
   by independent pricing services). Inputs used when applying fair value
   methods to value a security may include credit ratings, the financial
   condition of the company, current market conditions and comparable
   securities.

   Dividend income is recorded on the ex-dividend date except that certain
   dividends from foreign securities where the ex-dividend date may have passed
   are recorded as soon as the Fund becomes aware of the ex-dividend data in the
   exercise of reasonable diligence. Interest income is recorded on the accrual
   basis. Dividend and interest income are reported net of unrecoverable foreign
   taxes withheld at the applicable country rates.

   Gains and losses on sales of investments are calculated on the identified
   cost method for both financial reporting and federal income tax purposes.


34    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

B. Federal Income Taxes

   It is the Fund's policy to comply with the requirements of the Internal
   Revenue Code applicable to regulated investment companies and to distribute
   all of its taxable income and net realized capital gains, if any, to its
   shareowners. Therefore, no federal income tax provision is required. Tax
   years for the prior three fiscal years remain subject to examination by
   federal and state tax authorities.

   The amounts and characterizations of distributions to shareowners for
   financial reporting purposes are determined in accordance with federal income
   tax rules. Therefore, the sources of the Fund's distributions may be shown in
   the accompanying financial statements as from or in excess of net investment
   income or as from net realized gain on investment transactions, or as from
   paid-in capital, depending on the type of book/tax differences that may
   exist.

   At October 31, 2011, the Fund had a net capital loss carryforward of
   $141,184,846 of which the following amounts will expire between 2015 and 2017
   if not utilized: $62,631 in 2015, $2,893,674 in 2016 and $138,228,541 in
   2017.

   At October 31, 2011, the Fund reclassified $543,672 to decrease undistributed
   net investment income and $543,672 to decrease accumulated net realized loss,
   to reflect permanent book/tax differences. The reclassification has no impact
   on the net assets of the Fund and presents the Fund's capital accounts on a
   tax basis.

   Under the recently enacted Regulated Investment Company Modernization Act of
   2010, the Fund will be permitted to carry forward capital losses incurred in
   taxable years beginning after December 22, 2010 for an unlimited period.
   However, any losses incurred during those future years will be required to be
   utilized prior to the losses incurred in pre-enactment tax years. As a result
   of this ordering rule, pre-enactment capital loss carryforwards may be more
   likely to expire unused. Additionally, post-enactment capital losses that are
   carried forward will retain their character as either short-term or long-term
   capital losses rather than being considered all short-term as under previous
   law.

   The tax character of distributions paid during the years ended October 31,
   2011 and October 31, 2010 was as follows:


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                                    2011                   2010
--------------------------------------------------------------------------------
<S>                                           <C>                   <C>
   Distributions paid from:
   Ordinary income                            $8,298,156            $11,331,945
--------------------------------------------------------------------------------
      Total                                   $8,298,156            $11,331,945
================================================================================
</TABLE>


                      Pioneer Mid Cap Value Fund | Annual Report | 10/31/11   35
<PAGE>

   The following shows the components of distributable earnings on a federal
   income tax basis at October 31, 2011:


<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                                                                           2011
--------------------------------------------------------------------------------
<S>                                                              <C>
   Distributable earnings:
   Undistributed ordinary income                                 $    8,249,529
   Capital loss carryforward                                       (141,184,846)
   Net unrealized gain                                               65,028,411
--------------------------------------------------------------------------------
      Total                                                      $  (67,906,906)
================================================================================
</TABLE>

   The difference between book-basis and tax-basis net unrealized gain is
   attributable to the tax deferral of losses on wash sales and the tax-basis
   adjustments on Real Estate Investment Trust (REIT) holdings.


C. Fund Shares

   The Fund records sales and repurchases of its shares as of trade date.
   Pioneer Funds Distributor, Inc. (PFD), the principal underwriter for the Fund
   and a wholly owned indirect subsidiary of UniCredit S.p.A. (UniCredit),
   earned $75,909 in underwriting commissions on the sale of Class A shares
   during the year ended October 31, 2011.


D. Class Allocations

   Income, common expenses and realized and unrealized gains and losses are
   calculated at the Fund level and allocated daily to each class of shares
   based on its respective percentage of adjusted net assets at the beginning of
   the day. During the period, the Fund recognized gains of $592,650 in
   settlement of class action lawsuits from several different companies, as
   reflected on the Statement of Operations.

   Distribution fees are calculated based on the average daily net asset value
   attributable to Class A, Class B, Class C, and Class R shares of the Fund,
   respectively (see Note 4). Class Y shares do not pay distribution fees. All
   expenses and fees paid to the transfer agent, Pioneer Investment Management
   Shareholder Services, Inc. (PIMSS), for its services are allocated among the
   classes of shares based on the number of accounts in each class and the
   ratable allocation of related out-of-pocket expenses (see Note 3).

   Distributions to shareowners are recorded as of the ex-dividend date.
   Distributions paid by the Fund with respect to each class of shares are
   calculated in the same manner and at the same time, except that net
   investment income dividends to Class A, Class B, Class C, Class R and Class Y
   shares can reflect different transfer agent and distribution expense rates.


36    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

E. Risks

   At times, the Fund's investments may represent industries or industry sectors
   that are interrelated or have common risks, making the Fund more susceptible
   to any economic, political, or regulatory developments or other risks
   affecting those industries or sectors. The Fund's prospectus contains
   unaudited information regarding the Fund's principal risks. Please refer to
   that document when considering the Fund's principal risks.


F. Securities Lending

   The Fund lends securities in its portfolio to certain broker-dealers or other
   institutional investors. When entering into a securities loan transaction,
   the Fund typically receives cash collateral from the borrower equal to at
   least the value of the securities loaned, which is invested in temporary
   investments. Credit Suisse AG, New York Branch, as the Fund's securities
   lending agent, manages the Fund's securities lending collateral. The income
   earned on the investment of collateral is shared with the borrower and the
   lending agent in payment of any rebate due to the borrower with respect to
   the securities loan, and in compensation for the lending agent's services to
   the Fund. The Fund also continues to receive payments in lieu of dividends or
   interest on the securities loaned. Gain or loss on the value of the loaned
   securities that may occur during the term of the loan will be for the account
   of the Fund. The amount of the collateral is required to be adjusted daily to
   reflect any price fluctuation in the value of the loaned securities. If the
   required market value of the collateral is less than the value of the loaned
   securities, the borrower is required to deliver additional collateral for the
   account of the Fund prior to the close of business on that day. The Fund has
   the right, under the lending agreement, to terminate the loan and recover the
   securities from the borrower with prior notice. The Fund is required to
   return the cash collateral to the borrower and could suffer a loss if the
   value of the collateral, as invested, has declined.


