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HERITAGE CAPITAL APPRECIATION TRUST
Supplement dated April 12, 1996 to the
Statement of Additional Information dated January 2, 1996
The following section is added immediately prior to the
"Investment Adviser and Administrator; Subadviser" section on page 23:
Five Percent Shareholders
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As of December 31, 1995, the following shareholders owned five
percent or more of the Trust's C shares outstanding:
Raymond James & Associates Inc............... 5.86%
Custodian - William J. Morrison
P.O. Box 12749
St. Petersburg, FL 33733
Raymond James & Associates Inc............... 6.73%
Custodian - John A. Bollinger
P.O. Box 12749
St. Petersburg, FL 33733
Raymond James & Associates Inc............... 15.44%
Custodian - Jerry Harris
P.O. Box 12749
St. Petersburg, FL 33733
The following paragraph replaces the text under "Independent
Accountants" on page 29:
Price Waterhouse LLP, 1177 Avenue of the Americas, New York, New
York 10036, are the independent public accountants for the Trust. The
Financial Statements and Financial Highlights of the Trust that appear in
this SAI have been audited by Coopers & Lybrand L.L.P., the Trust's former
accountants, and are included herein in reliance upon the report of said
firm of accountants, which is given upon their authority as experts in
accounting and auditing.<PAGE>
