Report 
 
      
Registrant:   Heritage Capital Appreciation Trust — List all N-SARs

Annual Report for the 2nd-half period ended at fiscal year end:  10/31/06
Is this a Transition Report?  Yes

Were there any Answer File errors in the Filing?  None FoundNone Found by SEC InfoNot Checked by the FilerOne or more Found by SEC Info
Was the Answer File completed by the Registrant?  Yes

Is this an Amendment to a previous Report?  No
Is this a change to a previous Report?      No
 
Registrant 
 
 1.
SEC CIK:      771809
SEC File #:   811-04338

Telephone #:  727-567-8143
 
 2.
Address:      880 Carillon Parkway
              St. Petersburg, FL  33716
 
 3.
Is this the first Form N-SAR filed by the Registrant?  No
 
 4.
Is this the final Form N-SAR filed by the Registrant?  No
 
 
Funds/Series 
↑Top of Form N-SAR 
     
                                                                               
 7.
Is the Registrant a Funds/Series (multiple portfolios) company?  No
 
Affiliated Broker/Dealer 
 
14.1
Name:         Raymond James & Associates, Inc.
SEC File #:   008-10999
 
14.2
Name:         Raymond James Financial Services
SEC File #:   008-17983
 
14.3
Name:         Goldman Sachs & Co.
SEC File #:   008-00129
 
14.4
Name:         Heritage Fund Distributors, Inc.
SEC File #:   008-67244
 
Brokerage Commissions Paid on Portfolio Transactions 
 
20.
The brokers who received the largest amount of gross brokerage
commissions during the period:
 
20.1
Broker:       Lehman Brothers Inc.
IRS #:        13-2518466
Commissions paid ($000s):  17
 
20.2
Broker:       Merrill Lynch Pierce Fenner & Smith
IRS #:        13-5674085
Commissions paid ($000s):  9
 
20.3
Broker:       Bear Stearns & Co. Inc.
IRS #:        13-3299429
Commissions paid ($000s):  5
 
20.4
Broker:       JP Morgan Securities
IRS #:        13-3224016
Commissions paid ($000s):  4
 
20.5
Broker:       SG Cowen Securities Corp.
IRS #:        13-5616116
Commissions paid ($000s):  3
 
20.6
Broker:       Credit Suisse First Boston Corp.
IRS #:        13-5659485
Commissions paid ($000s):  3
 
20.7
Broker:       Raymond James & Associates
IRS #:        59-1237041
Commissions paid ($000s):  3
 
20.8
Broker:       Bank America Securities LLC
IRS #:        36-0947896
Commissions paid ($000s):  3
 
20.9
Broker:       Citigroup Global Markets Inc.
IRS #:        11-2418191
Commissions paid ($000s):  3
 
20.10
Broker:       Keefe Bruyette & Woods Inc.
Commissions paid ($000s):  3
 
21.
Total brokerage commissions paid by the Registrant during the period:
  Aggregate paid ($000s):  61
 
Portfolio Transactions with Entities Acting as Principals 
 
22.
The entities acting as principals with whom the Registrant did the
largest amount of portfolio transactions, based on total value of
principal, during the period:
 
22.1
Entity:       State Street Bank & Trust
IRS #:        04-1867445
Registrant’s purchases ($000s):  1,305,898
 
23.
Total purchase/sale transactions by the Registrant during the period:
   Aggregate purchases ($000s):  1,305,898
 
Holdings of Securities Issued by Registrant’s/Series’ Brokers or Dealers 
 

25.

The brokers or dealers, or their parents (issuers):
 
25.1
Name:         Charles Schwab & Co., Inc.
IRS #:        94-1737782
Type of security owned:  Equity
Value of securities owned at period end ($000s):  31,386
 
Investment Company Type 
 
27.
Is the Registrant an “open-end” investment company?  Yes, Open-End
 
Sales and Repurchases 
 
28.
Monthly total Net Asset Value (NAV) of sales and repurchases of the
Registrant’s/Series’ shares:
 
1st Month of period:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 12,062
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 9,824
2nd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 15,434
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 1
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 16,719
3rd Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
4th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
5th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –
6th Month:
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 –
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 –
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 –

Total of all months:  ($000s)
    Total NAV of shares sold:
      New sales (including exchanges) ............................
 27,496
      Reinvestment of dividends and distributions ................
 –
      Other ......................................................
 1
    Total NAV of shares redeemed & repurchased (inc. exchanges) ..
 26,543

