<PAGE> 1
[INCOME-
GROWTH
TRUST
LOGO]
[pictures of people working and playing]
From Our Family to Yours: The Intelligent Creation of Wealth.
Annual Report
and Investment Performance
Review for the Year Ended
September 30, 1997
[HERITAGE LOGO]
-----------------
INCOME-GROWTH
TRUST(TM)
-----------------
<PAGE> 2
November 13, 1997
Dear Fellow Shareholders:
It is my pleasure to provide you with the annual report for Heritage
Income-Growth Trust (the "Fund") for the fiscal year ended September 30, 1997.
For this period, your Fund delivered a total return of +29.45% and +28.49% on
its class A and class C shares, respectively.*
During the past fiscal year, the broad stock market averages continued to
charge ahead to record high levels. As we have discussed in previous letters, in
markets like this, more aggressive equity mutual funds tend to reap greater
rewards than do equity income funds which follow more conservative strategies
designed to participate in the long-term rewards of common stocks while reducing
the short-term volatility that can be unsettling to many investors. As for
participating in the recent stock market performance, those of you who are
long-term investors in the Fund have enjoyed significant appreciation in the
value of your shares. (See page 13 for the total return results for the five
most recent fiscal years.) Looking at volatility, the most recent period we can
point to is the sharp market down-turn ending October 27, 1997. During this four
day period, your Fund's net asset value declined only about two-thirds as much
as the Standard & Poor's 500 Composite Stock Price Index. It continues to be our
goal to participate in the rewards of investing in equities while providing a
smoother ride for our investors.
In the portfolio commentary that follows, Lou Kirschbaum and David Blount,
co-portfolio managers for your Fund, discuss further the factors that affected
your Fund's performance over the last fiscal year. I hope you find their
comments helpful in better understanding how your Fund's investment portfolio is
managed.
We are continuing to modify the format of our shareholder reports and
prospectuses. In early 1998 you will receive the latest updates of your Fund's
prospectus. For the first time, the prospectuses for all of our equity funds
will be combined into one document. Because many of you own shares in more than
one of these funds, this change will allow us to reduce the volume of mail you
receive from us while still providing the information you need to understand the
different policies of our various funds.
We appreciate your continuing investment in Heritage Income-Growth Trust.
If there are ever ways in which you believe we could serve you better, please
call us at 800-709-3863.
Sincerely,
/s/ STEPHEN G. HILL
-------------------
Stephen G. Hill
President
- ---------------
* These returns are calculated without the imposition of front- or back-end
sales charges.
<PAGE> 3
November 13, 1997
Dear Fellow Shareholders:
BUY THE DIPS! This has been an apt rallying cry for the stock market's
performance over the past several years. One day, it may provide its epitaph
(though we hope not soon). We have learned, in nearly 25 years of investing
experience, that the market's short-term twists and turns defy the best efforts
to forecast them. It is possible, however, to manage an investment vehicle that
seeks to provide (in relative terms) a safe haven in what is becoming an
increasingly turbulent environment.
We have managed the Income-Growth Trust in order to maintain as low a
portfolio Beta (i.e., relative market volatility) as possible, while
participating as much as possible in the market's long-term gains. Stated
another way, we seek is to achieve the best possible absolute performance by
following a rigorous discipline with regard to the diversification of the
portfolio and the investment characteristics of the securities we hold and to
apply selective covered call option writing as a defensive strategy.
Looking back on a year in which the stock market has been unexpectedly
strong -- virtually unprecedented given the pronounced strength of the previous
two years -- we are pleased that the Fund has been recognized repeatedly (in
separate rankings conducted by The Wall Street Journal, Barron's, and the Value
Line Mutual Fund Survey) for superior risk-adjusted returns. We believe this
Fund, with its emphasis on quality, defensive strategy, and diversification (via
the use of convertibles, Real Estate Investment Trust ("REITs"), and covered
call writing, in addition to the more traditional diversification with regard to
stock and industry exposure) is a suitable investment alternative for investors
who seek equity market exposure but may wish to temper the stock market's
turbulence.
Analysis of the portfolio's industry exposure demonstrates one aspect of
the diverse approach we use in managing the fund's assets. The greatest
concentrations as of September 30th were in energy stocks (13% of the Fund's
portfolio) and REITs (just under 11%). REITs were among the leading industries
in terms of market performance last year. Energy stocks held their own. Both of
these groups tend to hold up better than the market when things get rocky, which
reflects our defensive strategy. Neither of these industries represents a big
"bet", in percentage terms, which is another defensive aspect of our approach.
The pharmaceutical stocks, which consist of about 8 1/2% of the Fund's
portfolio, are one of the groups in which we use covered call options to reduce
the potential volatility to levels that we find acceptable for this fund. The
only other group that represents more than 5% of the portfolio is the bank
stocks, at 8 1/2%. Both banks and drug stocks were among the stronger relative
performers in the market last year. Earnings growth prospects continue to be
better than average in this sector, and while valuations have inflated over the
past several years, this seems justified by the continuing improvement in
earning power, combined with the continuing consolidation in this industry.
As we peer ahead into 1998, we note that there is more uncertainty in the
economic picture than we have seen for some time. A conventional cyclical
contraction seems unlikely. But there is sufficient concern about Japan as well
as some of the emerging (and suddenly submerging) economies in the Far East and
Latin America that we expect the volatility that has characterized U.S.
financial markets recently to continue for some time. We hope to be able to
capitalize on opportunities that the market's price gyrations might provide to
maintain the fund's superior risk-adjusted performance in the year to come.
