PIONEER REAL ESTATE SHARES
NSAR-A, 1999-08-16
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SIGNATURE   ROBERT P. NAULT
TITLE       ASST. SECRETARY


WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE SHARES
<SERIES>
   <NUMBER> 001
   <NAME> PIONEER REAL ESTATE SHARES CLASS A

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                        109785054
<INVESTMENTS-AT-VALUE>                       114986416
<RECEIVABLES>                                  1851663
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                               963
<TOTAL-ASSETS>                               116839042
<PAYABLE-FOR-SECURITIES>                       1345575
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       467827
<TOTAL-LIABILITIES>                            1813402
<SENIOR-EQUITY>                                      0
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<SHARES-COMMON-STOCK>                          4151877
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<OVERDISTRIBUTION-NII>                               0
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<NET-ASSETS>                                 115025640
<DIVIDEND-INCOME>                              3547996
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<OTHER-INCOME>                                       0
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<NUMBER-OF-SHARES-REDEEMED>                    1453375
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<NET-CHANGE-IN-ASSETS>                      (22096918)
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<ACCUMULATED-GAINS-PRIOR>                            0
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<INTEREST-EXPENSE>                                1338
<GROSS-EXPENSE>                                1335847
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<PER-SHARE-NAV-BEGIN>                            13.46
<PER-SHARE-NII>                                   0.31
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<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              13.80
<EXPENSE-RATIO>                                   1.73
[AVG-DEBT-OUTSTANDING]                           53564
[AVG-DEBT-PER-SHARE]                              0.01


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE SHARES
<SERIES>
   <NUMBER> 002
   <NAME> PIONEER REAL ESTATE SHARES CLASS B

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                        109785054
<INVESTMENTS-AT-VALUE>                       114986416
<RECEIVABLES>                                  1851663
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                               963
<TOTAL-ASSETS>                               116839042
<PAYABLE-FOR-SECURITIES>                       1345575
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       467827
<TOTAL-LIABILITIES>                            1813402
<SENIOR-EQUITY>                                      0
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<REALIZED-GAINS-CURRENT>                    (11516327)
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<NET-CHANGE-IN-ASSETS>                      (22096918)
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<ACCUMULATED-GAINS-PRIOR>                            0
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<GROSS-EXPENSE>                                1335847
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<PER-SHARE-NAV-BEGIN>                            13.38
<PER-SHARE-NII>                                   0.24
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<EXPENSE-RATIO>                                   2.55
[AVG-DEBT-OUTSTANDING]                           53564
[AVG-DEBT-PER-SHARE]                              0.01


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE SHARES
<SERIES>
   <NUMBER> 003
   <NAME> PIONEER REAL ESTATE SHARES CLASS C

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
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<INVESTMENTS-AT-VALUE>                       114986416
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<EXPENSE-RATIO>                                   2.76
[AVG-DEBT-OUTSTANDING]                           53564
[AVG-DEBT-PER-SHARE]                              0.01


</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE SHARES
<SERIES>
   <NUMBER> 004
   <NAME> PIONEER REAL ESTATE SHARES CLASS Y

<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1999
<PERIOD-END>                               JUN-30-1999
<INVESTMENTS-AT-COST>                        109785054
<INVESTMENTS-AT-VALUE>                       114986416
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<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       467827
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<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                     121007001
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<NET-ASSETS>                                 115025640
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<EXPENSE-RATIO>                                   1.21
[AVG-DEBT-OUTSTANDING]                           53564
[AVG-DEBT-PER-SHARE]                              0.01


</TABLE>


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