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SIGNATURE STEPHEN G. HILL
TITLE PRESIDENT
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and the Board of Trustees of Heritage Capital
Appreciation Trust:
In planning and performing our audit of the financial statements
and financial highlights of Heritage Capital Appreciation Trust for the
year ended August 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 financial highlights and to comply with the
requirements of Form N-SAR, not to provide assurance on the internal
control structure.
The management of Heritage Capital Appreciation Trust 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 that 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 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 and financial highlights 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 August 31, 1995.
<PAGE>
This report is intended solely for the information and use of
management of Heritage Capital Appreciation Trust and the Securities and
Exchange Commission.
/s/ Coopers & Lybrand L.L.P.
----------------------------
COOPERS & LYBRAND L.L.P
Boston, Massachusetts
October 12, 1995
<PAGE>
<PAGE>
For period ending 08-81-95
File Number 811-4338
77.C. Matters submitted to a vote of securities holders.
The following matters were submitted to a vote of
securities holders at a special meeting of shareholders held on February
27, 1995:
(1) Approval of a new Subadvisory Agreement between
Heritage Asset Management, Inc. and Liberty Investment Management:
2,486,649.190 shares were voted in favor of, 60,751.340 shares were voted
against, and 182,844.098 abstained from voting on the motion to approve
the new Subadvisory Agreement between Heritage Asset Management, Inc. and
Liberty Investment Management.
(2) Approval of the selection of Coopers & Lybrand
L.L.P. as independent accountants of Heritage Capital Appreciation Trust:
2,529,768.223 shares were voted in favor of, 40,646.664 shares were voted
against, and 159,829.741 abstained from voting on the motion to approve
the selection of Coopers & Lybrand L.L.P. as independent accountants of
Heritage Capital Appreciation Trust.