As always, we appreciate your continued confidence and support.
Sincerely,
<TABLE>
<S> <C>
/s/ LOU KIRSCHBAUM /s/ DAVID BLOUNT
- -------------------------------------- --------------------------------------
Lou Kirschbaum David Blount
Senior Vice President Vice President
Eagle Asset Management, Inc. Eagle Asset Management, Inc.
Portfolio Manager, Income-Growth Trust Portfolio Manager, Income-Growth Trust
</TABLE>
2
<PAGE> 4
- --------------------------------------------------------------------------------
GROWTH OF A $10,000 INVESTMENT IN HERITAGE INCOME-GROWTH TRUST CLASS A SHARES
SINCE OCTOBER 1, 1987
CHART
The graph contained in the annual report compares the performance of the
Heritage Income-Growth Trust Class A shares with the S&P 500, Value Line
(geom.) and the Lipper Equity Income Averages for the ten year period ended
September 30, 1997.
================================================================================
GROWTH OF A $10,000 INVESTMENT IN CLASS A SHARES
SINCE FEBRUARY 1, 1990, LOUIS KIRSCHBAUM, PORTFOLIO MANAGER
CHART
The graph contained in the annual report compares the performance of the
Heritage Income-Growth Trust Class A shares with the S&P 500, Value Line
(geom.) and the Lipper Equity Income Averages from February 1, 1990 through
September 30, 1997.
- --------------------------------------------------------------------------------
The Value Index does not include reinvestment of dividends.
* Annual returns for Heritage Income-Growth Trust are calculated in conformance
with Item 22 of Form N-1A, which assumes the reinvestment of dividends and a
sales load of 4.75% for Class A Shares.
** Return for Heritage Income-Growth Trust Class A Shares does not reflect the
imposition of front-end sales load.
3
<PAGE> 5
- --------------------------------------------------------------------------------
GROWTH OF A $10,000 INVESTMENT
SINCE INCEPTION OF HERITAGE INCOME-GROWTH TRUST CLASS C SHARES ON APRIL 3, 1995
CHART
The graph contained in the annual report compares the performance of the
Heritage Income-Growth Trust Class C shares with the S&P 500, Value Line
(geom.) and the Lipper Equity Income Averages Index from inception of Class C
Shares (April 3, 1995) through September 30, 1997.
- --------------------------------------------------------------------------------
The Value Line Index does not include reinvestment of dividends.
* Annual total returns for Heritage Income-Growth Trust Class C Shares are
calculated in conformance with Item 22 of Form N-1A, which assumes the
reinvestment of dividends.
4
<PAGE> 6
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
INVESTMENT PORTFOLIO
SEPTEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ -----------
<C> <S> <C>
COMMON STOCKS--76.1%(A)
- --------------------------------------------------------------------------------------------
ADVERTISING/COMMUNICATIONS--1.7%
- --------------------------------------------------------------------------------------------
20,000 Omnicom Group, Inc.......................................... $ 1,455,000
-----------
BANKING--7.5%
- --------------------------------------------------------------------------------------------
5,500 Bankers Trust New York Corporation.......................... 673,750
12,000 Chase Manhattan Corporation(c).............................. 1,416,000
20,000 First Union Corporation..................................... 1,001,250
10,000 Jefferson-Pilot Corporation, ACES, 7.25%.................... 1,100,000
25,000 Mellon Bank Corporation(c).................................. 1,368,750
13,000 Norwest Corporation......................................... 796,250
-----------
6,356,000
-----------
BUILDING--1.1%
- --------------------------------------------------------------------------------------------
22,000 American Standard Companies, Inc............................ 882,750
-----------
CHEMICALS--1.1%
- --------------------------------------------------------------------------------------------
15,000 E.I. du Pont de Nemours & Company(c)........................ 923,437
-----------
CONGLOMERATES/DIVERSIFIED--1.7%
- --------------------------------------------------------------------------------------------
32,000 Harsco Corporation.......................................... 1,452,000
-----------
DATA PROCESSING--0.9%
- --------------------------------------------------------------------------------------------
15,000 Automatic Data Processing, Inc.............................. 750,000
-----------
ELECTRONICS/ELECTRIC--3.0%
- --------------------------------------------------------------------------------------------
25,000 General Electric Company.................................... 1,701,562
10,000 Philips Electronics N.V., NY Shares, ADR(e)................. 840,000
-----------
2,541,562
-----------
FINANCE--1.2%
- --------------------------------------------------------------------------------------------
12,000 American Express Company.................................... 982,500
-----------
FOOD--1.6%
- --------------------------------------------------------------------------------------------
30,000 H.J. Heinz Company.......................................... 1,385,625
-----------
HEALTH CARE CENTERS--0.9%
- --------------------------------------------------------------------------------------------
19,000 Vencor, Inc.*............................................... 783,750
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 7
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
INVESTMENT PORTFOLIO
SEPTEMBER 30, 1997
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<C> <S> <C>
HOUSEHOLD PRODUCTS--1.6%
- -------------------------------------------------------------------------------------------------------------------
20,000 Procter & Gamble Company(c).......................................................... $1,381,250
----------
INSURANCE--2.4%
- -------------------------------------------------------------------------------------------------------------------
18,000 Marsh & McLennan Companies, Inc...................................................... 1,379,250
10,000 Travelers Group, Inc.(c)............................................................. 682,500
----------
2,061,750
----------
INVESTMENT COMPANY--1.5%
- -------------------------------------------------------------------------------------------------------------------
25,000 Security Capital Preferred Growth(f)................................................. 500,000
50,000 Security Capital US Realty(e)........................................................ 745,000
----------
1,245,000
----------
MANUFACTURING/DISTRIBUTIONS--1.6%
- -------------------------------------------------------------------------------------------------------------------
7,268 Cooper Industries, Inc............................................................... 392,926