Total NAV of the Registrant’s/Series’ share sales during the period
subject to a sales load ($000s):  1,114
 
Sales Load (Front-End or Deferred) and Fees (Redemption or Maintenance) 
 
30.
Total front-end sales loads collected from sales (including exchanges)
by Principal Underwriter or by any underwriter which is an affiliated
person of the Principal Underwriter, of the Registrant’s/Series’ shares
during the period ($000s):  39

The maximum sales load rate in effect at period end as a percentage of
the offering price:  47.5%
The minimum sales load rate in effect at period end as a percentage of
the offering price:  0.0%
 
31.
Net amount retained by the Registrant’s/Series’ Principal Underwriter or
by any underwriter or dealer which is an affiliated person of the
Principal Underwriter thereof from front-end sales loads collected from
sales of the Registrant’s/Series’ shares during the period ($000s):  5

Amount by which payout by the Registrant’s/Series’ Principal Underwriter
or by any underwriter which is an affiliated person of the Principal
Underwriter thereof to persons or entities selling the
Registrant’s/Series’ shares exceeded that reported in Item 30 ($000s):  0
 
32.
Amount the Registrant’s/Series’ Principal Underwriter and any
underwriters or dealers which are affiliated persons of the Principal
Underwriter paid to dealers which are not affiliated persons of the
Principal Underwriter for selling the Registrant’s/Series’ shares that
were sold with a front-end sales load during the period ($000s):  23
 
33.
Amount paid to a captive retail sales force of the Registrant’s/Series’
Principal Underwriter or of any underwriter or dealer which is an
affiliated person of the Principal Underwriter for selling the
Registrant’s shares that were sold with a front-end sales load during
the period ($000s):  11
 
35.
Total deferred or contingent deferred sales loads collected during the
period from redemptions and repurchases of the Registrant’s/Series’
shares ($000s):  13
 
36.

The net amount the Registrant/Series retained from deferred or
contingent deferred sales loads ($000s):  0
 
38.
Total amount of redemption fees other than deferred or contingent
deferred sales loads collected from redemptions and repurchases of the
Registrant’s/Series’ shares during the period ($000s):  1
 
Payment Plan for the Distribution of Fund Shares 
 
42.
For the period, the percentage of total dollars paid directly by the
Registrant/Series under the 12b-1 plan for each of the following:

Percentage of Total Amount Paid  (%)
Advertising ............................................................
 –
Printing & mailing of prospectuses to other than current shareholders ..
 –
Payments to underwriters ...............................................
 100
Payments to brokers or dealers .........................................
 –
Direct payments to sales personnel .....................................
 –
Payments to banks and savings & loans ..................................
 –
Other uses, including payments to its Investment Adviser separate
  from the advisory fee ................................................
 –
Unallocated payments made for a combination of such services ...........
 –
 
43.
Total amount paid directly by the Registrant/Series pursuant to its
12b-1 plan ($000s):  469
 
44.
If an Investment Adviser or other affiliated person of the
Registrant/Series made unreimbursed payments pursuant to the 12b-1 plan,
the total amount of such payments ($000s):  0
 
Classification and Asset Allocation 
 
62.
Does the Registrant/Series invest primarily in debt securities,
including convertible debt securities, options & futures on debt
securities or indices of debt securities?  No
 
66.
Is the Registrant/Series a Fund that usually invests in equity
securities, options & futures on equity securities, indices of equity
securities or securities convertible into equity securities?  Yes
               Capital appreciation?  Yes
 
Portfolio Turnover 
 
71.
Portfolio turnover rate for the period:
 
Purchases ($000s):  50,978
Sales ($000s):      41,498

Monthly average Value of portfolio ($000s):  574,515

Percent turnover (lesser of Purchases or Sales, divided by Value):  7%
 
Financial Info — Income and Expenses 
 
72.
The number of months covered by the values in Items 72 and 73:  2

Income  ($000s)
Net interest income ..............................................
 272
Net dividend income ..............................................
 773
Account maintenance fees .........................................
 –
Net other income .................................................
 –