G. Repurchase Agreements

   With respect to repurchase agreements entered into by the Fund, the value of
   the underlying securities (collateral), including accrued interest, is
   required to be equal to or in excess of the repurchase price. The collateral
   for all repurchase agreements is held in safekeeping in the customer-only
   account of the Fund's custodian or a subcustodian of the Fund. The Fund's
   investment adviser, Pioneer Investment Management, Inc. (PIM), is responsible
   for determining that the value of the collateral remains at least equal to
   the repurchase price.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    37
<PAGE>

2. Management Agreement

PIM, a wholly owned indirect subsidiary of UniCredit, manages the Fund's
portfolio. Management fees are calculated daily at the annual rate of 0.70% of
the Fund's average daily net assets up to $500 million, 0.65% on the next $500
million, 0.625% on the next $3 billion and 0.60% on the excess over $4 billion.
The basic fee (fee before performance adjustment) can increase or decrease by a
maximum of 0.10% based on the investment performance of the Fund's Class A
shares as compared to the Russell Midcap Value Index. The performance
comparison is made for a rolling 36-month period. In addition, Pioneer
contractually limits any positive adjustment of the Fund's management fee to
0.10% of the Fund's average daily net assets on an annual basis (i.e., to a
maximum of 0.70% after the performance adjustment). For the year ended October
31, 2011, the aggregate performance adjustment resulted in a decrease of
$1,486,850 to the basic fee. For the year ended October 31, 2011, the net
management fee was equivalent to 0.56% of the Fund's average daily net assets.

PIM has contractually agreed to limit ordinary operating expenses of the Fund
to the extent required to reduce Fund expenses to 1.43% and 1.18% of the
average daily net assets attributable to Class A and Class Y shares,
respectively. These expense limitations are in effect through June 1, 2012 for
Class A and Class Y shares. Class B, Class C and Class R shares do not have an
expense limitation. There can be no assurance that PIM will extend the expense
limitation agreement for a class of shares beyond the date referred to above.

In addition, under the management and administration agreements, certain other
services and costs, including accounting, regulatory reporting and insurance
premiums, are paid by the Fund as administrative reimbursements. Included in
"Due to affiliates" reflected on the Statement of Assets and Liabilities is
$63,266 in management fees, administrative costs and certain other
reimbursements payable to PIM at October 31, 2011.


3. Transfer Agent

PIMSS, a wholly owned indirect subsidiary of UniCredit, provides substantially
all transfer agent and shareowner services to the Fund at negotiated rates.

In addition, the Fund reimburses PIMSS for out-of-pocket expenses incurred by
PIMSS related to shareholder communications activities such as proxy and
statement mailings, outgoing phone calls and omnibus relationship contracts.


38    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

For the year ended October 31, 2011, such out-of-pocket expenses by class of
shares were as follows:



<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
 Shareholder Communications:
--------------------------------------------------------------------------------
<S>                                                                  <C>
 Class A                                                             $1,037,080
 Class B                                                                 62,208
 Class C                                                                160,772
 Class R                                                                157,312
 Class Y                                                                389,404
--------------------------------------------------------------------------------
    Total                                                            $1,806,776
================================================================================
</TABLE>

Included in "Due to affiliates" reflected on the Statement of Assets and
Liabilities is $373,789 in transfer agent fees and out-of-pocket reimbursements
payable to PIMSS at October 31, 2011.


4. Distribution and Service Plans

The Fund has adopted a Distribution Plan pursuant to Rule 12b-1 of the
Investment Company Act of 1940 with respect to its Class A, Class B, Class C
and Class R shares. Pursuant to the Plan, the Fund pays PFD 0.25% of the
average daily net assets attributable to Class A shares as compensation for
personal services and/or account maintenance services or distribution services
with regard to Class A shares. Pursuant to the Plan, the Fund also pays PFD
1.00% of the average daily net assets attributable to Class B and Class C
shares. The fee for Class B and Class C shares consists of a 0.25% service fee
and a 0.75% distribution fee paid as compensation for personal services and/or
account maintenance services or distribution services with regard to Class B
and Class C shares. Pursuant to the Plan, the Fund further pays PFD 0.50% of
the average daily net assets attributable to Class R shares for distribution
services. Included in "Due to affiliates" reflected on the Statement of Assets
and Liabilities is $41,351 in distribution fees payable to PFD at October 31,
2011.

The Fund also has adopted a separate service plan for Class R shares (Service
Plan). The Service Plan authorizes the Fund to pay securities dealers, plan
administrators or other service organizations that agree to provide certain
services to retirement plans or plan participants holding shares of the Fund a
service fee of up to 0.25% of the Fund's average daily net assets attributable
to Class R shares held by such plans.

In addition, redemptions of each class of shares (except Class R and Class Y
shares) may be subject to a contingent deferred sales charge (CDSC). A CDSC of
1.00% may be imposed on redemptions of certain net asset value purchases of
Class A shares within 12 months of purchase. Class B shares that are redeemed
within five years of purchase are subject to a CDSC at declining rates
beginning at 4.00%, based on the lower of cost or market value of shares being
redeemed. Redemptions of Class C shares within one year of purchase are subject
to a CDSC of 1.00%, based on the lower of cost or market value of


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    39
<PAGE>

shares being redeemed. Shares purchased as part of an exchange remain subject
to any CDSC that applied to the original purchase of those shares. There is no
CDSC for Class R or Class Y shares. Proceeds from the CDSCs are paid to PFD.
For the year ended October 31, 2011, CDSCs in the amount of $92,828 were paid
to PFD.


5. Expense Offset Arrangements

The Fund has entered into certain expense offset arrangements with PIMSS which
may result in a reduction in the Fund's total expenses due to interest earned
on cash held by PIMSS. For the year ended October 31, 2011, the Fund's expenses
were not reduced under such arrangements.


6. Line of Credit Facility

The Fund, along with certain other funds in the Pioneer Family of Funds (the
Funds), participates in a $165 million committed, unsecured revolving line of
credit facility. Borrowings are used solely for temporary or emergency
purposes. The Fund may borrow up to the lesser of the amount available under
the facility or the limits set for borrowing by the Fund's prospectus and the
1940 Act. Interest on borrowings is payable at the higher of the London
Interbank Offered Rate (LIBOR) on the borrowing date plus 1.25% on an
annualized basis or the Federal Funds Rate on the borrowing date plus 1.25% on
an annualized basis. The Funds pay an annual commitment fee for this facility.
The commitment fee is allocated among participating Funds based on an
allocation schedule set forth in the credit agreement. For the year ended
October 31, 2011, the Fund had no borrowings under this agreement.


40    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and the Shareowners of
Pioneer Mid Cap Value Fund
--------------------------------------------------------------------------------
We have audited the accompanying statement of assets and liabilities of Pioneer
Mid Cap Value Fund (the "Fund"), including the schedule of investments, as of
October 31, 2011, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended, and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.

We conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. We were not engaged to perform an audit of the Fund's internal
control over financial reporting. Our audits included consideration of internal
control over financial reporting as a basis for designing audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Fund's internal control over financial
reporting. Accordingly, we express no such opinion. An audit also includes
examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements and financial highlights, assessing the accounting
principles used and significant estimates made by management, and evaluating
the overall financial statement presentation. Our procedures included
confirmation of securities owned as of October 31, 2011, by correspondence with
the custodian and brokers or by other appropriate auditing procedures where
replies from brokers were not received. We believe that our audits provide a
reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Pioneer Mid Cap Value Fund at October 31, 2011, the results of its operations
for the year then ended, the changes in its net assets for each of the two
years in the period then ended, and the financial highlights for each of the
five years in the period then ended, in conformity with U.S. generally accepted
accounting principles.


