<PAGE> PAGE 1
000 A000000 06/30/96
000 C000000 0000908996
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0
000 J000000 A
001 A000000 PIONEER REAL ESTATE SHARES
001 B000000 811-7870
001 C000000 6177427825
002 A000000 60 STATE STREET
002 B000000 BOSTON
002 C000000 MA
002 D010000 02109
002 D020000 1820
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 PIONEERING MANAGEMENT CORPORATION
008 B000001 A
008 C000001 801-8255
008 D010001 BOSTON
008 D020001 MA
008 D030001 02109
008 D040001 1820
008 A000002 BOSTON FINANCIAL SECURITIES, INC.
008 B000002 S
008 C000002 801-11170
008 D010002 BOSTON
008 D020002 MA
008 D030002 02110
011 A000001 PIONEER FUNDS DISTRIBUTOR, INC.
011 B000001 8-41256
011 C010001 BOSTON
011 C020001 MA
011 C030001 02109
<PAGE> PAGE 2
011 C040001 1820
012 A000001 PIONEERING SERVICES CORPORATION
012 B000001 84-1359
012 C010001 BOSTON
012 C020001 MA
012 C030001 02109
012 C040001 1820
013 A000001 ARTHUR ANDERSON LLP
013 B010001 BOSTON
013 B020001 MA
013 B030001 02110
013 B040001 2604
015 A000001 BROWN BROTHERS HARRIMAN & COMPANY
015 B000001 C
015 C010001 BOSTON
015 C020001 MA
015 C030001 02109
015 C040001 1820
015 E010001 X
015 A000002 NATIONAL AUSTRALIA BANK LIMITED
015 B000002 S
015 C010002 MELBOURNE
015 D010002 AUSTRALIA
015 D020002 3000
015 E040002 X
015 A000003 CREDITANSTALT BANK VEREIN
015 B000003 S
015 C010003 VIENNA A-1090
015 D010003 AUSTRIA
015 D020003 A-1090
015 E040003 X
015 A000004 BANQUE BRUXELLES LAMBERT S.A.
015 B000004 S
015 C010004 BRUSSELS
015 D010004 BELGIUM
015 D020004 1040
015 E040004 X
015 A000005 DEN DANSKE BANK
015 B000005 S
015 C010005 COPENHAGEN
015 D010005 DENMARK
015 D020005 DK-1092
015 E040005 X
015 A000006 MERITA BANK
015 B000006 S
015 C010006 HELSINKI
015 D010006 FINLAND
015 D020006 SF-00100
015 E040006 X
015 A000007 MORGAN GUARANTY TRUST COMPANY
015 B000007 S
<PAGE> PAGE 3
015 C010007 PARIS
015 D010007 FRANCE
015 D020007 75001
015 E040007 X
015 A000008 DRESDNER BANK
015 B000008 S
015 C010008 FRANKFURT 17
015 D010008 GERMANY
015 D020008 60325
015 E040008 X
015 A000009 CHASE MANHATTAN BANK, HOG KONG
015 B000009 S
015 C010009 HONG KONG
015 D010009 HONG KONG
015 E040009 X
015 A000010 BANCA COMMERCIALE ITALIANA
015 B000010 S
015 C010010 MILAN
015 D010010 ITALY
015 D020010 20121
015 E040010 X
015 A000011 THE SUMITOMO BANK AND TRUST COMPANY
015 B000011 S
015 C010011 TOKYO 100
015 D010011 JAPAN
015 D020011 100
015 E040011 X
015 A000012 HONG KONG AND SHANGHAI BANKING CORPORATION
015 B000012 S
015 C010012 KUALA LAMPUR
015 D010012 MALAYSIA
015 D020012 50100
015 E040012 X
015 A000013 CITIBANK S.A.
015 B000013 S
015 C010013 MEXICO CITY
015 D010013 MEXICO
015 D020013 06695
015 E040013 X
015 A000014 ABN/AMRO BANK
015 B000014 S
015 C010014 BREDA
015 D010014 NETHERLANDS
015 E040014 X
015 A000015 DEN NORSKE BANK, OSLO
015 B000015 S
015 C010015 SENTRUM N-0107
015 D010015 NORWAY
015 E040015 X
015 A000016 CITIBANK N.A. MANILA
015 B000016 S
<PAGE> PAGE 4
015 C010016 MAKATI METRO, MANILA
015 D010016 PHILLIPINES
015 E040016 X
015 A000017 BANCO ESPIRITO SANTO E COMMERCIAL DE LISBOA
015 B000017 S
015 C010017 LISBON
015 D010017 PORTUGAL
015 D020017 1200
015 E040017 X
015 A000018 BANCO DE SANTANDER, AMDRID
015 B000018 S
015 C010018 MADRID
015 D010018 SPAIN
015 D020018 28022
015 E040018 X
