| Investment Process |
| Portfolio Highlights |
| Fund Returns |
| Daily Prices (NAVs) |
| Money Market Yields |
| Top Holdings & Industries |
| Prospectuses |
(800) 421-4184
(727) 567-8143
Capital Appreciation Trust Profile (as of 6/30/08)
Morningstar Overall Rating*
(four stars as of June 30, 2008)
*The Fund’s Class A shares received a four-star rating overall for the period ended June 30, 2008. This proprietary rating by Morningstar, Inc. reflects risk-adjusted performance among a total of 1,488 large growth category funds. The Fund’s Class A shares were rated three-stars among a total of 1,215 funds in the large growth category for the five-year period ended June 30, 2008. The Fund’s Class A shares also received four-star ratings among a total of 1,488 and 589 funds in the large growth category for the three-year and 10-year periods respectively ended June 30, 2008. These ratings are subject to change every month. Funds with at least three years of performance history are assigned ratings from the fund’s three-, five- and 10-year average annual returns (when available) and a risk factor that reflects fund performance relative to three-month Treasury bill monthly returns. Funds’ returns are adjusted for fees and sales loads. Ten percent of the funds in an investment category receive five stars, 22.5% receive four stars, 35% receive three stars, 22.5% receive two stars and the bottom 10% receive one star. Investment return and principal value will vary so that investors have a gain or loss when shares are sold. Funds are rated for up to three time periods (three-, five-, and 10-years) and these ratings are combined to produce an overall rating. Ratings may vary among share classes and are based on past performance. Past performance does not guarantee future results.
2008 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Key Facts (as of 6/30/08)| Class | Inception | Symbol | Fund Cusip |
| A Shares | 12/12/85 | HRCPX | 426906-103 |
| C Shares | 4/3/95 | HRCCX | 426906-202 |
| Total net assets | $718.27 million | ||
| Total number of holdings | 32 | ||
| Initial minimum investment | $1,000 + | ||
| Retirement account minimum | $500 + | ||
| Subsequent investment | No minimum | ||
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+ Shareholders may establish an automatic investment plan with an initial investment of $50 and subsequent investments of $50 per month. |
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Top Holdings, Industries and Asset Allocation (as of 6/30/08)
| Top Holdings | Top Industries | ||
| Crown Castle International | 8.38% | Telecommunications | 17.73% |
| Western Union | 5.37% | Oil and Gas | 12.79% |
| Hess | 5.26% | Software | 8.04% |
| QUALCOMM | 4.70% | Pharmaceuticals | 7.41% |
| American Tower | 4.66% | Commercial Services | 6.86% |
| Suncor Energy | 4.41% | ||
| Charles Schwab | 3.88% | ||
| Weatherford International | 3.79% | Asset Allocation | |
| Pepsico | 3.72% | Invested Portfolio | 95.07% |
| Research in Motion | 3.31% | Cash/Other | 4.93% |
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The information provided above should not be construed as a recommendation to buy, sell or hold any particular security. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Portfolio holdings are not stagnant and may change over time without prior notice. |
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Performance Highlights
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Average annual total returns for periods through June 30, 2008. |
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| (excluding sales charge) | (including sales charge) | Expense ratio | |
| Class A shares | |||
| Life of class (12/12/85) | 11.11% | 10.87% | 1.20% |
| 20-year | 11.20% | 10.93% | |
| 15-year | 11.06% | 10.70% | |
| 10-year | 5.89% | 5.37% | |
| 5-year | 9.52% | 8.46% | |
| 3-year | 9.50% | 7.73% | |
| 1-year | -2.44% | -7.07% | |
| Year-to-date (not annualized) | -5.11% | -9.62% | |
| Class C shares | |||
| Life of class (4/3/95) | 10.64% | 10.64% | 1.96% |
| 10-year | 5.12% | 5.12% | |
| 5-year | 8.66% | 8.66% | |
| 3-year | 8.60% | 8.60% | |
| 1-year | -3.20% | -3.20% | |
| Year-to-date (not annualized) | -5.47% | -6.42% | |
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*Performance data quoted represents past performance which does not guarantee future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Net performance reflects a front-end sales charge of 4.75% for A shares. A 1% CDSC for C shares is charged on redemptions made within 12 months of purchase, but not at one year. Performance data quoted reflects reinvested dividends and capital gains. Current performance may be higher or lower than the performance data quoted. To obtain more current performance, please visit the Returns and Prices section of the website. Past performance does not guarantee future results. Please consider the investment objectives, risks, charges, and expenses of any fund carefully before investing. Contact Heritage at (800) 421-4184 or your financial advisor for a prospectus, which contains this and other important information about the funds. Read the prospectus carefully before you invest or send money. Not FDIC insured. No bank guarantee. May lose value. Heritage Fund Distributors, Inc., Member FINRA. 880 Carillon Parkway, St. Petersburg, FL 33716 |
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Investment Process
The portfolio management team makes decisions as long-term business owners, performing in-depth fundamental research to identify companies with enduring structural and competitive advantages.
The team invests in businesses that are strategically positioned for consistent long-term growth and meet key investment criteria:
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The team's goal is to invest in growth companies whose intrinsic business value is both attractive relative to its stock price and increasing over time.
Portfolio Highlights
Managed by a team with extensive experience, continuity in working together, and in-depth industry expertise.
A focused, selective portfolio of stocks that represents the team's best investment ideas, without regard to market capitalization.
A Word about Risk
Investing in small- and mid-cap stocks may involve greater risks than investing in larger, more established companies. These companies often have narrow markets and more limited managerial and financial resources. Growth companies are expected to increase their earnings at a certain rate. When these expectations are not met, investors may punish the stocks excessively, even if earnings showed an absolute increase. Growth company stocks also typically lack the dividend yield that can cushion stock prices in market downturns. Because the fund normally will hold a core portfolio of stocks of fewer companies than many other diversified funds, the increase or decrease of the value of a single stock may have a greater impact on the fund's net asset value and total return.
| Fund Objective |
Seeks long-term capital appreciation by investing in companies with undervalued assets and significant future growth potential.
Meet the Managers
David G. Shell, Gregory H. Ekizian and Steven M. Barry are chief investment officers and portfolio managers of Goldman Sachs Asset Management, and have been responsible for the day-to-day management of the fund since 2002. Shell and Ekizian have been affiliated with the fund since 1987 and 1990, respectively; Barry joined the team in 1999. Years of Investment Experience: Barry - 22 Shell - 21 Ekizian - 18 Assumed Management: In 1997 |