                                                           /s/ Ernst & Young LLP


Boston, Massachusetts
December 23, 2011

                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    41
<PAGE>



ADDITIONAL INFORMATION (unaudited)

For the year ended October 31, 2011, certain dividends paid by the Fund may be
subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth
Tax Relief Reconciliation Act (the Act) of 2003. The Fund intends to designate
up to the maximum amount of such dividends allowable under the Act, as taxed at
a maximum rate of 15%. Complete information will be computed and reported in
conjunction with your 2011 form 1099-DIV.

The qualifying percentage of the Fund's ordinary income dividends for the
purpose of the corporate dividends received deduction was 100%.


42    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

Trustees, Officers and Service Providers

Investment Adviser
Pioneer Investment Management, Inc.


Custodian
Brown Brothers Harriman & Co.


Independent Registered Public Accounting Firm
Ernst & Young LLP


Principal Underwriter
Pioneer Funds Distributor, Inc.


Legal Counsel
Bingham McCutchen LLP


Shareowner Services and Transfer Agent
Pioneer Investment Management Shareholder Services, Inc.


Proxy Voting Policies and Procedures of the Fund are available without charge,
upon request, by calling our toll free number (1-800-225-6292). Information
regarding how the Fund voted proxies relating to portfolio securities during
the most recent 12-month period ended June 30 is publicly available to
shareowners at us.pioneerinvestments.com. This information is also available on
the Securities and Exchange Commission's web site at www.sec.gov.


Trustees and Officers

The Fund's Trustees and officers are listed on the following pages, together
with their principal occupations during at least the past five years. Trustees
who are interested persons of the Fund within the meaning of the 1940 Act are
referred to as Interested Trustees. Trustees who are not interested persons of
the Fund are referred to as Independent Trustees. Each of the Trustees serves
as a trustee of each of the 55 U.S. registered investment portfolios for which
Pioneer serves as investment adviser (the "Pioneer Funds"). The address for all
Trustees and all officers of the Fund is 60 State Street, Boston, Massachusetts
02109.

The Statement of Additional Information of the Fund includes additional
information about the Trustees and is available, without charge, upon request,
by calling 1-800-225-6292.


                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    43
<PAGE>


Interested Trustees
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                            Position Held            Length of Service
Name and Age                with the Fund            and Term of Office
--------------------------------------------------------------------------------
<S>                         <C>                      <C>
John F. Cogan, Jr. (85)*    Chairman of the Board,   Trustee since 1990.
                            Trustee and President    Serves until a successor
                                                     trustee is elected or
                                                     earlier retirement or
                                                     removal.
--------------------------------------------------------------------------------
Daniel K. Kingsbury (53)*   Trustee and Executive    Trustee since 2007.
                            Vice President           Serves until a successor
                                                     trustee is elected or
                                                     earlier retirement or
                                                     removal.
--------------------------------------------------------------------------------


Interested Trustees
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                                                                                Other Directorships
Name and Age                Principal Occupation                                                Held by this Trustee
<S>                         <C>                                                                 <C>
John F. Cogan, Jr. (85)*    Non-Executive Chairman and a director of Pioneer Investment         None
                            Management USA Inc. ("PIM-USA"); Chairman and a director of
                            Pioneer; Chairman and Director of Pioneer Institutional Asset
                            Management, Inc. (since 2006); Director of Pioneer Alternative
                            Investment Management Limited (Dublin, until October 2011);
                            President and a director of Pioneer Alternative Investment
                            Management (Bermuda) Limited and affiliated funds; Deputy
                            Chairman and a director of Pioneer Global Asset Management
                            S.p.A. ("PGAM") (until April 2010); Director of PIOGLOBAL Real
                            Estate Investment Fund (Russia) (until June 2006); Director of
                            Nano-C, Inc. (since 2003); Director of Cole Management Inc.
                            (since 2004); Director of Fiduciary Counseling, Inc.; President
                            and Director of Pioneer Funds Distributor, Inc. ("PFD") (until May
                            2006); President of all of the Pioneer Funds; and Of Counsel,
                            Wilmer Cutler Pickering Hale and Dorr LLP
---------------------------------------------------------------------------------------------------------------------
Daniel K. Kingsbury (53)*   Director, CEO and President of PIM-USA (since February 2007);       None
                            Director and President of Pioneer and Pioneer Institutional Asset
                            Management, Inc. (since February 2007); Executive Vice
                            President of all of the Pioneer Funds (since March 2007);
                            Director of PGAM (2007 - 2010); Head of New Europe Division,
                            PGAM (2000 - 2005); and Head of New Markets Division, PGAM
                            (2005 - 2007)
---------------------------------------------------------------------------------------------------------------------
</TABLE>

* Mr. Cogan and Mr. Kingsbury are Interested Trustees because they are officers
  or directors of the Fund's investment adviser and certain of its affiliates.

44  Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>


Independent Trustees
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
                     Position Held    Length of Service
Name and Age         with the Fund    and Term of Office
--------------------------------------------------------------------------------
<S>                  <C>              <C>
David R. Bock (67)   Trustee          Trustee since 2005.
                                      Serves until a successor
                                      trustee is elected or
                                      earlier retirement or
                                      removal.
--------------------------------------------------------------------------------
Mary K. Bush (63)    Trustee          Trustee since 1997.
                                      Serves until a successor
                                      trustee is elected or
                                      earlier retirement or
                                      removal.



Independent Trustees
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                                                                                            Other Directorships
Name and Age         Principal Occupation                                                   Held by this Trustee
<S>                  <C>                                                                    <C>
David R. Bock (67)   Managing Partner, Federal City Capital Advisors (corporate             Director of Enterprise
                     advisory services company) (1997 - 2004 and 2008 - present);           Community Investment, Inc.
                     Interim Chief Executive Officer, Oxford Analytica, Inc. (privately-    (privately held affordable
                     held research and consulting company) (2010); Executive Vice           housing finance company)
                     President and Chief Financial Officer, I-trax, Inc. (publicly traded   (1985 - 2010); Director of
                     health care services company) (2004 - 2007); and Executive             Oxford Analytica, Inc. (2008 -
                     Vice President and Chief Financial Officer, Pedestal Inc. (internet-   present); Director of The Swiss
                     based mortgage trading company (2000 - 2002)                           Helvetia Fund, Inc. (closed-end
                                                                                            fund) (2010 - present); and
                                                                                            Director of New York Mortgage
                                                                                            Trust (publicly traded mortgage
                                                                                            REIT) (2004 - 2009)
-----------------------------------------------------------------------------------------------------------------------------
Mary K. Bush (63)    Chairman, Bush International, LLC (international financial             Director of Marriott
                     advisory firm) (1991 - present); Senior Managing Director,             International, Inc. (2008 -
                     Brock Capital Group, LLC (strategic business advisors) (2010 -         present); Director of Discover
                     present); Managing Director, Federal Housing Finance Board             Financial Services (credit card
                     (oversight of Federal Home Loan Bank system) (1989 - 1991);            issuer and electronic payment
                     Vice President and Head of International Finance, Federal              services) (2007 - present);
                     National Mortgage Association (1988 - 1989); U.S. Alternate            Former Director of Briggs &
                     Executive Director, International Monetary Fund (1984 - 1988);         Stratton Co. (engine
                     Executive Assistant to Deputy Secretary of the U.S. Treasury,          manufacturer) (2004 - 2009);
                     U.S. Treasury Department (1982 - 1984); and Vice President             Former Director of UAL
                     and Team Leader in Corporate Banking, Bankers Trust Co.                Corporation (airline holding
                     (1976 - 1982)                                                          company) (2006 - 2010);
</TABLE>


