Pioneer Real Estate Shares – ‘NSAR-B’ for 12/31/95 – ‘EX-23’

As of:  Thursday, 2/29/96   ·   For:  12/31/95   ·   Accession #:  908996-96-15   ·   File #s:  811-07379, 811-07870   ·   Correction:  This Filing’s Metadata was Corrected ® and Changed as of 10/21/96 by the SEC on 4/21/04.

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Annual Report by an Investment Company   —   Form N-SAR   —   ICA’40
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: NSAR-B      N-SAR (3.0)                                           12     51K 
 2: EX-23       Consent of Expert or Counsel                           1      6K 
 3: EX-27       Financial Data Schedule                                2±     7K 

‘EX-23’   —   Consent of Expert or Counsel

To the Board of Trustees of                                                     
Pioneer Real Estate Shares:                                                     

In planning and performing our audit of the financial statements of Pioneer Real
Estate Shares for the year ended  December 31, 1995, we considered  its internal
control structure, including procedures for safeguarding securities, in order to
determine our auditing  procedures  for the purpose of expressing our opinion on
the financial  statements and to comply with the requirements of Form N-SAR, not
to provide assurance on the internal control structure.                         

The management of Pioneer Real Estate Shares is responsible for establishing and
maintaining an internal control  structure.  In fulfilling this  responsibility,
estimates  and  judgments  by  management  are  required to assess the  expected
benefits  and  related  costs  of  internal  control   structure   policies  and
procedures.  Two of the  objectives  of an  internal  control  structure  are to
provide management with reasonable, but not absolute,  assurance that assets are
safeguarded  against loss from  unauthorized use or disposition and transactions
are executed in accordance with management's authorization and recorded properly
to permit  preparation  of financial  statements  in conformity  with  generally
accepted accounting principles.                                                 

Because of inherent  limitations in any internal  control  structure,  errors or
irregularities  may  occur  and may not be  detected.  Also,  projection  of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate  because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.                                       

Our  consideration  of the  internal  control  structure  would not  necessarily
disclose all matters in the internal  control  structure  that might be material
weaknesses  under standards  established by the American  Institute of Certified
Public  Accountants.  A material  weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively  low level the risk that errors or  irregularities  in amounts that
would be  material in relation to the  financial  statements  being  audited may
occur and not be  detected  within a timely  period by  employees  in the normal
course of performing  their  assigned  functions.  However,  we noted no matters
involving the internal control structure,  including procedures for safeguarding
securities,  that we consider to be material weaknesses, as defined above, as of
December 31, 1995.                                                              

This report is intended solely for the information and use of management and the
Securities and Exchange Commission.                                             

/s/ ARTHUR ANDERSEN LLP                                                         
ARTHUR ANDERSEN LLP                                                             

Boston, Massachusetts                                                           
February 2, 1996                                                                

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘NSAR-B’ Filing		Date		Other Filings
Corrected on:		4/21/04
Changed on:		10/21/96
Filed on:		2/29/96		24F-2NT,  485APOS,  N-30D
		2/2/96
For Period end:		12/31/95		24F-2NT,  N-30D
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