25,000 Essex International, Inc............................................................. 962,500
----------
1,355,426
----------
OFFICE EQUIPMENT--1.2%
- -------------------------------------------------------------------------------------------------------------------
15,000 Hewlett-Packard Company(c)........................................................... 1,043,437
----------
OIL & GAS--9.7%
- -------------------------------------------------------------------------------------------------------------------
25,000 Ashland, Inc......................................................................... 1,359,375
9,000 Atlantic Richfield Company(c)........................................................ 768,938
10,000 British Petroleum Company, PLC, Sponsored ADR(e)..................................... 908,125
16,000 Mobil Corporation.................................................................... 1,184,000
25,000 Royal Dutch Petroleum Company, NY Share(e)........................................... 1,387,500
20,000 Schlumberger, Ltd.(c)................................................................ 1,683,750
16,000 Texaco, Inc.(c)...................................................................... 983,000
----------
8,274,688
----------
PHARMACEUTICAL--8.7%
- -------------------------------------------------------------------------------------------------------------------
22,000 American Home Products Corporation(c)................................................ 1,606,000
40,000 Pharmacia & Upjohn, Inc.............................................................. 1,460,000
27,000 Schering-Plough Corporation.......................................................... 1,390,500
36,000 SmithKline Beecham, PLC, ADR(e)...................................................... 1,759,500
9,000 Warner-Lambert Company(c)............................................................ 1,214,438
----------
7,430,438
----------
PUBLISHING--1.8%
- -------------------------------------------------------------------------------------------------------------------
23,000 McGraw-Hill Companies, Inc........................................................... 1,556,812
----------
REAL ESTATE INVESTMENT TRUST--10.7%
- -------------------------------------------------------------------------------------------------------------------
50,000 Alexander Haagen Properties, Inc..................................................... 821,875
10,000 Bay Apartment Communities, Inc....................................................... 399,375
</TABLE>
The accompanying notes are an integral part of the financial statements.
6
<PAGE> 8
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
INVESTMENT PORTFOLIO
SEPTEMBER 30, 1997
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ ------
<C> <S> <C>
25,000 Brandywine Realty Trust.............................................................. $ 598,438
20,000 Cali Realty Corporation.............................................................. 832,500
12,000 Health Care Property Investors, Inc.................................................. 465,000
20,000 Highwoods Properties, Inc............................................................ 707,500
25,000 Meridian Industrial Trust, Inc....................................................... 640,625
20,000 Parkway Properties, Inc.............................................................. 678,750
11,999 Patriot American Hospitality, Inc.................................................... 382,468
26,136 Security Capital Industrial Trust.................................................... 609,296
24,300 SL Green Realty Corporation.......................................................... 628,762
15,000 Spieker Properties, Inc.............................................................. 608,438
15,000 Starwood Lodging Trust............................................................... 861,562
25,000 Sun Communities, Inc................................................................. 896,875
----------
9,131,464
----------
REAL ESTATE/LAND DEVELOPMENT--0.8%
- -------------------------------------------------------------------------------------------------------------------
20,000 Security Capital Group, Inc., Class "B".............................................. 687,500
----------
RETAIL STORES--1.6%
- -------------------------------------------------------------------------------------------------------------------
60,000 Intimate Brands, Inc................................................................. 1,398,750
----------
SERVICES--0.9%
- -------------------------------------------------------------------------------------------------------------------
25,000 Service Corporation International.................................................... 804,688
----------
TELECOMMUNICATIONS--1.5%
- -------------------------------------------------------------------------------------------------------------------
28,000 GTE Corporation...................................................................... 1,270,500
----------
TOBACCO--2.8%
- -------------------------------------------------------------------------------------------------------------------
33,000 Philip Morris Companies, Inc......................................................... 1,371,563
30,000 RJR Nabisco Holdings Corporation..................................................... 1,031,250
----------
2,402,813
----------
UTILITIES-ELECTRIC--4.0%
- -------------------------------------------------------------------------------------------------------------------
24,000 FPL Group, Inc....................................................................... 1,230,000
25,000 NIPSCO Industries, Inc............................................................... 1,053,125
35,000 Sierra Pacific Resources............................................................. 1,122,188
----------
3,405,313
----------
UTILITIES-GAS--3.2%
- -------------------------------------------------------------------------------------------------------------------
48,000 UGI Corporation...................................................................... 1,326,000
24,000 Wicor, Inc........................................................................... 1,036,500
7,500 Williams Companies, Inc.............................................................. 351,094
----------
2,713,594
----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
7
<PAGE> 9
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
INVESTMENT PORTFOLIO
SEPTEMBER 30, 1997
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
--------- -----------
<C> <S> <C>
UTILITIES-WATER--1.4%
- -------------------------------------------------------------------------------------------------------------------
55,000 American Water Works Company, Inc.................................................... $1,216,875
