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020 A000001 LIPPER ANALYTICAL SECURITIES CORPORATION
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020 A000002 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
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SIGNATURE STEPHEN G. HILL
TITLE PRESIDENT
For period ending 8-31-97
File Number 811-4338
77.O. Transactions effected pursuant to Rule 10f-3.
The following information relates to the two transactions
effected by Heritage Capital Appreciation Trust pursuant to Rule 10f-3 during
the annual period August 31, 1997:
Security: Nationwide Financial Services
Date of purchase: March 6, 1997
Date offering commenced: March 6, 1997
Purchase price: $23.50
Commission: $0.73
Securities acquired from: First Boston
Amount purchased: $235,000
Total Offering: $470,000,000
Security: Jacor Communications, Inc.
Date of purchase: May 16, 1997
Date offering commenced: May 16, 1997
Purchase price: $31.00
Commission: $0.78
Securities acquired from: First Boston
Amount purchased: $992,000
Total Offering: $206,150,000
For period ending 8-31-97
File No. 811-4338
Item 77.B
To the Board of Trustees
of Heritage Capital Appreciation Trust
In planning and performing our audit of the financial statements of Heritage
Capital Appreciation Trust (the "Fund") for the year ended August 31, 1997, we
considered its internal control, including control activities 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 internal control.
The management of the Fund is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and may not be detected. Also, projection of any evaluation of
internal control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of August 31, 1997.
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
Tampa, Florida
October 15, 1997
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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