015 A000019 SKANDINAVISKA ENSKILDA BANKEN
015 B000019 S
015 C010019 STOCKHOLM
015 D010019 SWEDEN
015 D020019 S-10640
015 E040019 X
015 A000020 SWISS BANK CORPORATION
015 B000020 S
015 C010020 ZURICH
015 D010020 SWITZERLAND
015 D020020 CH-8022
015 E040020 X
015 A000021 THE ROYAL BANK OF SCOTLAND
015 B000021 S
015 C010021 LONDON
015 D010021 UNITED KINGDOM
015 E040021 X
015 A000022 CHASE MANHATTAN BANK, SINGAPORE
015 B000022 S
015 C010022 SINGAPORE
015 D010022 REPUB. OF SINGAPORE
015 D020022 0104
015 E040022 X
015 A000023 CITIBANK N.A., SEOUL
015 B000023 S
015 C010023 SEOUL
015 D010023 KOREA
015 D020023 110
015 E040023 X
015 A000024 HONG KONG AND SHAGHAI BANKING CORPORATION
015 B000024 S
015 C010024 BANGKOK
015 D010024 THAILAND
015 D020024 10500
015 E040024 X
015 A000025 CENTRAL TRUST OF CHINA
<PAGE> PAGE 5
015 B000025 S
015 C010025 TAIPEI
015 D010025 TAIWAN R.O.C.
015 E040025 X
015 A000026 BANK OF BOSTON SAO PAULO
015 B000026 S
015 C010026 SAO PAULO
015 D010026 BRAZIL
015 D020026 01009
015 E040026 X
015 A000027 CITIBANK, N.A. BUENOS AIRES
015 B000027 S
015 C010027 BUENOS AIRES
015 D010027 ARGENTINA
015 D020027 1036
015 E040027 X
015 A000028 CITIBANK N.A., JAKARTA
015 B000028 S
015 C010028 JAKARTA
015 D010028 INDONESIA
015 D020028 12910
015 E040028 X
015 A000029 CITIBANK N.A., BOMBAY
015 B000029 S
015 C010029 BOMBAY
015 D010029 INDIA
015 D020029 400-018
015 E040029 X
015 A000030 STANDARD CHARTERED BANK, KARACHI
015 B000030 S
015 C010030 KARACHI
015 D010030 PAKISTAN
015 D020030 74000
015 E040030 X
015 A000031 CITIBANK S.A. POLAND
015 B000031 S
015 C010031 WARSAW
015 D010031 POLAND
015 D020031 00-400
015 E040031 X
015 A000032 FIRST NATIONAL BANK OF SOUTHERN AFRICA
015 B000032 S
015 C010032 JOHANNESBURG
015 D010032 SOUTH AFRICA
015 D020032 20011
015 E040032 X
015 A000033 CITIBANK N.A., ISTANBUL
015 B000033 S
015 C010033 ISTANBUL
015 D010033 TURKEY
015 D020033 80860
<PAGE> PAGE 6
015 E040033 X
015 A000034 STANDARD CHARTERED BANK, SHANGHAI
015 B000034 S
015 C010034 SHANGHAI
015 D010034 CHINA
015 D020034 200085
015 E040034 X
015 A000035 STANDARD CHARTERED BANK, SHENZHEN
015 B000035 S
015 C010035 SHENZHEN
015 D010035 CHINA
015 D020035 518014
015 E040035 X
015 A000036 CITIBANK N.A., BOGOTA
015 B000036 S
015 C010036 BOGOTA
015 D010036 COLOMBIA
015 E040036 X
015 A000037 CANADIAN IMPERIAL BANK OF COMMERCE
015 B000037 S
015 C010037 QUEBEC
015 D010037 CANADA
015 E040037 X
015 A000038 CESKOSLOVENSKA OBCHODNI BANKA A.S.
015 B000038 S
015 C010038 PRAGUE
015 D010038 CZECH REPUBLIC
015 E040038 X
015 A000039 CITIBANK N.A., ATHENS
015 B000039 S
015 C010039 ATHENS
015 D010039 GREECE
015 D020039 10559
015 E040039 X
015 A000040 CITIBANK BUDAPEST R.T.
015 B000040 S
015 C010040 BUDAPEST
015 D010040 HUNGARY
015 E040040 X
015 A000041 NATIONAL AUSTRALIA BANK LIMITED
015 B000041 S
015 C010041 AUCKLAND
015 D010041 NEW ZEALAND
015 E040041 X
015 A000042 CITIBANK N.A., SANTIAGO
015 B000042 S
015 C010042 SANTIAGO
015 D010042 CHILE
015 E040042 X
015 A000043 ALLIED IRISH BANKS PLC
015 B000043 S
<PAGE> PAGE 7
015 C010043 DUBLIN
015 D010043 IRELAND
015 E040043 X
015 A000044 BANK HAPOALIM B.M.
015 B000044 S
015 C010044 HAPOALIM
015 D010044 ISRAEL
015 E040044 X
015 A000045 BANQUE MAROCAINE DU COMMERCE EXTERIEUR
015 B000045 S
015 C010045 MOROCCO
