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<PAGE>
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SIGNATURE STEPHEN G. HILL
TITLE PRESIDENT
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PAGE>
For period ending 08-31-96
File Number 811-4338
Sub-Item 77.B
Price Waterhouse LLP
Suite 2800
400 North Ashley Street
P.O. Box 2640
Tampa, FL 33601-2640
October 11, 1996
To the Board of Trustees
of Heritage Capital Appreciation Trust
In planning and performing our audit of the financial statements of the
Heritage Capital Appreciation Trust (the "Fund") for the year ended August
31, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to
provide assurance on the internal control structure.
The management of the Fund 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 appropriately 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 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 August 31,
1996.
<PAGE>
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
/s/ Price Waterhouse LLP
---------------------------
Price Waterhouse LLP
<PAGE>
<PAGE>
For period ending 08-31-96
File Number 811-4338
Sub-Item 77.K
Exhibit A
77.K. Changes in Registrant's Certifying Accountant.
(a) Previous independent accountants
(1) On April 11, 1996, the auditor relationship between
Heritage Capital Appreciation Trust ("Trust") and Coopers & Lybrand L.L.P.
("C&L") was terminated.
(2) The reports of C&L on the financial statements for the
fiscal years ended 1994 and 1995 contained no adverse opinion or
disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles.
(3) The decision to change independent accountants was
approved by the Trust's Board of Trustees.
(4) In connection with its audits for the fiscal years ended
1994 and 1995 and through the interim period preceding the termination,
there have been no disagreements with C&L on any matter of accounting
principles or practices, financial statements disclosure, or auditing
scope of procedure which disagreements if not resolved to the satisfaction
of C&L would have caused them to make reference thereto in their report on
the financial statements for such years.
(5) During the fiscal years ended 1994 and 1995 and through
the interim period preceding the termination, there have been no
reportable events (as defined in Regulation S-K Item 304(a)(1)(v)) with
C&L.
(6) The Trust has requested that C&L furnish it with a letter
addressed to the Securities and Exchange Commission stating whether it
agrees with the above statements. A copy of such letter, dated October
28, 1996, is filed as EXHIBIT B to this Form N-SAR.
(b) New independent accountants
The Trust engaged Price Waterhouse LLP as its new independent
public accountants as of April 11, 1996. During the fiscal years ended
1994 and 1995 and through April 11, 1996, the Trust has not consulted with
Price Waterhouse LLP on items that (1) were or should have been subject to
SAS 50 or (2) concerned the subject matter of a disagreement or reportable
event with the former auditor (as described in Regulation S-K Item
304(a)(2).
<PAGE>
For period ending 08-31-96
File Number 811-4338
Sub-Item 77.K
Exhibit B
October 28, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Heritage Capital Appreciation
Trust (copy attached), which we understand will be filed with the
Commission, pursuant to Item 77K, as part of the Trust's Form N-SAR report
for the year ended August 31, 1996. We agree with the statements
concerning our Firm in such Form N-SAR.
Very truly yours,
/s/ Coopers & Lybrand
Coopers & Lybrand L.L.P.
Attachment
<PAGE>
<PAGE>
For period ending 08-31-96
File Number 811-4338
Sub-Item 77.O
77.O. Transactions effected pursuant to Rule 10f-3.
The following information relates to the sole transaction
effected by Heritage Capital Appreciation Trust pursuant to Rule 10f-3
during the fiscal year ended August 31, 1996:
Security: Lucent Technologies
Date of purchase: 04/04/96
Date offering commenced: 04/04/96
Purchase price: $27.00
Commission: $0.65 (2.4%)
Securities acquired from: Morgan Stanley
Amount purchased: $1,485,000.00
Total Offering: $3.024 billion
\\DCBDC\DOCS_FILES-132505.01
<PAGE>