----------
Total Common Stock (cost $49,803,450)................................................ 64,892,922
----------
CONVERTIBLE PREFERRED STOCKS--10.5%(A)
- -------------------------------------------------------------------------------------------------------------------
BROADCASTING--0.7%
- -------------------------------------------------------------------------------------------------------------------
60,000 Triathlon Broadcasting Company, Series "A", 9.0%..................................... 562,500
----------
FOOD SERVING--1.2%
- -------------------------------------------------------------------------------------------------------------------
20,000 Wendy's Financing, Series "A", 5.0%.................................................. 1,042,500
----------
MINING/DIVERSIFIED--1.1%
- -------------------------------------------------------------------------------------------------------------------
35,000 Freeport-McMoran Copper & Gold Mine, Inc., Series "A", 7.0%.......................... 969,062
----------
OIL & GAS--2.3%
- -------------------------------------------------------------------------------------------------------------------
25,000 MCN Financing III, 8.0%.............................................................. 1,351,563
10,000 Unocal Capital Trust, 6.25%.......................................................... 611,500
----------
1,963,063
----------
PUBLISHING--0.5%
- -------------------------------------------------------------------------------------------------------------------
7,500 Golden Books Financial Trust, 8.75%.................................................. 418,125
----------
RETAIL STORES--1.0%
- -------------------------------------------------------------------------------------------------------------------
15,000 Kmart Financing Corporation, 7.75%................................................... 877,500
----------
TELECOMMUNICATIONS--1.1%
- -------------------------------------------------------------------------------------------------------------------
25,000 Sprint Corporation, 8.25%............................................................ 940,625
----------
UTILITIES-ELECTRIC--1.5%
- -------------------------------------------------------------------------------------------------------------------
25,000 Houston Industries, Inc., 7.0%....................................................... 1,300,000
----------
UTILITIES-GAS--1.1%
- -------------------------------------------------------------------------------------------------------------------
8,200 Williams Companies, Inc., $3.50...................................................... 905,928
----------
Total Convertible Preferred Stocks (cost $8,341,374)................................. 8,979,303
----------
CONVERTIBLE BONDS--8.8%(A)
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL MATURITY MARKET
AMOUNT DATE VALUE
--------- --------- -----------
<C> <S> <C> <C>
AUTO PARTS/EQUIPMENT--0.8%
- --------------------------------------------------------------------------------------------
$500,000 Magna International, Inc., 5.0%............................. 10/15/02 659,375
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
8
<PAGE> 10
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
INVESTMENT PORTFOLIO
SEPTEMBER 30, 1997
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL MATURITY MARKET
AMOUNT DATE VALUE
--------- --------- -----------
<C> <S> <C> <C>
BANKING--1.1%
- --------------------------------------------------------------------------------------------
$500,000 BankAtlantic Bancorp, Inc., 6.75%........................... 07/01/06 $ 950,000
-----------
CONGLOMERATES/DIVERSIFIED--1.7%
- --------------------------------------------------------------------------------------------
1,250,000 Thermo Electron Corporation, 4.25%.......................... 01/01/03 1,490,038
-----------
ELECTRONICS/ELECTRIC--1.1%
- --------------------------------------------------------------------------------------------
950,000 Reptron Electronics, Inc., 6.75%............................ 08/01/04 901,312
-----------
HEALTH CARE CENTERS--0.6%
- --------------------------------------------------------------------------------------------
500,000 NCS Healthcare, Inc., 5.75%................................. 08/15/04 503,335
-----------
METAL--0.1%
- --------------------------------------------------------------------------------------------
250,000 Phoenix Shannon, PLC, 9.5%*(d).............................. 11/01/00 100,000
-----------
OFFICE EQUIPMENT--0.6%
- --------------------------------------------------------------------------------------------
500,000 U.S. Office Products Company, 5.5%.......................... 05/15/03 494,120
-----------
OIL & GAS--1.2%
- --------------------------------------------------------------------------------------------
850,000 Lomak Petroleum, Inc., 6.0%................................. 02/01/07 1,007,250
-----------
RETAIL STORES--0.9%
- --------------------------------------------------------------------------------------------
600,000 Home Depot, Inc., 3.25%..................................... 10/01/01 739,632
-----------
SERVICES--0.7%
- --------------------------------------------------------------------------------------------
500,000 Personnel Group, 5.75%...................................... 07/01/04 574,600
-----------
Total Convertible Bonds (cost $6,618,304)................... 7,419,662
-----------
</TABLE>
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ -----------
<C> <S> <C>
WARRANTS--0.1%(A)
- ------------------------------------------------------------------------------------------
MEDICAL EQUIPMENT/SUPPLY--0.1%
- ------------------------------------------------------------------------------------------
1,216 Security Capital Group, Inc.*............................... $ 9,352
-----------
Total Warrants (cost $9,581)................................ 9,352
-----------
Total investment portfolio excluding repurchase agreement and covered call
options written (cost $64,772,709)........................................... 81,301,239
REPURCHASE AGREEMENT--8.4%(A)
- ------------------------------------------------------------------------------------------
Repurchase Agreement with State Street Bank and Trust Company, dated
September 30, 1997, @ 5.85%, to be repurchased at $7,166,164 on October 1,
1997, collateralized by $6,965,000 United States Treasury Bonds, 6.75%, due
August 15, 2026, (market value $7,299,292 including interest) (cost
$7,165,000).................................................................. 7,165,000
-----------
TOTAL INVESTMENT PORTFOLIO EXCLUDING COVERED CALL OPTIONS WRITTEN (COST
$71,937,709)(B), 103.9%(A)................................................. $88,466,239
-----------
</TABLE>
The accompanying notes are an integral part of the financial statements.
