<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000908996
<NAME> PIONEER REAL ESTATE SHARES
<SERIES>
<NUMBER> 001
<NAME> PIONEER REAL ESTATE SHARES CLASS A
<CURRENCY> US
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-2000
<PERIOD-END> JUN-30-2000
<EXCHANGE-RATE> 1
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<INVESTMENTS-AT-VALUE> 73820927
<RECEIVABLES> 1392596
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<OTHER-ITEMS-ASSETS> 406021
<TOTAL-ASSETS> 75619544
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 467752
<TOTAL-LIABILITIES> 467752
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 85412137
<SHARES-COMMON-STOCK> 2802456
<SHARES-COMMON-PRIOR> 3293333
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 4868
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 17780852
<ACCUM-APPREC-OR-DEPREC> 7525375
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<DIVIDEND-INCOME> 2437275
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<OTHER-INCOME> 0
<EXPENSES-NET> 813832
<NET-INVESTMENT-INCOME> 1651186
<REALIZED-GAINS-CURRENT> (741254)
<APPREC-INCREASE-CURRENT> 9052297
<NET-CHANGE-FROM-OPS> 9962229
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 891489
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 211203
<NUMBER-OF-SHARES-REDEEMED> 762870
<SHARES-REINVESTED> 60790
<NET-CHANGE-IN-ASSETS> (5503437)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 17039598
<GROSS-ADVISORY-FEES> 299039
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 820513
<AVERAGE-NET-ASSETS> 37891872
<PER-SHARE-NAV-BEGIN> 12.18
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<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 13.64
<EXPENSE-RATIO> 1.89
</TABLE>