015 D010045 MOROCCO
015 E040045 X
015 A000046 HONG KONG AND SHANGHAI BANKING CORPORATION
015 B000046 S
015 C010046 COLOMBO
015 D010046 SRI LANKA
015 E040046 X
015 A000047 CITIBANK N.A., MONTEVIDEO
015 B000047 S
015 C010047 MONTEVIDEO
015 D010047 URUGUAY
015 E040047 X
015 A000048 CITIBANK N.A., CARACAS
015 B000048 S
015 C010048 CARACAS
015 D010048 VENEZUELA
015 E040048 X
018 000000 Y
019 A000000 Y
019 B000000 29
019 C000000 PIONEERFDS
020 A000001 ROBERT W. BAIRD & CO.
020 B000001 39-6037917
020 C000001 17
020 A000002 ROBERTSON STEVENS
020 C000002 10
020 A000003 MORGAN (J.P.)
020 B000003 13-3224016
020 C000003 4
020 A000004 GREEN STREET ASSOCIATION
020 C000004 3
020 A000005 PRUDENTIAL SECURITIES
020 B000005 22-2347336
020 C000005 2
020 A000006 CHICAGO CORP.
020 C000006 1
020 A000007 DAIN BOSWORTH
020 C000007 1
020 A000008 TUCKER ANTHONY
020 C000008 1
<PAGE> PAGE 8
020 A000009 LEHMAN BROTHERS
020 B000009 13-2518466
020 C000009 1
020 A000010 MONTGOMERY SECURITIES
020 C000010 1
021 000000 39
022 A000001 HOUSEHOLD FINANCE
022 B000001 36-1239445
022 C000001 11644
022 D000001 0
022 A000002 FORD MOTOR CREDTI
022 B000002 52-0883351
022 C000002 2314
022 D000002 0
022 A000003 PRUDENTIAL FUNDING
022 C000003 1989
022 D000003 0
022 A000004 COMMERCIAL CREDIT CORP.
022 B000004 52-0883351
022 C000004 1372
022 D000004 0
022 A000005 TEXACO INC.
022 B000005 74-1383447
022 C000005 771
022 D000005 0
022 A000006 DEAN WITTER
022 C000006 476
022 D000006 0
022 A000007 SALOMON BROTHERS
022 B000007 13-3082694
022 C000007 387
022 D000007 0
022 A000008 MERRILL LYNCH
022 B000008 13-5674085
022 C000008 200
022 D000008 0
022 A000009 BRADFORD AND COMPANY
022 C000009 154
022 D000009 0
022 A000010 JEFFRIES AND COMPANY
022 B000010 95-2622900
022 C000010 0
022 D000010 96
023 C000000 19476
023 D000000 96
024 000000 N
025 D000001 0
025 D000002 0
025 D000003 0
025 D000004 0
025 D000005 0
<PAGE> PAGE 9
025 D000006 0
025 D000007 0
025 D000008 0
026 A000000 Y
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 999
028 A020000 0
028 A030000 0
028 A040000 1174
028 B010000 902
028 B020000 0
028 B030000 0
028 B040000 856
028 C010000 1249
028 C020000 274
028 C030000 0
028 C040000 488
028 D010000 711
028 D020000 0
028 D030000 0
028 D040000 1024
028 E010000 883
028 E020000 0
028 E030000 0
028 E040000 762
028 F010000 1261
028 F020000 301
028 F030000 0
028 F040000 552
028 G010000 6005
028 G020000 575
028 G030000 0
028 G040000 4856
028 H000000 2864
029 000000 Y
030 A000000 137
030 B000000 5.75
030 C000000 0.00
031 A000000 18
031 B000000 0
032 000000 119
033 000000 0
034 000000 N
<PAGE> PAGE 10
035 000000 0
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 0
042 D000000 100
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 0
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 1.000
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 Y
053 B000000 Y
053 C000000 N
055 A000000 N
<PAGE> PAGE 11
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
061 000000 1000
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
063 A000000 0
063 B000000 0.0
066 A000000 Y
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 Y
070 B010000 N
070 B020000 N
070 C010000 N
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
<PAGE> PAGE 12