9
<PAGE> 11
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
INVESTMENT PORTFOLIO
SEPTEMBER 30, 1997
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MARKET
SHARES VALUE
------ -----------
<C> <S> <C>
COVERED CALL OPTIONS WRITTEN--(0.7%)(A)*
- ------------------------------------------------------------------------------------------
7,000 American Home Products Corporation, January 1998 @ 75....... $ (30,625)
4,000 American Home Products Corporation, January 1998 @ 70....... (28,000)
4,000 American Home Products Corporation, October 1997 @ 70....... (16,500)
3,000 Atlantic Richfield Company, October 1997 @ 75............... (33,000)
5,000 Chase Manhattan Corporation, December 1997 @ 115............ (41,250)
6,000 E.I. du Pont de Nemours & Company, October 1997 @ 60........ (15,750)
2,500 Hewlett-Packard Company, November 1997 @ 75................. (5,313)
5,000 Hewlett-Packard Company, November 1997 @ 65................. (36,875)
6,000 Mellon Bank Corporation, December 1997 @ 50................. (39,000)
6,000 Procter & Gamble Company, October 1997 @ 72.5............... (4,875)
6,000 Procter & Gamble Company, October 1997 @ 70................. (9,750)
8,000 Procter & Gamble Company, October 1997 @ 67.5............... (25,000)
5,000 Schlumberger, Ltd., November 1997 @ 65...................... (100,000)
5,000 Schlumberger, Ltd., November 1997 @ 62.5.................... (112,500)
4,000 Texaco, Inc., October 1997 @ 57.5........................... (16,500)
6,000 Travelers Group, Inc., December 1997 @ 70................... (22,500)
3,000 Warner-Lambert Company, October 1997 @ 130.................. (21,750)
3,000 Warner-Lambert Company, October 1997 @ 140.................. (6,000)
3,000 Warner-Lambert Company, October 1997 @ 135.................. (12,375)
-----------
TOTAL COVERED CALL OPTIONS WRITTEN (PREMIUMS RECEIVED
$467,249)(B)(0.7%)(A)...................................................... (577,563)
OTHER ASSETS AND LIABILITIES, NET, (3.2%)(A)................................. (2,757,377)
-----------
NET ASSETS 100.0%............................................................ $85,131,299
===========
</TABLE>
- ---------------
* Non-income producing security.
(a) Percentages indicated are based on net assets.
(b) The aggregate identified cost for federal income tax purposes is the same.
Market value includes net unrealized appreciation of $16,418,216, which
consists of aggregate gross unrealized appreciation for all securities in
which there is an excess of market value over tax cost of $16,990,208 and
aggregate gross unrealized depreciation for all securities in which there
is an excess of tax cost over market value of $571,992.
(c) A portion of these shares were held by the custodian in connection with
covered call options written.
(d) Security is in default and is being valued using a method that the Board of
Trustees believe reflects its fair market value.
(e) Foreign security, denominated in US dollars.
(f) Private placement securities are fair valued by the Board of Trustees.
ACES -- Adjustable Convertible Extendable Securities
ADR -- American Depository Receipt
The accompanying notes are an integral part of the financial statements.
10
<PAGE> 12
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
STATEMENT OF ASSETS AND LIABILITIES
SEPTEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Assets
- ------------------------------------------------------------
Investments, at market value (identified cost $71,937,709)
(Note 1).................................................. $88,466,239
Cash........................................................ 1,384
Receivables:
Fund shares sold.......................................... 364,858
Dividends and interest.................................... 248,384
Investments sold.......................................... 8,341,497
Deferred state registration expenses (Note 1)............... 9,073
Prepaid insurance........................................... 2,530
-----------
Total assets........................................ 97,433,965
Liabilities
- ------------------------------------------------------------
Payables (Note 4):
Investments purchased..................................... $11,563,052
Fund shares redeemed...................................... 18,563
Accrued management fee.................................... 50,636
Accrued distribution fee.................................. 29,074
Other accrued expenses.................................... 63,778
Covered call options written, at market value (premiums
received $467,249) (Notes 1 and 3)........................ 577,563
-----------
Total liabilities................................... 12,302,666
-----------
Net assets, at market value................................. $85,131,299
===========
Net Assets
- ------------------------------------------------------------
Net assets consist of:
Paid-in capital (Note 1).................................. $62,322,317
Undistributed net investment income (Note 1).............. 236,695
Accumulated net realized gain on investments and covered
call options written (Note 1)........................... 6,154,071
Net unrealized appreciation on investments and covered
call options written.................................... 16,418,216
-----------
Net assets, at market value................................. $85,131,299
===========
Class A Shares
- ------------------------------------------------------------
Net asset value and redemption price per share ($64,625,064
divided by 3,880,525 shares of beneficial interest
outstanding, no par value) (Notes 1 and 2)................ $16.65
=====
Maximum offering price per share (100/95.25 of $16.65)...... $17.48
=====
Class C Shares
- ------------------------------------------------------------
Net asset value, offering price and redemption price per
share ($20,506,235 divided by 1,243,226 shares of
beneficial interest outstanding, no par value) (Notes 1
and 2).................................................... $16.49
=====
</TABLE>
The accompanying notes are an integral part of the financial statements.