                      Pioneer Mid Cap Value Fund | Annual Report | 10/31/11  45
<PAGE>

Independent Trustees (continued)


<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------
                           Position Held   Length of Service                            Other Directorships
Name and Age               with the Fund   and Term of Office   Principal Occupation    Held by this Trustee
-----------------------------------------------------------------------------------------------------------------------------
<S>                        <C>             <C>                  <C>                     <C>
Mary K. Bush (continued)                                                                Director of ManTech
                                                                                        International Corporation
                                                                                        (national security, defense, and
                                                                                        intelligence technology firm)
                                                                                        (2006 - present); Member,
                                                                                        Board of Governors, Investment
                                                                                        Company Institute (2007 -
                                                                                        present); Member, Board of
                                                                                        Governors, Independent
                                                                                        Directors Council (2007 -
                                                                                        present) Former Director of
                                                                                        Brady Corporation (2000 -
                                                                                        2007); Former Director of
                                                                                        Mortgage Guaranty Insurance
                                                                                        Corporation (1991 - 2006);
                                                                                        Former Director of Millennium
                                                                                        Chemicals, Inc. (commodity
                                                                                        chemicals) (2002 - 2005);
                                                                                        Former Director, R.J. Reynolds
                                                                                        Tobacco Holdings, Inc.
                                                                                        (tobacco) (1999 - 2005); and
                                                                                        Former Director of Texaco, Inc.
                                                                                        (1997 - 2001)
-----------------------------------------------------------------------------------------------------------------------------
</TABLE>


46  Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>


<TABLE>
<CAPTION>
---------------------------------------------------------------------------
                            Position Held   Length of Service
Name and Age                with the Fund   and Term of Office
---------------------------------------------------------------------------
<S>                         <C>             <C>
Benjamin M. Friedman (67)   Trustee         Trustee since 2008.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal
---------------------------------------------------------------------------
Margaret B.W. Graham (64)   Trustee         Trustee since 1990.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal.
---------------------------------------------------------------------------
Thomas J. Perna (61)        Trustee         Trustee since 2006.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal.
---------------------------------------------------------------------------
Marguerite A. Piret (63)    Trustee         Trustee since 1990.
                                            Serves until a successor
                                            trustee is elected or
                                            earlier retirement or
                                            removal.
---------------------------------------------------------------------------


<CAPTION>
-----------------------------------------------------------------------------------------------
Name and Age                Principal Occupation
-----------------------------------------------------------------------------------------------
<S>                         <C>
Benjamin M. Friedman (67)   William Joseph Maier Professor of Political Economy, Harvard
                            University (1972 - present)
-----------------------------------------------------------------------------------------------
Margaret B.W. Graham (64)   Founding Director, Vice President and Corporate Secretary,
                            The Winthrop Group, Inc. (consulting firm) (1982 - present);
                            Desautels Faculty of Management, McGill University (1999 -
                            present); and Manager of Research Operations and
                            Organizational Learning, Xerox PARC, Xerox's Advance Research
                            Center (1990 - 1994)
-----------------------------------------------------------------------------------------------
Thomas J. Perna (61)        Chairman and Chief Executive Officer, Quadriserv, Inc.
                            (technology products for securities lending industry) (2008 -
                            present); private investor (2004 - 2008); and Senior Executive
                            Vice President, The Bank of New York (financial and securities
                            services) (1986 - 2004)
-----------------------------------------------------------------------------------------------
Marguerite A. Piret (63)    President and Chief Executive Officer, Newbury, Piret & Company,
                            Inc. (investment banking firm) (1981 - present)
-----------------------------------------------------------------------------------------------


<CAPTION>
-------------------------------------------------------------------
                            Other Directorships
Name and Age                Held by this Trustee
-------------------------------------------------------------------
<S>                         <C>
Benjamin M. Friedman (67)   Trustee, Mellon Institutional
                            Funds Investment Trust and
                            Mellon Institutional Funds
                            Master Portfolio (oversaw 17
                            portfolios in fund complex)
                            (1989 - 2008)
-------------------------------------------------------------------
Margaret B.W. Graham (64)   None
-------------------------------------------------------------------
Thomas J. Perna (61)        Director, Broadridge Financial
                            Solutions, Inc. (investor
                            communications and securities
                            processing provider for financial
                            services industry) (2009 -
                            present); and Director,
                            Quadriserv, Inc. (2005 -
                            present)
-------------------------------------------------------------------
Marguerite A. Piret (63)    Director of New America High
                            Income Fund, Inc. (closed-end
                            investment company) (2004 -
                            present); and member, Board
                            of Governors, Investment
                            Company Institute (2000 -
                            2006)
-------------------------------------------------------------------
</TABLE>


                      Pioneer Mid Cap Value Fund | Annual Report | 10/31/11  47
<PAGE>


Fund Officers

<TABLE>
<CAPTION>
---------------------------------------------------------------------------
                             Position Held         Length of Service
Name and Age                 with the Fund         and Term of Office
---------------------------------------------------------------------------
<S>                          <C>                   <C>
Christopher J. Kelley (46)   Secretary             Since 2010. Serves at
                                                   the discretion of the
                                                   Board.
---------------------------------------------------------------------------
Carol B. Hannigan (50)       Assistant Secretary   Since 2010. Serves at
                                                   the discretion of the
                                                   Board.
---------------------------------------------------------------------------
Thomas Reyes (48)            Assistant Secretary   Since 2010. Serves at
                                                   the discretion of the
                                                   Board.
---------------------------------------------------------------------------
Mark E. Bradley (51)         Treasurer             Since 2008. Serves at
                                                   the discretion of the
                                                   Board.
---------------------------------------------------------------------------
Luis I. Presutti (46)        Assistant Treasurer   Since 2000. Serves at
                                                   the discretion of the
                                                   Board.
---------------------------------------------------------------------------
Gary Sullivan (53)           Assistant Treasurer   Since 2002. Serves at
                                                   the discretion of the
                                                   Board.
---------------------------------------------------------------------------


