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001 A000000 HERITAGE CAPITAL APPRECIATION TRUST
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002 A000000 880 CARILLON PARKWAY
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020 A000001 DONALDSON LUFKIN & JENRETTE
020 B000001 13-2741729
020 C000001 10
020 A000002 SALOMON SMITH BARNEY, INC.
020 B000002 13-1910900
020 C000002 8
020 A000003 MORGAN STANLEY/DEAN WITTER
020 B000003 13-2655998
020 C000003 7
020 A000004 BRIDGE TRADING COMPANY
020 B000004 43-1450530
020 C000004 7
020 A000005 MERRILL LYNCH, PIERCE, FENNER & SMITH, INC.
020 B000005 13-5674085
020 C000005 6
020 A000006 PAINE WEBBER CAPITAL MARKETS
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020 C000006 4
020 A000007 BEAR STEARNS & COMPANY, INC.
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020 A000008 SCHRODER & COMPANY, INC.
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<PAGE> PAGE 2
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020 A000010 MORGAN, J.P., SECURITIES, INC.
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<PAGE> PAGE 7
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SIGNATURE STEPHEN G. HILL
TITLE PRESIDENT
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 001
<NAME> Heritage Capital Appreciation Trust Class A
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> AUG-31-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 86,596,593
<INVESTMENTS-AT-VALUE> 121,151,508
<RECEIVABLES> 461,382
<ASSETS-OTHER> 23,300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,636,190
<PAYABLE-FOR-SECURITIES> 0
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<TOTAL-LIABILITIES> 308,371
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,751,003
<SHARES-COMMON-STOCK> 5,985,183
<SHARES-COMMON-PRIOR> 4,523,026
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,021,901
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,554,915
<NET-ASSETS> 121,327,819
<DIVIDEND-INCOME> 938,451
<INTEREST-INCOME> 244,158
<OTHER-INCOME> 0
<EXPENSES-NET> 1,595,748
<NET-INVESTMENT-INCOME> (413,139)
<REALIZED-GAINS-CURRENT> 9,960,883
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<NET-CHANGE-FROM-OPS> 15,090,034
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<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 9,594,905
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,586,217
<NUMBER-OF-SHARES-REDEEMED> 611,894
<SHARES-REINVESTED> 487,834
<NET-CHANGE-IN-ASSETS> 37,262,276
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8,069,062
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,442,910
<AVERAGE-NET-ASSETS> 102,412,680
<PER-SHARE-NAV-BEGIN> 18.60
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 3.94
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 2.13
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<PER-SHARE-NAV-END> 20.34
<EXPENSE-RATIO> 1.41
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 002
<NAME> Heritage Capital Appreciation Trust Class B
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> AUG-31-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 86,596,593
<INVESTMENTS-AT-VALUE> 121,151,508
<RECEIVABLES> 461,382
<ASSETS-OTHER> 23,300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,636,190
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 308,371
<TOTAL-LIABILITIES> 308,371
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,751,003
<SHARES-COMMON-STOCK> 5,985,183
<SHARES-COMMON-PRIOR> 4,523,026
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,021,901
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,554,915
<NET-ASSETS> 121,327,819
<DIVIDEND-INCOME> 938,451
<INTEREST-INCOME> 244,158
<OTHER-INCOME> 0
<EXPENSES-NET> 1,595,748
<NET-INVESTMENT-INCOME> (413,139)
<REALIZED-GAINS-CURRENT> 9,960,883
<APPREC-INCREASE-CURRENT> 5,542,290
<NET-CHANGE-FROM-OPS> 15,090,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 9,594,905
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,586,217
<NUMBER-OF-SHARES-REDEEMED> 611,894
<SHARES-REINVESTED> 487,834
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8,069,062
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 825,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 36,303
<AVERAGE-NET-ASSETS> 2,719,533
<PER-SHARE-NAV-BEGIN> 19.36
<PER-SHARE-NII> (0.06)
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<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
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<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 003
<NAME> Heritage Capital Appreciation Trust Class C
<S> <C>
<PERIOD-TYPE> Year
<FISCAL-YEAR-END> AUG-31-1998
<PERIOD-START> AUG-31-1997
<PERIOD-END> AUG-31-1998
<INVESTMENTS-AT-COST> 86,596,593
<INVESTMENTS-AT-VALUE> 121,151,508
<RECEIVABLES> 461,382
<ASSETS-OTHER> 23,300
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 121,636,190
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 308,371
<TOTAL-LIABILITIES> 308,371
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 78,751,003
<SHARES-COMMON-STOCK> 5,985,183
<SHARES-COMMON-PRIOR> 4,523,026
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 8,021,901
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 34,554,915
<NET-ASSETS> 121,327,819
<DIVIDEND-INCOME> 938,451
<INTEREST-INCOME> 244,158
<OTHER-INCOME> 0
<EXPENSES-NET> 1,595,748
<NET-INVESTMENT-INCOME> (413,139)
<REALIZED-GAINS-CURRENT> 9,960,883
<APPREC-INCREASE-CURRENT> 5,542,290
<NET-CHANGE-FROM-OPS> 15,090,034
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 9,594,905
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,586,217
<NUMBER-OF-SHARES-REDEEMED> 611,894
<SHARES-REINVESTED> 487,834
<NET-CHANGE-IN-ASSETS> 37,262,276
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 8,069,062
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 825,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 116,535
<AVERAGE-NET-ASSETS> 5,818,557
<PER-SHARE-NAV-BEGIN> 18.34
<PER-SHARE-NII> (0.09)
<PER-SHARE-GAIN-APPREC> 3.78
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 2.13
<RETURNS-OF-CAPITAL> 0.00
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<EXPENSE-RATIO> 2.00
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</TABLE>
PricewaterhouseCoopers
- --------------------------------------------------------------------------------
PricewaterhouseCoopers LLP
Suite 2800
400 North Ashley Street
Tampa FL 33602-4319
Telephone (813) 223-7577
October 14, 1998
To the Shareholders and 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, 1998, 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 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, 1998.
This report is intended solely for the information and use of management and the
Board of Trustees of the Heritage Capital Appreciation Trust and the Securities
and Exchange Commission.
/s/ PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