11
<PAGE> 13
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED SEPTEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment Income
- ------------------------------------------------------------
Income:
Dividends................................................. $ 1,776,778
Interest.................................................. 790,492
-----------
Total income........................................ 2,567,270
Expenses (Notes 1 and 4):
Management fee............................................ $483,882
Distribution fee (Class A Shares)......................... 130,805
Distribution fee (Class C Shares)......................... 121,957
Professional fees......................................... 47,080
Custodian/Fund accounting fees............................ 58,766
State/Federal registration expenses....................... 40,248
Shareholder servicing fees................................ 36,939
Reports to shareholders................................... 15,174
Trustees' fees and expenses............................... 7,741
Insurance expense......................................... 5,362
Other..................................................... 3,612
--------
Total expenses...................................... 951,566
-----------
Net investment income....................................... 1,615,704
-----------
Realized and Unrealized Gain on Investments
- ------------------------------------------------------------
Net realized gain from investment transactions.............. 7,603,240
Net realized loss from covered call options written (Note
1)........................................................ (947,361)
Net increase in unrealized appreciation of investments
during the year........................................... 8,835,910
Net increase in unrealized appreciation of covered call
options written during the year........................... (31,420)
-----------
Net gain on investments............................. 15,460,369
-----------
Net increase in net assets resulting from
operations.......................................... $17,076,073
===========
</TABLE>
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
----------------------------------------
SEPTEMBER 30, 1997 SEPTEMBER 30, 1996
------------------ ------------------
<S> <C> <C>
Increase (decrease) in net assets:
Operations:
Net investment income..................................... $ 1,615,704 $ 1,036,265
Net realized gain from investment transactions............ 7,603,240 4,940,798
Net realized gain (loss) from covered call options
written................................................. (947,361) 130,417
Net increase in unrealized appreciation of investments and
covered call options written during the year............ 8,804,490 1,700,001
----------- -----------
Net increase in net assets resulting from operations...... 17,076,073 7,807,481
Dividends and distributions to shareholders from:
Net investment income, Class A Shares ($.38 and $.35 per
share, respectively).................................... (1,268,815) (966,884)
Net investment income, Class C Shares ($.30 and $.29 per
share, respectively).................................... (209,504) (20,249)
Net realized gains, Class A Shares ($1.49 and $.25 per
share, respectively).................................... (4,547,678) (676,674)
Net realized gains, Class C Shares ($1.49 and $.25 per
share, respectively).................................... (698,646) (8,701)
Increase in net assets from Fund share transactions (Note
2)........................................................ 25,878,134 8,144,784
----------- -----------
Increase in net assets...................................... 36,229,564 14,279,757
Net assets, beginning of year............................... 48,901,735 34,621,978
----------- -----------
Net assets, end of year (including undistributed net
investment income of $236,695 and $253,608,
respectively)............................................. $85,131,299 $48,901,735
=========== ===========
</TABLE>
The accompanying notes are an integral part of the financial statements.
12
<PAGE> 14
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The following table includes selected data for a share outstanding
throughout each period and other performance information derived from the
financial statements.
<TABLE>
<CAPTION>
CLASS A SHARES CLASS C SHARES
-------------------------------------------- --------------------------
FOR THE YEARS ENDED FOR THE YEARS ENDED
SEPTEMBER 30, SEPTEMBER 30,
-------------------------------------------- --------------------------
1997* 1996 1995 1994 1993 1997* 1996 1995+
------- ------- ------ ------ ------ ------- ------- ------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF THE PERIOD...... $ 14.67 $ 12.56 $11.33 $12.28 $10.81 $ 14.57 $ 12.51 $11.21
------- ------- ------ ------ ------ ------- ------- ------
INCOME FROM INVESTMENT OPERATIONS:
Net Investment Income....................... 0.40 0.36 0.27 0.30 0.39 0.28 0.26 0.18
Net realized and unrealized gain (loss) on
investments............................... 3.45 2.35 1.79 (0.09) 1.44 3.43 2.34 1.28
------- ------- ------ ------ ------ ------- ------- ------
Total from Investment Operations............ 3.85 2.71 2.06 0.21 1.83 3.71 2.60 1.46
------- ------- ------ ------ ------ ------- ------- ------
LESS DISTRIBUTIONS:
Dividends from net investment income........ (0.38) (0.35) (0.34) (0.24) (0.36) (0.30) (0.29) (0.16)
Distributions from net realized gain on
investments............................... (1.49) (0.25) (0.49) (0.92) -- (1.49) (0.25) --
------- ------- ------ ------ ------ ------- ------- ------
Total Distributions......................... (1.87) (0.60) (0.83) (1.16) (0.36) (1.79) (0.54) (0.16)
------- ------- ------ ------ ------ ------- ------- ------
NET ASSET VALUE, END OF YEAR.................. $ 16.65 $ 14.67 $12.56 $11.33 $12.28 $ 16.49 $ 14.57 $12.51
======= ======= ====== ====== ====== ======= ======= ======
TOTAL RETURN (%)(D)........................... 29.45 22.26 19.57 1.80 16.44 28.49 21.37 13.18(c)
RATIOS (%)/SUPPLEMENTAL DATA:
Operating expenses to average daily net
assets(a)................................. 1.34 1.51 1.64 1.64 1.72 2.07 2.13 2.40(b)
Net investment income to average daily net
assets.................................... 2.65 2.66 4.63 2.62 2.67 1.87 2.05 4.61(b)
Portfolio turnover rate..................... 75 75 42 99 130 75 75 42
Average commission rate on portfolio
transactions.............................. $0.0599 $0.0595 -- -- -- $0.0599 $0.0595 --
Net assets, end of period ($ millions)........ 65 43 34 33 34 21 6 0.2
</TABLE>
- ---------------
* Per share amounts have been calculated using the monthly average share
method, which more appropriately presents per share data for the year since
use of the undistributed income method does not correspond with results of
operations.