Fund Officers

<CAPTION>
------------------------------------------------------------------------------------------------------------------------
                                                                                                  Other Directorships
Name and Age                 Principal Occupation                                                 Held by this Officer
------------------------------------------------------------------------------------------------------------------------
<S>                          <C>                                                                  <C>
Christopher J. Kelley (46)   Vice President and Associate General Counsel of Pioneer since        None
                             January 2008 and Secretary of all of the Pioneer Funds since
                             June 2010; Assistant Secretary of all of the Pioneer Funds from
                             September 2003 to May 2010; and Vice President and Senior
                             Counsel of Pioneer from July 2002 to December 2007
------------------------------------------------------------------------------------------------------------------------
Carol B. Hannigan (50)       Fund Governance Director of Pioneer since December 2006 and          None
                             Assistant Secretary of all the Pioneer Funds since June 2010;
                             Manager - Fund Governance of Pioneer from December 2003 to
                             November 2006; and Senior Paralegal of Pioneer from January
                             2000 to November 2003
------------------------------------------------------------------------------------------------------------------------
Thomas Reyes (48)            Counsel of Pioneer since June 2007 and Assistant Secretary of        None
                             all the Pioneer Funds since June 2010; and Vice President and
                             Counsel at State Street Bank from October 2004 to June 2007
------------------------------------------------------------------------------------------------------------------------
Mark E. Bradley (51)         Vice President - Fund Accounting, Administration and                 None
                             Controllership Services of Pioneer; Treasurer of all of the Pioneer
                             Funds since March 2008; Deputy Treasurer of Pioneer from
                             March 2004 to February 2008; and Assistant Treasurer of all of
                             the Pioneer Funds from March 2004 to February 2008
------------------------------------------------------------------------------------------------------------------------
Luis I. Presutti (46)        Assistant Vice President - Fund Accounting, Administration and       None
                             Controllership Services of Pioneer; and Assistant Treasurer of all
                             of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------
Gary Sullivan (53)           Fund Accounting Manager - Fund Accounting, Administration and        None
                             Controllership Services of Pioneer; and Assistant Treasurer of all
                             of the Pioneer Funds
------------------------------------------------------------------------------------------------------------------------
</TABLE>


48  Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>


<TABLE>
<CAPTION>
----------------------------------------------------------------------------
                        Position Held              Length of Service
Name and Age            with the Fund              and Term of Office
----------------------------------------------------------------------------
<S>                     <C>                        <C>
David F. Johnson (31)   Assistant Treasurer        Since 2009. Serves at
                                                   the discretion of the
                                                   Board.
----------------------------------------------------------------------------
Jean M. Bradley (59)    Chief Compliance Officer   Since 2010. Serves at
                                                   the discretion of the
                                                   Board.
----------------------------------------------------------------------------


<CAPTION>
-----------------------------------------------------------------------------------------------------------------
                                                                                           Other Directorships
Name and Age            Principal Occupation                                               Held by this Officer
-----------------------------------------------------------------------------------------------------------------
<S>                     <C>                                                                <C>
David F. Johnson (31)   Fund Administration Manager - Fund Accounting, Administration      None
                        and Controllership Services since November 2008; Assistant
                        Treasurer of all of the Pioneer Funds since January 2009; and
                        Client Service Manager - Institutional Investor Services at State
                        Street Bank from March 2003 to March 2007
-----------------------------------------------------------------------------------------------------------------
Jean M. Bradley (59)    Chief Compliance Officer of Pioneer and of all the Pioneer Funds   None
                        since March 2010; Director of Adviser and Portfolio Compliance
                        at Pioneer since October 2005; and Senior Compliance Officer
                        for Columbia Management Advisers, Inc. from October 2003 to
                        October 2005
-----------------------------------------------------------------------------------------------------------------
</TABLE>


                       Pioneer Mid Cap Value Fund | Annual Report | 10/31/11  49
<PAGE>

                           This page for your notes.

50    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

                           This page for your notes.

                     Pioneer Mid Cap Value Fund | Annual Report | 10/31/11    51
<PAGE>

                           This page for your notes.

52    Pioneer Mid Cap Value Fund | Annual Report | 10/31/11
<PAGE>

How to Contact Pioneer

We are pleased to offer a variety of convenient ways for you to contact us for
assistance or information.


Call us for:
--------------------------------------------------------------------------------
Account Information, including existing accounts,
new accounts, prospectuses, applications
and service forms                                                 1-800-225-6292

FactFone(SM) for automated fund yields, prices,
account information and transactions                              1-800-225-4321

Retirement plans information                                      1-800-622-0176


Write to us:
--------------------------------------------------------------------------------
PIMSS, Inc.
P.O. Box 55014
Boston, Massachusetts 02205-5014


Our toll-free fax                                                 1-800-225-4240


Our internet e-mail address                   ask.pioneer@pioneerinvestments.com
(for general questions about Pioneer only)



Visit our web site: us.pioneerinvestments.com





This report must be preceded or accompanied by a prospectus.

The Fund files a complete schedule of investments with the Securities and
Exchange Commission for the first and third quarters for each fiscal year on
Form N-Q. Shareholders may view the filed Form N-Q by visiting the Commission's
web site at http://www.sec.gov. The filed form may also be viewed and copied at
the Commission's Public Reference Room in Washington, DC. Information regarding
the operations of the Public Reference Room may be obtained by calling
1-800-SEC-0330.




ITEM 2. CODE OF ETHICS.

(a) Disclose whether, as of the end of the period covered by the report, the
registrant has adopted a code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting
officer or controller, or persons performing similar functions, regardless of
whether these individuals are employed by the registrant or a third party.  If
the registrant has not adopted such a code of ethics, explain why it has not
done so.

The registrant has adopted, as of the end of the period covered by this report,
a code of ethics that applies to the registrant's principal executive officer,
principal financial officer, principal accounting officer and controller.

(b) For purposes of this Item, the term "code of ethics" means written standards
that are reasonably designed to deter wrongdoing and to promote:

        (1) Honest and ethical conduct, including the ethical handling of actual
        or apparent conflicts of interest between personal and professional
        relationships;

        (2) Full, fair, accurate, timely, and understandable disclosure in
        reports and documents that a registrant files with, or submits to, the
        Commission and in other public communications made by the registrant;

        (3) Compliance with applicable governmental laws, rules, and
        regulations;

        (4) The prompt internal reporting of violations of the code to an
        appropriate person or persons identified in the code; and

        (5) Accountability for adherence to the code.

(c) The registrant must briefly describe the nature of any amendment, during the
period covered by the report, to a provision of its code of ethics that applies
to the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, and that relates to any element of the code of
ethics definition enumerated in paragraph (b) of this Item. The registrant must
file a copy of any such amendment as an exhibit pursuant to Item 10(a), unless
the registrant has elected to satisfy paragraph (f) of this Item by posting its
code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by
undertaking to provide its code of ethics to any person without charge, upon
request, pursuant to paragraph (f)(3) of this Item.

The registrant has made no amendments to the code of ethics during the period
covered by this report.

(d) If the registrant has, during the period covered by the report, granted a
waiver, including an implicit waiver, from a provision of the code of ethics to
the registrant's principal executive officer, principal financial officer,
principal accounting officer or controller, or persons performing similar
functions, regardless of whether these individuals are employed by the
registrant or a third party, that relates to one or more of the items set forth
in paragraph (b) of this Item, the registrant must briefly describe the nature
of the waiver, the name of the person to whom the waiver was granted, and the
date of the waiver.

Not applicable.

(e) If the registrant intends to satisfy the disclosure requirement under
paragraph (c) or (d) of this Item regarding an amendment to, or a waiver from,
a provision of its code of ethics that applies to the registrant's principal
executive officer, principal financial officer, principal accounting officer or
controller, or persons performing similar functions and that relates to any
element of the code of ethics definition enumerated in paragraph (b) of this
Item by posting such information on its Internet website, disclose the
registrant's Internet address and such intention.

Not applicable.