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 N
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 N
070 M010000 N
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 N
070 Q010000 N
070 Q020000 N
070 R010000 Y
070 R020000 N
071 A000000 8601
071 B000000 7656
071 C000000 28008
071 D000000 27
072 A000000 6
072 B000000 4
072 C000000 962
072 D000000 0
072 E000000 0
072 F000000 140
072 G000000 0
072 H000000 0
072 I000000 32
072 J000000 8
072 K000000 0
072 L000000 12
072 M000000 6
072 N000000 23
072 O000000 0
072 P000000 0
072 Q000000 28
072 R000000 34
072 S000000 14
072 T000000 27
072 U000000 9
072 V000000 0
072 W000000 8
072 X000000 341
072 Y000000 94
<PAGE> PAGE 13
072 Z000000 719
072AA000000 0
072BB000000 781
072CC010000 1481
072CC020000 0
072DD010000 721
072DD020000 0
072EE000000 0
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 0
074 B000000 0
074 C000000 171
074 D000000 0
074 E000000 0
074 F000000 28894
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 1246
074 K000000 0
074 L000000 738
074 M000000 59
074 N000000 31108
074 O000000 1108
074 P000000 41
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 46
074 S000000 0
074 T000000 29913
074 U010000 2329
074 U020000 99
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 2704
074 Y000000 0
075 A000000 0
075 B000000 24850
076 000000 0.00
077 A000000 Y
077 C000000 Y
078 000000 N
080 C000000 0
081 B000000 0
082 B000000 0
<PAGE> PAGE 14
083 B000000 0
084 B000000 0
086 A010000 0
086 A020000 0
086 B010000 0
086 B020000 0
086 C010000 0
086 C020000 0
086 D010000 0
086 D020000 0
086 E010000 0
086 E020000 0
086 F010000 0
086 F020000 0
SIGNATURE ROBERT P. NAULT
TITLE ASSISTANT SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE FUND
<SERIES>
<NUMBER> 001
<NAME> PIONEER REAL ESTATE FUND CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 26438352
<INVESTMENTS-AT-VALUE> 29064888
<RECEIVABLES> 1984146
<ASSETS-OTHER> 11967
<OTHER-ITEMS-ASSETS> 47040
<TOTAL-ASSETS> 31108041
<PAYABLE-FOR-SECURITIES> 1107500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87179
<TOTAL-LIABILITIES> 1194679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28654251
<SHARES-COMMON-STOCK> 2328941
<SHARES-COMMON-PRIOR> 2287136
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1291)
<ACCUMULATED-NET-GAINS> (1366134)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2626536
<NET-ASSETS> 29913362
<DIVIDEND-INCOME> 962177
<INTEREST-INCOME> 4104
<OTHER-INCOME> 0
<EXPENSES-NET> (246928)
<NET-INVESTMENT-INCOME> 719353
<REALIZED-GAINS-CURRENT> (781498)
<APPREC-INCREASE-CURRENT> 1480676
<NET-CHANGE-FROM-OPS> 1418531
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (703717)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 393436
<NUMBER-OF-SHARES-REDEEMED> 397841
<SHARES-REINVESTED> 46210
<NET-CHANGE-IN-ASSETS> 2422214
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (584363)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 140044
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344574
<AVERAGE-NET-ASSETS> 27630351
<PER-SHARE-NAV-BEGIN> 12.02
<PER-SHARE-NII> 0.31
<PER-SHARE-GAIN-APPREC> 0.30
<PER-SHARE-DIVIDEND> (0.31)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.32
<EXPENSE-RATIO> 1.77
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE FUND
<SERIES>
