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SIGNATURE STEPHEN G. HILL
TITLE PRESIDENT
<PAGE>
<PAGE>
For period ended 09-30-96
File Number 811-4767
Sub-Item 77.B
Suite 2800 Telephone 813-223-7577
400 North Ashley Street
P.O. Box 2640
Tampa, FL 33601-2640
- --------------------------------------------------------------------------
PRICE WATERHOUSE LLP
November 12, 1996
To the Board of Trustees
of Heritage Income-Growth Trust
In planning and performing our audit of the financial statements of the
Heritage Income-Growth Trust (the "Trust") for the year ended September
30, 1996, we considered its internal control structure, including
procedures for safeguarding securities, in order to determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and to comply with the requirements of Form N-SAR, and not to
provide assurance on the internal control structure.
The management of the Trust is responsible for establishing and
maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are appropriately safeguarded against
loss from unauthorized use or disposition and that transactions are
executed in accordance with management's authorization and recorded
properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, error
or irregularities may occur and may not be detected. Also, projection of
any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure
elements 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 the internal
control structure, including procedures for safeguarding securities, that
we consider to be material weaknesses as defined above as of September 30,
1996.
<PAGE>
To the Board of Trustees
of Heritage Income-Growth Trust
Page 2
November 12, 1996
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
<PAGE>
<PAGE>
For period ending 09-30-96
File Number 811-4767
Sub-Item 77.K
Exhibit A
77.K. Changes in Registrant's Certifying Accountant.
(a) Previous independent accountants
(1) On April 11, 1996, the auditor relationship between
Heritage Income-Growth Trust ("Trust") and Coopers & Lybrand
L.L.P. ("C&L") was terminated.
(2) The reports of C&L on the financial statements for the
fiscal years ended 1994 and 1995 contained no adverse opinion or
disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principles.
(3) The decision to change independent accountants was
approved by the Trust's Board of Trustees.
(4) In connection with its audits for the fiscal years
ended 1994 and 1995 and through the interim period preceding the
termination, there have been no disagreements with C&L on any
matter of accounting principles or practices, financial
statements disclosure, or auditing scope of procedure which
disagreements if not resolved to the satisfaction of C&L would
have caused them to make reference thereto in their report on the
financial statements for such years.
(5) During the fiscal years ended 1994 and 1995 and through
the interim period preceding the termination, there have been no
reportable events (as defined in Regulation S-K Item
304(a)(1)(v)) with C&L.
(6) The Trust has requested that C&L furnish it with a
letter addressed to the Securities and Exchange Commission
stating whether it agrees with the above statements. A copy of
such letter, dated November 26, 1996, is filed as EXHIBIT B to
this Form N-SAR.
(b) New independent accountants
The Trust engaged Price Waterhouse LLP as its new
independent public accountants as of April 11, 1996. During the
two most recent fiscal years and through April 11, 1996, the
Trust has not consulted with Price Waterhouse LLP on items that
(1) were or should have been subject to SAS 50 or (2) concerned
the subject matter of a disagreement or reportable event with the
former auditor (as described in Regulation S-K Item 304(a)(2).
<PAGE>
For period ending 09-30-96
File Number 811-4767
Sub-Item 77.K
Exhibit B
November 26, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Heritage Income-Growth
Trust (copy attached), which we understand will be filed with the
Commission, pursuant to Item 77K, as part of the Trust's Form N-
SAR report for the year ended September 30, 1996. We agree with
the statements concerning our Firm in such Form N-SAR.
Very truly yours,
/s/ Coopers & Lybrand
Coopers & Lybrand L.L.P.
Attachment
<PAGE>
<PAGE>
For period ending 09-30-96
File Number 811-4767
Sub-Item 77.O
Series 1 & 2
77.O. Transactions effected pursuant to Rule 10f-3.
The following information relates to the five
transactions effected by Heritage Income-Growth Trust pursuant to Rule
10f-3 during the annual period September 30, 1996:
Security: The Estee Lauder Companies Inc.
Date of purchase: 11/16/95
Date offering commenced: 11/16/95
Purchase price: $26.00
Commission: $0.85 (3.54%)
Securities acquired from: Goldman Sachs
Amount purchased: $156,000
Total Offering: $400 million
Security: Associates First Capital Corp.