(f) The registrant must:

        (1) File with the Commission, pursuant to Item 10(a), a copy of its code
        of ethics that applies to the registrant's principal executive officer,
        principal financial officer, principal accounting officer or controller,
        or persons performing similar functions, as an exhibit to its annual
        report on this Form N-CSR (see attachment);

        (2) Post the text of such code of ethics on its Internet website and
        disclose, in its most recent report on this Form N-CSR, its Internet
        address and the fact that it has posted such code of ethics on its
        Internet website; or

        (3) Undertake in its most recent report on this Form N-CSR to provide to
        any person without charge, upon request, a copy of such code of ethics
        and explain the manner in which such request may be made.
	See Item 10(2)

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1)  Disclose that the registrant's board of trustees has determined that
         the registrant either:

    (i)  Has at least one audit committee financial expert serving on its audit
         committee; or

    (ii) Does not have an audit committee financial expert serving on its audit
         committee.

The registrant's Board of Trustees has determined that the registrant has at
least one audit committee financial expert.

    (2) If the registrant provides the disclosure required by paragraph
(a)(1)(i) of this Item, it must disclose the name of the audit committee
financial expert and whether that person is "independent." In order to be
considered "independent" for purposes of this Item, a member of an audit
committee may not, other than in his or her capacity as a member of the audit
committee, the board of trustees, or any other board committee:

    (i)  Accept directly or indirectly any consulting, advisory, or other
         compensatory fee from the issuer; or

    (ii) Be an "interested person" of the investment company as defined in
         Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

Ms. Marguerite A. Piret, an independent trustee, is such an audit committee
financial expert.

    (3) If the registrant provides the disclosure required by paragraph (a)(1)
(ii) of this Item, it must explain why it does not have an audit committee
financial expert.

Not applicable.


ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption AUDIT FEES, the aggregate fees billed for each
of the last two fiscal years for professional services rendered by the principal
accountant for the audit of the registrant's annual financial statements or
services that are normally provided by the accountant in connection with
statutory and regulatory filings or engagements for those fiscal years.

Audit Fees
Fees for audit services provided to the Fund, including fees
associated with the filings to update its Form N-2 and
issuance of comfort letters, totaled approximately $38,686
in 2011 and $38,686 in 2010.

(b) Disclose, under the caption AUDIT-RELATED FEES, the aggregate fees billed in
each of the last two fiscal years for assurance and related services by the
principal accountant that are reasonably related to the performance of the audit
of the registrant's financial statements and are not reported under
paragraph (a) of this Item. Registrants shall describe the nature of the
services comprising the fees disclosed under this category.

Audit-Related Fees
There were no fees for audit-related or other services
provided to the Fund during the fiscal years ended October
31, 2011 and 2010.

(c) Disclose, under the caption TAX FEES, the aggregate fees billed in each of
the last two fiscal years for professional services rendered by the principal
accountant for tax compliance, tax advice, and tax planning. Registrants shall
describe the nature of the services comprising the fees disclosed under this
category.

Tax Fees
Fees for tax compliance services, primarily for tax returns,
totaled approximately $8,290 and $8,290 for 2011 and
2010, respectively.

(d) Disclose, under the caption ALL OTHER FEES, the aggregate fees billed in
each of the last two fiscal years for products and services provided by the
principal accountant, other than the services reported in paragraphs (a) through
(c) of this Item. Registrants shall describe the nature of the services
comprising the fees disclosed under this category.

Other Fees
There were no other services provided to the Fund during
the fiscal years ended October 31, 2011 and 2010.

(e) (1) Disclose the audit committee's pre-approval policies and procedures
described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

 PIONEER FUNDS
            APPROVAL OF AUDIT, AUDIT-RELATED, TAX AND OTHER SERVICES
                       PROVIDED BY THE INDEPENDENT AUDITOR

                  SECTION I - POLICY PURPOSE AND APPLICABILITY

The Pioneer Funds recognize the importance of maintaining the independence of
their outside auditors. Maintaining independence is a shared responsibility
involving Pioneer Investment Management, Inc ("PIM"), the audit committee and
the independent auditors.

The Funds recognize that a Fund's independent auditors: 1) possess knowledge of
the Funds, 2) are able to incorporate certain services into the scope of the
audit, thereby avoiding redundant work, cost and disruption of Fund personnel
and processes, and 3) have expertise that has value to the Funds. As a result,
there are situations where it is desirable to use the Fund's independent
auditors for services in addition to the annual audit and where the potential
for conflicts of interests are minimal. Consequently, this policy, which is
intended to comply with Rule 210.2-01(C)(7), sets forth guidelines and
procedures to be followed by the Funds when retaining the independent audit firm
to perform audit, audit-related tax and other services under those
circumstances, while also maintaining independence.

Approval of a service in accordance with this policy for a Fund shall also
constitute approval for any other Fund whose pre-approval is required pursuant
to Rule 210.2-01(c)(7)(ii).

In addition to the procedures set forth in this policy, any non-audit services
that may be provided consistently with Rule 210.2-01 may be approved by the
Audit Committee itself and any pre-approval that may be waived in accordance
with Rule 210.2-01(c)(7)(i)(C) is hereby waived.

Selection of a Fund's independent auditors and their compensation shall be
determined by the Audit Committee and shall not be subject to this policy.
<PAGE>
<TABLE>
<CAPTION>
                               SECTION II - POLICY

---------------- -------------------------------- -------------------------------------------------
SERVICE           SERVICE CATEGORY DESCRIPTION      SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
CATEGORY
---------------- -------------------------------- -------------------------------------------------
<S>              <C>                              <C>
I.  AUDIT        Services that are directly       o Accounting research assistance
SERVICES         related to performing the        o SEC consultation, registration
                 independent audit of the Funds     statements, and reporting
                                                  o Tax accrual related matters
                                                  o Implementation of new accounting
                                                    standards
                                                  o Compliance letters (e.g. rating agency
                                                    letters)
                                                  o Regulatory reviews and assistance
                                                    regarding financial matters
                                                  o Semi-annual reviews (if requested)
                                                  o Comfort letters for closed end
                                                    offerings
---------------- -------------------------------- -------------------------------------------------
II.              Services which are not           o AICPA attest and agreed-upon procedures
AUDIT-RELATED    prohibited under Rule            o Technology control assessments
SERVICES         210.2-01(C)(4) (the "Rule")      o Financial reporting control assessments
                 and are related extensions of    o Enterprise security architecture
                 the audit services support the     assessment
                 audit, or use the
                 knowledge/expertise gained
                 from the audit procedures as a
                 foundation to complete the
                 project.  In most cases, if
                 the Audit-Related Services are
                 not performed by the Audit
                 firm, the scope of the Audit
                 Services would likely
                 increase.  The Services are
                 typically well-defined and
                 governed by accounting
                 professional standards (AICPA,
                 SEC, etc.)
---------------- -------------------------------- -------------------------------------------------
<CAPTION>
 ------------------------------------- ------------------------------------
<S>                                    <C>
   AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                REPORTING POLICY
 ------------------------------------- ------------------------------------
<S>                                    <C>
 o "One-time" pre-approval             o A summary of all such
   for the audit period for all          services and related fees
   pre-approved specific service         reported at each regularly
   subcategories.  Approval of the       scheduled Audit Committee
   independent auditors as               meeting.
   auditors for a Fund shall
   constitute pre approval for
   these services.
 ------------------------------------- ------------------------------------
 o "One-time" pre-approval             o A summary of all such
   for the fund fiscal year within       services and related fees
   a specified dollar limit              (including comparison to
   for all pre-approved                  specified dollar limits)
   specific service subcategories        reported quarterly.

