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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 10
SIGNATURE ROBERT P. NAULT
TITLE ASST. SECRETARY
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE SHARES
<SERIES>
<NUMBER> 001
<NAME> PIONEER REAL ESTATE SHARES CLASS A
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<FISCAL-YEAR-END> DEC-31-1998
<PERIOD-END> JUN-30-1998
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<TABLE> <S> <C>
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<NAME> PIONEER REAL ESTATE SHARES
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</TABLE>
Pioneer Real Estate Shares
6/30/98 NSAR
Item 77D
(a) The registrant's non-fundamental limitation on investments in equity and
debt securities of foreign issuers (excluding Canadian securities) increased
from 5% to 10% of the registrant's net assets on April 9, 1998.
(b) None.
(c) None.
(d) None.
(e) None.
(f) None.
(g) None.