Date of purchase: 05/07/96
Date offering commenced: 05/07/96
Purchase price: $29.00
Commission: $0.80 (2.76%)
Securities acquired from: Goldman Sachs
Amount purchased: $290,000
Total Offering: $1,943,000,000
Security: Midcom Communications
Date of purchase: 08/15/96
<PAGE>
Date offering commenced: 08/15/96
Purchase price: $100.00
Commission: $1.80 (1.80%)
Securities acquired from: Paine Webber Incorporated
Amount purchased: $250,000
Total Offering: $85 million
Security: Golden Books Family
Entertainment
Date of purchase: 08/15/96
Date offering commenced: 08/15/96
Purchase price: $50.00
Commission: $0.90 (1.80%)
Securities acquired from: Merrill Lynch
Amount purchased: $50,000
Total Offering: $100 million
Security: Sovran Self Storage
Date of purchase: 09/25/96
Date offering commenced: 09/25/96
Purchase price: $26.00
Commission: $0.85 (3.27%)
Securities acquired from: Paine Webber Incorporated
Amount purchased: $260,000
Total Offering: $71.5 million
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<PAGE>
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<NAME> HERITAGE INCOME-GROWTH TRUST - A SHARES
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<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> SEP-30-1995
<PERIOD-END> SEP-30-1996
<INVESTMENTS-AT-COST> $41,805,110
<INVESTMENTS-AT-VALUE> $49,497,730
<RECEIVABLES> $1,568,294
<ASSETS-OTHER> $12,943
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $51,078,967
<PAYABLE-FOR-SECURITIES> $1,593,740
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $583,492
<TOTAL-LIABILITIES> $2,177,232
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<SHARES-COMMON-STOCK> 3,336,227
<SHARES-COMMON-PRIOR> 2,757,004
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<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $4,726,017
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $7,613,726
<NET-ASSETS> $48,901,735
<DIVIDEND-INCOME> $1,008,562
<INTEREST-INCOME> $628,893
<OTHER-INCOME> $0
<EXPENSES-NET> $601,190
<NET-INVESTMENT-INCOME> $1,036,265
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<NET-CHANGE-IN-ASSETS> $8,144,784
<ACCUMULATED-NII-PRIOR> $964,709
<ACCUMULATED-GAINS-PRIOR> $450,201
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $293,974
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $572,222
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<PER-SHARE-NII> $0.36
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<PER-SHARE-DIVIDEND> $0.35
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<EXPENSE-RATIO> 1.54
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<AVG-DEBT-PER-SHARE> $0
<PAGE>
<ARTICLE> 6
<SERIES>
[NUMBER] 0
<NAME> HERITAGE INCOME-GROWTH TRUST - C SHARES
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> SEP-30-1996
<PERIOD-START> SEP-30-1995
<PERIOD-END> SEP-30-1996
[INVESTMENTS-AT-COST] $41,805,110
[INVESTMENTS-AT-VALUE] $49,497,730
[RECEIVABLES] $1,568,294
[ASSETS-OTHER] $12,943
[OTHER-ITEMS-ASSETS] $0
[TOTAL-ASSETS] $51,078,967
[PAYABLE-FOR-SECURITIES] $1,593,740
[SENIOR-LONG-TERM-DEBT] $0
[OTHER-ITEMS-LIABILITIES] $583,492
[TOTAL-LIABILITIES] $2,177,232
[SENIOR-EQUITY] $0
[PAID-IN-CAPITAL-COMMON] $36,319,738
[SHARES-COMMON-STOCK] 3,336,227
[SHARES-COMMON-PRIOR] 2,757,004
[ACCUMULATED-NII-CURRENT] $242,254
[OVERDISTRIBUTION-NII] $0
[ACCUMULATED-NET-GAINS] $4,726,017
[OVERDISTRIBUTION-GAINS] $0
[ACCUM-APPREC-OR-DEPREC] $7,613,726
[NET-ASSETS] $48,901,735
[DIVIDEND-INCOME] $1,008,562
[INTEREST-INCOME] $628,893
[OTHER-INCOME] $0
[EXPENSES-NET] $601,190
[NET-INVESTMENT-INCOME] $1,036,265
[REALIZED-GAINS-CURRENT] $5,071,215
[APPREC-INCREASE-CURRENT] $1,700,001
[NET-CHANGE-FROM-OPS] $7,807,481
[EQUALIZATION] $0
[DISTRIBUTIONS-OF-INCOME] $987,133
[DISTRIBUTIONS-OF-GAINS] $685,375
[DISTRIBUTIONS-OTHER] $0
[NUMBER-OF-SHARES-SOLD] 958,043
[NUMBER-OF-SHARES-REDEEMED] (500,960)
[SHARES-REINVESTED] 122,140
[NET-CHANGE-IN-ASSETS] $8,144,784
[ACCUMULATED-NII-PRIOR] $964,709
[ACCUMULATED-GAINS-PRIOR] $450,201
[OVERDISTRIB-NII-PRIOR] $0
[OVERDIST-NET-GAINS-PRIOR] $0
[GROSS-ADVISORY-FEES] $293,974
[INTEREST-EXPENSE] $0
[GROSS-EXPENSE] $28,968
[AVERAGE-NET-ASSETS] $1,361,562
[PER-SHARE-NAV-BEGIN] $12.51
[PER-SHARE-NII] $0.26
[PER-SHARE-GAIN-APPREC] $2.34
[PER-SHARE-DIVIDEND] $0.29
[PER-SHARE-DISTRIBUTIONS] $0.25
[RETURNS-OF-CAPITAL] $0.00
[PER-SHARE-NAV-END] $14.57
[EXPENSE-RATIO] 2.29
[AVG-DEBT-OUTSTANDING] $0
[AVG-DEBT-PER-SHARE] $0
<PAGE>
</TABLE>