 o Specific approval is
   needed to exceed the
   pre-approved dollar limit for
   these services (see general
   Audit Committee approval policy
   below for details on obtaining
   specific approvals)

 o Specific approval is
   needed to use the Fund's
   auditors for Audit-Related
   Services not denoted as
   "pre-approved", or
   to add a specific service
   subcategory as "pre-approved"
 ------------------------------------- ------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
<S>                     <C>                         <C>
III. TAX SERVICES       Services which are not      o Tax planning and support
                        prohibited by the Rule,     o Tax controversy assistance
                        if an officer of the Fund   o Tax compliance, tax returns, excise
                        determines that using the     tax returns and support
                        Fund's auditor to provide   o Tax opinions
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption, or
                        the ability to maintain a
                        desired level of
                        confidentiality.
----------------------- --------------------------- -----------------------------------------------

------------------------------------- -------------------------
  AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                          REPORTING POLICY
------------------------------------- -------------------------
------------------------------------- -------------------------
o "One-time" pre-approval             o A summary of
  for the fund fiscal  year             all such services and
  within a specified dollar limit       related fees
  				        (including comparison
  			                to specified dollar
  			                limits) reported
  			                quarterly.

o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for tax services not
  denoted as pre-approved, or to add a specific
  service subcategory as
  "pre-approved"
------------------------------------- -------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- --------------------------- -----------------------------------------------
   SERVICE CATEGORY          SERVICE CATEGORY        SPECIFIC PRE-APPROVED SERVICE SUBCATEGORIES
                               DESCRIPTION
----------------------- --------------------------- -----------------------------------------------
<S>                     <C>                         <C>
IV.  OTHER SERVICES     Services which are not      o Business Risk Management support
                        prohibited by the Rule,     o Other control and regulatory
A. SYNERGISTIC,         if an officer of the Fund     compliance projects
UNIQUE QUALIFICATIONS   determines that using the
                        Fund's auditor to provide
                        these services creates
                        significant synergy in
                        the form of efficiency,
                        minimized disruption,
                        the ability to maintain a
                        desired level of
                        confidentiality, or where
                        the Fund's auditors
                        posses unique or superior
                        qualifications to provide
                        these services, resulting
                        in superior value and
                        results for the Fund.
----------------------- --------------------------- -----------------------------------------------
<CAPTION>
--------------------------------------- ------------------------
    AUDIT COMMITTEE APPROVAL POLICY         AUDIT COMMITTEE
                                            REPORTING POLICY
------------------------------------- --------------------------
<S>                                   <C>
o "One-time" pre-approval             o A summary of
  for the fund fiscal year within       all such services and
  a specified dollar limit              related fees
  			               (including comparison
  			                to specified dollar
  				        limits) reported
                                        quarterly.
o Specific approval is
  needed to exceed the
  pre-approved dollar limits for
  these services (see general
  Audit Committee approval policy
  below for details on obtaining
  specific approvals)

o Specific approval is
  needed to use the Fund's
  auditors for "Synergistic" or
  "Unique Qualifications" Other
  Services not denoted as
  pre-approved to the left, or to
  add a specific service
  subcategory as "pre-approved"
------------------------------------- --------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                     SECTION III - POLICY DETAIL, CONTINUED

----------------------- ------------------------- -----------------------------------------------
   SERVICE CATEGORY         SERVICE CATEGORY        SPECIFIC PROHIBITED SERVICE SUBCATEGORIES
                              DESCRIPTION
----------------------- ------------------------- -----------------------------------------------
<S>                     <C>                       <C>
PROHIBITED  SERVICES    Services which result     1. Bookkeeping or other services
                        in the auditors losing       related to the accounting records or
                        independence status          financial statements of the audit
                        under the Rule.              client*
                                                  2. Financial information systems design
                                                     and implementation*
                                                  3. Appraisal or valuation services,
                                                     fairness* opinions, or
                                                     contribution-in-kind reports
                                                  4. Actuarial services (i.e., setting
                                                     actuarial reserves versus actuarial
                                                     audit work)*
                                                  5. Internal audit outsourcing services*
                                                  6. Management functions or human
                                                     resources
                                                  7. Broker or dealer, investment
                                                     advisor, or investment banking services
                                                  8. Legal services and expert services
                                                     unrelated to the audit
                                                  9. Any other service that the Public
                                                     Company Accounting Oversight Board
                                                     determines, by regulation, is
                                                     impermissible
----------------------- ------------------------- -----------------------------------------------
<CAPTION>
------------------------------------------- ------------------------------
     AUDIT COMMITTEE APPROVAL POLICY               AUDIT COMMITTEE
                                                  REPORTING POLICY
------------------------------------------- ------------------------------
o These services are not to be              o A summary of all
  performed with the exception of the(*)      services and related
  services that may be permitted              fees reported at each
  if they would not be subject to audit       regularly scheduled
  procedures at the audit client (as          Audit Committee meeting
  defined in rule 2-01(f)(4)) level           will serve as continual
  the firm providing the service.             confirmation that has
  				              not provided any
                                              restricted services.
------------------------------------------- ------------------------------
</TABLE>
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GENERAL AUDIT COMMITTEE APPROVAL POLICY:
o For all projects, the officers of the Funds and the Fund's auditors will each
  make an assessment to determine that any proposed projects will not impair
  independence.

o Potential services will be classified into the four non-restricted service
  categories and the "Approval of Audit, Audit-Related, Tax and Other
  Services" Policy above will be applied. Any services outside the specific
  pre-approved service subcategories set forth above must be specifically
  approved by the Audit Committee.

o At least quarterly, the Audit Committee shall review a report summarizing the
  services by service category, including fees, provided by the Audit firm as
  set forth in the above policy.

--------------------------------------------------------------------------------


    (2) Disclose the percentage of services described in each of paragraphs (b)
   through (d) of this Item that were approved by the audit committee pursuant
   to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Non-Audit Services
Beginning with non-audit service contracts entered into on
or after May 6, 2003, the effective date of the new SEC
pre-approval rules, the Fund's audit committee is required
to pre-approve services to affiliates defined by SEC rules
to the extent that the services are determined to have a
direct impact on the operations or financial reporting of the
Fund. For the years ended October 31, 2011 and 2010,
there were no services provided to an affiliate that required
the Fund's audit committee pre-approval.


(f) If greater than 50 percent, disclose the percentage of hours expended on the
principal accountant's engagement to audit the registrant's financial statements
for the most recent fiscal year that were attributed to work performed by
persons other than the principal accountant's full-time, permanent employees.

N/A

(g) Disclose the aggregate non-audit fees billed by the registrant's accountant
for services rendered to the registrant, and rendered to the registrant's
investment adviser (not including any sub-adviser whose role is primarily
portfolio management and is subcontracted with or overseen by another investment
adviser), and any entity controlling, controlled by, or under common control
with the adviser that provides ongoing services to the registrant for each of
the last two fiscal years of the registrant.