<NUMBER> 002
<NAME> PIONEER REAL ESTATE FUND CLASS B
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 26438352
<INVESTMENTS-AT-VALUE> 29064888
<RECEIVABLES> 1984146
<ASSETS-OTHER> 11967
<OTHER-ITEMS-ASSETS> 47040
<TOTAL-ASSETS> 31108041
<PAYABLE-FOR-SECURITIES> 1107500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87179
<TOTAL-LIABILITIES> 1194679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28654251
<SHARES-COMMON-STOCK> 64895
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1291)
<ACCUMULATED-NET-GAINS> (1366134)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2626536
<NET-ASSETS> 29913362
<DIVIDEND-INCOME> 962177
<INTEREST-INCOME> 4104
<OTHER-INCOME> 0
<EXPENSES-NET> (246928)
<NET-INVESTMENT-INCOME> 719353
<REALIZED-GAINS-CURRENT> (781498)
<APPREC-INCREASE-CURRENT> 1480676
<NET-CHANGE-FROM-OPS> 1418531
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (10451)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 66863
<NUMBER-OF-SHARES-REDEEMED> 2654
<SHARES-REINVESTED> 686
<NET-CHANGE-IN-ASSETS> 2422214
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 140044
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344574
<AVERAGE-NET-ASSETS> 355981
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> 0.28
<PER-SHARE-GAIN-APPREC> 0.22
<PER-SHARE-DIVIDEND> (0.29)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.30
<EXPENSE-RATIO> 2.65
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE FUND
<SERIES>
<NUMBER> 003
<NAME> PIONEER REAL ESTATE FUND CLASS C
<S> <C>
<PERIOD-TYPE> OTHER
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 26438352
<INVESTMENTS-AT-VALUE> 29064888
<RECEIVABLES> 1984146
<ASSETS-OTHER> 11967
<OTHER-ITEMS-ASSETS> 47040
<TOTAL-ASSETS> 31108041
<PAYABLE-FOR-SECURITIES> 1107500
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 87179
<TOTAL-LIABILITIES> 1194679
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 28654251
<SHARES-COMMON-STOCK> 33650
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (1291)
<ACCUMULATED-NET-GAINS> (1366134)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2626536
<NET-ASSETS> 29913362
<DIVIDEND-INCOME> 962177
<INTEREST-INCOME> 4104
<OTHER-INCOME> 0
<EXPENSES-NET> (246928)
<NET-INVESTMENT-INCOME> 719353
<REALIZED-GAINS-CURRENT> (781498)
<APPREC-INCREASE-CURRENT> 1480676
<NET-CHANGE-FROM-OPS> 1418531
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> (6476)
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33323
<NUMBER-OF-SHARES-REDEEMED> 28
<SHARES-REINVESTED> 355
<NET-CHANGE-IN-ASSETS> 2422214
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 140044
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 344574
<AVERAGE-NET-ASSETS> 240276
<PER-SHARE-NAV-BEGIN> 12.09
<PER-SHARE-NII> 0.26
<PER-SHARE-GAIN-APPREC> 0.24
<PER-SHARE-DIVIDEND> (0.28)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.31
<EXPENSE-RATIO> 2.71
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
[TYPE] EX-22
[DESCRIPTION] Definitive proxy
Attached please find the definitive proxy statement for Pioneer Real Estate
Shares, incorporated by reference, that was filed on February 7, 1996, Accension
#0000908996-96-000008. This is as attachment for question 77(c) on Screen 38 for
the Semi-Annual N-SAR for Pioneer Real Estate Shares.
