PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
N-18F1, 1995-04-24
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                                  FORM N-18F-1

                       SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


      NOTIFICATION OF ELECTION PURSUANT TO RULE 18f-1 UNDER THE INVESTMENT
                              COMPANY ACT OF 1940


                  PIONEER WINTHROP REAL ESTATE INVESTMENT FUND
                           (Exact Name of Registrant)



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                            NOTIFICATION OF ELECTION


         The undersigned  open-end  registered  investment company, on behalf of
each of its series,  hereby notifies the Securities and Exchange Commission (the
"Commission")  that  each  series  elects  to  commit  itself to pay in cash all
redemptions  by any one  shareholder  of record of the series  during any 90-day
period up to the lesser of  (i) $250,000,  or (ii) one  percent of the net asset
value of the series at the  beginning of such period,  as provided by Rule 18f-1
under the Investment Company Act of 1940, as amended. It is understood that this
election is  irrevocable  while such Rule is in effect unless the  Commission by
order upon application permits the withdrawal of this Notification of Election.


                                   SIGNATURE

         Pursuant to the requirements of Rule 18f-1 under the Investment Company
Act of 1940, the Registrant has caused this  Notification of Election to be duly
executed  on  its  behalf  in  the  City  of  Boston  and  The  Commonwealth  of
Massachusetts on the 21st day of April, 1995.


                                        PIONEER WINTHROP REAL ESTATE
                                        INVESTMENT FUND


                                   By:  /s/William H. Keough
                                        William H. Keough
                                        Treasurer


Attest:


/s/Joseph P. Barri
Joseph P. Barri,
Secretary



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