Expenses  ($000s)
Advisory fees ....................................................
 751
Administrator fees ...............................................
 –
Salaries and other compensation ..................................
 –
Shareholder Servicing Agent fees .................................
 131
Custodian fees ...................................................
 5
Postage ..........................................................
 –
Printing expenses ................................................
 11
Directors’ fees ..................................................
 7
Registration fees ................................................
 19
Taxes ............................................................
 –
Interest .........................................................
 –
Bookkeeping fees paid to anyone performing this service ..........
 17
Auditing fees ....................................................
 12
Legal fees .......................................................
 18
Marketing/distribution payments, incl. Rule 12b-1 plan payments ..
 469
Amortization of organization expenses ............................
 –
Shareholder meeting expenses .....................................
 –
Other expenses ...................................................
 4
Total expenses ...................................................
 1,444

Expense reimbursements ($000s):   0

Net investment income ($000s):    -399

Realized capital gains ($000s):   10,522
Realized capital losses ($000s):  1,869

Net unrealized appreciation during the period ($000s):  13,835
Net unrealized depreciation during the period ($000s):  0

Total income dividends for which the record date passed during the
period ($000s):  0

Total capital gains distributions for which the record date passed
during the period ($000s):  0
 
73.
Distributions per share for which the record date passed during the
period, shown in fractions of a cent, if so declared:

Dividends from net investment income:    $0.0000

Distribution of capital gains:  $0.0000
Other distributions:            $0.0000
 
Financial Info — Condensed Balance Sheet Data 
 
74.
Assets  ($000s)
Cash .............................................................
 –
Repurchase agreements ............................................
 22,897
Short-term debt securities, other than repurchase agreements .....
 –
Long-term debt securities, including convertible debt ............
 –
Preferred, conv. preferred and adjustable-rate preferred stock ...
 –
Common stock .....................................................
 588,451
Options on equities ..............................................
 –
Options on all futures ...........................................
 –
Other investments ................................................
 –
Receivables from portfolio instruments sold ......................
 –
Receivables from affiliated persons ..............................
 –
Other receivables ................................................
 1,541
All other assets .................................................
 49
Total assets .....................................................
 612,938

Liabilities  ($000s)
Payables for portfolio instruments purchased .....................
 –
Amounts owed to affiliated persons ...............................
 697
Senior long-term debt ............................................
 –
Other liabilities:
  Reverse repurchase agreements ..................................
 –
  Short sales ....................................................
 –
  Written options ................................................
 –
  All other liabilities ..........................................
 873

Equity  ($000s)
Senior equity ....................................................
 –
Net assets of common shareholders ................................
 611,368

Number of shares outstanding (000s):   14,475
Number of shares outstanding of a second class of shares (000s):  6,720

Net Asset Value (NAV) per share (to nearest cent):  $0.00

Total number of shareholder accounts:  35,982

Total value of assets in segregated accounts ($000s):  0
 
75.
Monthly average net assets during the period ($000s):  578,601
 
Additional Disclosures 
 
77.
Did the Registrant file any additional Exhibits with the filing of this
Report (listed here and filed either herewith — as one of the ‘EX-99.*’
↑Exhibits in this Filing — or separately and incorporated by reference)?  Yes

EX-99.77B:  Accountant’s Report re: Internal Controls?  Yes

EX-99.77I:  Terms of New or Amended Securities?  Yes
 
Fidelity Bond in Effect at Fiscal Year End 
 
80.
Insurer:      St. Paul Traveler’s
2nd Insurer:  None

Aggregate face amount of coverage for the Registrant/Series on all bonds
on which it is named as an insured ($000s):  15,000
 
81.
Is the bond part of a joint fidelity bond(s) shared with other
investment companies or other entities?  Yes

How many other investment companies or other entities are covered by the
bond (counting each Fund/Series as a separate investment company):  10
 
82.
Does the mandatory coverage of the fidelity bond have a deductible?  Yes

The amount of the deductible ($000s):  50
 
83.
Were any claims with respect to this Registrant/Series filed under the
bond during the period?  No
 
84.
Were any losses incurred with respect to this Registrant/Series that
could have been filed as a claim under the fidelity bond but were not?  No
 
85.
Are the Registrant’s/Series’ Officers and Directors covered as Officers
and Directors of the Registrant/Series under any errors and omissions
insurance policy owned by the Registrant/Series or anyone else?  Yes

Were any claims filed under such policy during the period with respect
to the Registrant/Series?  No
 
 Signature 
 
↑Top of Form N-SAR 
     
                                                                               
/s/      K.C. Clark      
Name:   K.C. Clark
Title:  Prin. Exec. Officer