The aggregate non-audit fees for the Fund and affiliates, as
previously defined, totaled approximately $8,290 in 2011
and $8,290 in 2010.


(h) Disclose whether the registrant's audit committee of the board of trustees
has considered whether the provision of non-audit services that were rendered to
the registrant's investment adviser (not including any subadviser whose role is
primarily portfolio management and is subcontracted with or overseen by another
investment adviser), and any entity controlling, controlled by, or under common
control with the investment adviser that provides ongoing services to the
registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of
Rule 2-01 of Regulation S-X is compatible with maintaining the principal
accountant's independence.

The Fund's audit committee of the Board of Trustees has
considered whether the provision of non-audit services that
were rendered to the Affiliates (as defined) that were not pre-
approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of
Regulation S-X is compatible with maintaining the principal
accountant's independence.

Item 5. Audit Committee of Listed Registrants

(a) If the registrant is a listed issuer as defined in Rule 10A-3
under the Exchange Act (17 CFR 240.10A-3), state whether
or not the registrant has a separately-designated standing
 audit committee established in accordance with Section
3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)).
If the registrant has such a committee, however designated,
identify each committee member. If the entire board of directors
is acting as the registrants audit committee as specified in
Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)),
so state.

N/A

(b) If applicable, provide the disclosure required by Rule 10A-3(d)
under the Exchange Act (17 CFR 240.10A-3(d)) regarding an exemption
from the listing standards for audit committees.

N/A

Item 6. Schedule of Investments.

File Schedule I Investments in securities of unaffiliated issuers
as of the close of the reporting period as set forth in 210.12-
12 of Regulation S-X [17 CFR 210.12-12], unless the schedule is
included as part of the report to shareholders filed under Item
1 of this Form.

Included in Item 1


ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR
CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

A closed-end management investment company that is filing an annual report on
this Form N-CSR must, unless it invests exclusively in non-voting securities,
describe the policies and procedures that it uses to determine how to vote
proxies relating to portfolio securities, including the procedures that the
company uses when a vote presents a conflict between the interests of its
shareholders, on the one hand, and those of the company's investment adviser;
principal underwriter; or any affiliated person (as defined in Section 2(a)(3)
of the Investment Company Act of 1940 (15 U.S.C. 80a-2(a)(3)) and the rules
thereunder) of the company, its investment adviser, or its principal
underwriter, on the other. Include any policies and procedures of the company's
investment adviser, or any other third party, that the company uses, or that are
used on the company's behalf, to determine how to vote proxies relating to
portfolio securities.

Not applicable to open-end management investment companies.



Item 8. Portfolio Managers of Closed-End Management Investment
        Companies.

(a) If the registrant is a closed-end management investment company that
is filing an annual report on this Form N-CSR,provide the following
information:
(1) State the name, title, and length of service of the person or persons
employed by or associated with the registrant or an investment adviser
of the registrant who are primarily responsible for the day-to-day management
of the registrants portfolio (Portfolio Manager). Also state each Portfolio
Managers business experience during the past 5 years.


Not applicable to open-end management investment companies.


Item 9. Purchases of Equity Securities by Closed-End Management
Investment Company and Affiliated Purchasers.

(a) If the registrant is a closed-end management investment company,
in the following tabular format, provide the information specified in
paragraph (b) of this Item with respect to any purchase made by or on
behalf of the registrant or any affiliated purchaser, as defined in
Rule 10b-18(a)(3) under the Exchange Act (17 CFR 240.10b-18(a)(3)), of
shares or other units of any class of the registrants equity securities
that is registered by the registrant pursuant to Section 12 of the
Exchange Act (15 U.S.C. 781). Instruction to paragraph (a). Disclose
all purchases covered by this Item, including purchases that do not
satisfy the conditions of the safe harbor of Rule 10b-18 under the
Exchange Act (17 CFR 240.10b-18), made in the period covered by the
report. Provide disclosures covering repurchases made on a monthly basis.
For example, if the reporting period began on January 16 and ended on
July 15, the chart would show repurchases for the months from January 16
through February 15, February 16 through March 15, March 16 through
April 15, April 16 through May 15, May 16 through June 15, and June 16
through July 15.

Not applicable to open-end management investment companies.


Item 10. Submission of Matters to a Vote of Security Holders.

Describe any material changes to the procedures by which shareholders
may recommend nominees to the registrants board of directors, where
those changes were implemented after the registrant last provided
disclosure in response to the requirements of Item 7(d)(2)(ii)(G)
of Schedule 14A (17 CFR 240.14a-101), or this Item.


There have been no material changes to the procedures by which the
shareholders may recommend nominees to the registrants board of
directors since the registrant last provided disclosure in response
to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14(A) in
its definitive proxy statement, or this Item.


ITEM 11. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive officer or
officers and principal financial officer or officers, or persons performing
similar functions, about the effectiveness of the registrant's disclosure
controls and procedures (as defined in Rule 30a-2(c) under the Act (17 CFR
270.30a-2(c))) based on their evaluation of these controls and procedures as of
a date within 90 days of the filing date of the report that includes the
disclosure required by this paragraph.

The registrant's principal executive officer
and principal financial officer have
concluded that the registrant's disclosure
controls and procedures are effective based
on their evaluation of these controls and
procedures as of a date within 90 days of the
filing date of this report.


(b) Disclose whether or not there were significant changes in the registrant's
internal controls or in other factors that could significantly affect these
controls subsequent to the date of their evaluation, including any corrective
actions with regard to significant deficiencies and material weaknesses.

There were no significant changes in the
registrant's internal control over financial
reporting that occurred during the second
fiscal quarter of the period covered by this
report that have materially affected, or are
reasonably likely to materially affect, the
registrant's internal control over financial
reporting.

The registrant's principal executive officer and principal financial
officer, however, voluntarily are reporting the following information:

In August of 2006 the registrant's investment adviser
enhanced its internal procedures for reporting performance
information required to be included in prospectuses.
Those enhancements involved additional internal controls
over the appropriateness of performance data
generated for this purpose.  Such enhancements were made
following an internal review which identified
prospectuses relating to certain classes of shares of
a limited number of registrants where, inadvertently,
performance information not reflecting the deduction of
applicable sales charges was included. Those prospectuses
were revised, and the revised prospectuses were distributed to
shareholders.


ITEM 12. EXHIBITS.

File the exhibits listed below as part of this Form. Letter or number the
exhibits in the sequence indicated.

(a) Any code of ethics, or amendment thereto, that is the subject of the
disclosure required by Item 2, to the extent that the registrant intends to
satisfy the Item 2 requirements through filing of an exhibit.



(b) A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2 under the Act
(17 CFR 270.30a-2).

Filed herewith.


<PAGE>


                                   SIGNATURES

                          [See General Instruction F]


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant) Pioneer Mid Cap Value Fund


By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr, President

Date December 30, 2011


Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.


By (Signature and Title)* /s/ John F. Cogan, Jr.
John F. Cogan, Jr., President

Date December 30, 2011


By (Signature and Title)* /s/ Mark Bradley
Mark Bradley, Treasurer & Chief Accounting & Financial Officer

Date December 30, 2011

* Print the name and title of each signing officer under his or her signature.