+ For the period April 3, 1995 (commencement of Class C Shares) to August 31,
1995.
(a) The year 1993 includes previously waived management fees paid to the Manager
of less than $.01 per share.
(b) Annualized.
(c) Not annualized.
(d) Does not reflect the imposition of a sales load.
The accompanying notes are an integral part of the financial statements.
13
<PAGE> 15
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
Note 1: SIGNIFICANT ACCOUNTING POLICIES. Heritage Income-Growth Trust (the
"Fund") is organized as a Massachusetts business trust and is registered
under the Investment Company Act of 1940, as amended, as a diversified,
open-end management investment company. The Fund's investment objective
is long-term total return by seeking, with approximately equal emphasis,
current income and capital appreciation. The Fund currently issues Class
A and Class C Shares. Class A Shares are sold subject to a maximum sales
charge of 4.75% of the amount invested payable at the time of purchase.
Class C Shares, which were offered to shareholders beginning April 3,
1995, are sold subject to a contingent deferred sales charge of 1% of
the lower of net asset value or purchase price payable upon any
redemptions less than one year after purchase. The preparation of
financial statements in accordance with generally accepted accounting
principles requires management to make estimates and assumptions that
affect the reported amounts and disclosures. Actual results could differ
from those estimates. The following is a summary of significant
accounting policies:
Security Valuation: The Fund values investment securities at market
value based on the last quoted sales price as reported by the principal
securities exchange on which the security is traded. If no sale is
reported, market value is based on the last bid and in the absence of a
market quote, securities are valued using such methods as the Board of
Trustees believe would reflect fair market value. Short term investments
having a maturity of 60 days or less are valued at cost, which when
combined with accrued interest included in interest receivable or
discount earned, approximates market.
Repurchase Agreements: The Fund enters into repurchase agreements
whereby the Fund, through its custodian, receives delivery of the
underlying securities, the market value of which at the time of purchase
is required to be an amount equal to at least 100% of the resale price.
Federal Income Taxes: The Fund's policy is to comply with the
requirements of the Internal Revenue Code of 1986, as amended, which are
applicable to regulated investment companies and to distribute
substantially all of its taxable income to its shareholders.
Accordingly, no provision has been made for federal income and excise
taxes.
Distribution of Income and Gains: Distributions of net investment income
are made quarterly. Net realized gains from investment transactions
during any particular year in excess of available capital loss
carryforwards, which, if not distributed, would be taxable to the Fund,
will be distributed to shareholders in the following fiscal year. The
Fund uses the identified cost method for determining realized gain or
loss on investments for both financial and federal income tax reporting
purposes.
Expenses: The Fund is charged for those expenses that are directly
attributable to it, such as management fee, custodian/fund accounting
fees, distribution fee, etc., while other expenses such as professional
fees, insurance expense, etc., are allocated proportionately among the
funds. Expenses of the Fund are allocated to each class of shares based
upon their relative percentage of current net assets. All expenses that
are directly attributable to a specific class of shares, such as
distribution fees, are charged directly to that class.
State Registration Expenses: State registration fees are amortized based
either on the time period covered by the registration or as related
shares are sold, whichever is appropriate for each state.
Option Accounting Principles: When the Fund writes a covered call
option, an amount equal to the premium received by the Fund is included
in the Fund's Statement of Assets and Liabilities as an asset and as an
equivalent liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option
written. The current market value of a written option is the last
offering price on the principal exchange on which such option is traded.
The Fund receives a premium on the sale of an option, but gives up the
opportunity to profit from any increase in stock value above the
exercise price of the option. If an option that the Fund has written
either expires on its stipulated expiration date, or the Fund enters
into a closing purchase transaction, the Fund realizes a gain (or loss
if the cost of a closing purchase transaction exceeds the premium
received when the option was sold) without regard to any unrealized gain
or loss on the underlying security, and the liability related to such
option is extinguished. If a call option that the Fund has written is
exercised, the Fund realizes a capital gain or loss from the sale of the
underlying security, and the proceeds from such sale are increased by
the premium originally received.
Capital Accounts: The Fund reports the undistributed net investment
income and accumulated net realized gain (loss) accounts on a basis
approximating amounts available for future tax distributions (or to
offset future taxable realized gains when a capital loss carryforward is
available). Accordingly, the Fund may periodically make
reclassifications among certain capital accounts without impacting the
net asset value of the Fund.
Other: Investment security transactions are accounted for on a trade
date plus one basis. Dividend income and distributions to shareholders
are recorded on the ex-dividend date. Interest income is recorded on the
accrual basis. All original issue discounts are accreted for both tax
and financial reporting purposes.
14
<PAGE> 16
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
- --------------------------------------------------------------------------------
Note 2: FUND SHARES. At September 30, 1997, there was an unlimited number of
shares of beneficial interest of no par value authorized.
