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<PAGE> PAGE 2
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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>
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> PIONEER CAPITAL GROWTH FUND
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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</TABLE>
Pioneer Capital Growth Fund
4/30/99 NSAR
Answers to Item 77
Sub-Item 77D: Policies with respect to security investments (Y)
(a) None.
(b) None.
(c) None.
(d) None.
(e) None.
(f) None.
(g) Effective March 1, 1999, the registrant may invest up to 5% of its total
assets in below investment grade convertible debt securities (e.g., those
rated below BBB by Standard & Poor's Ratings Group, Baa by Moody's Investors
Service, Inc. or determined to be of comparable quality by the registrant's
investment adviser).