Transactions in Class A Shares of the Fund during the years ended
September 30, 1997 and 1996 were as follows:
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
-------------------------------------------------
SEPTEMBER 30, 1997 SEPTEMBER 30, 1996
----------------------- -----------------------
CLASS A SHARES SHARES AMOUNT SHARES AMOUNT
-------------- --------- ----------- --------- -----------
<S> <C> <C> <C> <C>
Shares sold.............................................. 1,014,926 $15,151,346 560,355 $ 7,805,081
Shares issued on reinvestment of distributions........... 407,737 5,534,395 120,132 1,556,515
Shares redeemed.......................................... (477,470) (7,113,898) (484,726) (6,620,313)
--------- ----------- --------- -----------
Net increase............................................. 945,193 $13,571,843 195,761 $ 2,741,283
=========== ===========
Shares outstanding:
Beginning of year...................................... 2,935,332 2,739,571
--------- ---------
End of year............................................ 3,880,525 2,935,332
========= =========
</TABLE>
Transactions in Class C Shares of the Fund during years ended September
30, 1997 and 1996 were as follows:
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
------------------------------------------------
SEPTEMBER 30, 1997 SEPTEMBER 30, 1996
----------------------- ----------------------
CLASS C SHARES SHARES AMOUNT SHARES AMOUNT
-------------- --------- ----------- --------- ----------
<S> <C> <C> <C> <C>
Shares sold............................................... 930,775 $13,719,015 397,688 $5,605,737
Shares issued on reinvestment of distributions............ 63,094 854,415 2,008 26,420
Shares redeemed........................................... (151,538) (2,267,139) (16,234) (228,656)
--------- ----------- --------- ----------
Net increase.............................................. 842,331 $12,306,291 383,462 $5,403,501
========= =========== ==========
Shares outstanding:
Beginning of year....................................... 400,895 17,433
--------- ---------
End of year............................................. 1,243,226 400,895
========= =========
</TABLE>
Note 3: PURCHASES AND SALES OF SECURITIES. For the year ended September 30,
1997, purchases and sales of investment securities (excluding repurchase
agreements) aggregated $66,896,142 and $44,162,690, respectively. Agency
brokerage commissions for the same period aggregated $141,722 of which
$30,879 was paid to Raymond James & Associates, Inc.
Transactions in covered call options written on equity securities were
as follows:
<TABLE>
<CAPTION>
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------- -----------
<S> <C> <C>
Outstanding September 30, 1996.............................. 840 $ 227,669
Written................................................... 4,055 1,661,312
Closed.................................................... (3,355) (1,132,050)
Exercised................................................. (517) (150,985)
Expired................................................... (575) (138,697)
Corporate Actions......................................... 467 --
------ -----------
Outstanding September 30, 1997.............................. 915 $ 467,249
====== ===========
</TABLE>
Note 4: MANAGEMENT, SUBADVISORY, DISTRIBUTION, SHAREHOLDER SERVICING AGENT AND
TRUSTEES' FEES. Under the Fund's Investment Advisory and Administration
Agreement with Heritage Asset Management, Inc. (the "Manager"), the Fund
agrees to pay to the Manager a fee equal to an annualized rate of 0.75%
of the first $100,000,000 of the Fund's average daily net assets, and
0.60% of any excess over $100,000,000 of such net assets, computed daily
and payable monthly. From October 1, 1995 to January 31, 1996, the
Manager voluntarily agreed to waive its fee to the extent that Fund
operating expenses exceed 1.65% and 2.40% on Class A Shares and Class C
Shares, respectively, on an annual basis, of the Fund's average daily
net assets attributable to each class of shares. From February 1, 1996
to February 2, 1997, the Manager voluntarily waived its fee to the
extent that Fund operating expenses exceed 1.60% and 2.35% on Class A
Shares and Class C Shares, respectively, on an annual basis, of the
Fund's average daily net assets attributable to each class of shares.
Effective February 3, 1997, the Manager has voluntarily agreed to waive
its fee and if necessary reimburse the Fund to the extent that Fund
operating expenses exceed 1.50% for Class A Shares and 2.25% for Class C
Shares on an annual basis of the Fund's average daily net assets. Under
these agreements, no fees were waived and no expenses were reimbursed
for the year ended September 30, 1997.
The Manager has entered into an agreement with Eagle Asset Management,
Inc. (the "Subadviser") for the Subadviser to provide to the Fund
investment advice, portfolio management services (including the
placement of brokerage orders) and certain compliance and other services
for a fee payable by the Manager equal to 50% of the fees payable by the
Fund to the Manager
15
<PAGE> 17
- --------------------------------------------------------------------------------
HERITAGE INCOME-GROWTH TRUST
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
- --------------------------------------------------------------------------------
without regard to any reduction due to the imposition of expense
limitations. For the year ended September 30, 1997 the Subadviser earned
$241,941 for Subadviser fees, which was paid by the Manager.
The Manager also is the Dividend Paying and Shareholder Servicing Agent
for the Fund. The amount payable to the Manager for such expenses as of
September 30, 1997 was $12,000. In addition, the Manager performs Fund
accounting services and charged $34,570 during the current period of
which $8,700 was payable as of September 30, 1997.
Raymond James & Associates, Inc. (the "Distributor") has advised the
Fund that it received $353,122 in front-end sales charges and $5,436 in
contingent deferred sales charges for the year ended September 30, 1997.
The Distributor paid commissions to salespersons and from these fees
incurred other distribution costs.
Pursuant to the Class A Distribution Plan adopted in accordance with
Rule 12b-1 of the Investment Company Act of 1940, as amended, the Fund
is authorized to pay the Distributor a fee equal to .25% of the average
daily net assets for Class A Shares. Under the Class C Distribution Plan
the Fund may pay the Distributor a fee equal to 1.00% of the average
daily net assets for Class C Shares. Such fees are accrued daily and
payable monthly. During the period $130,805 and $121,957 were paid as
distribution fees for Class A Shares and Class C Shares, respectively.
The Manager, Distributor, Fund Accountant and Shareholder Servicing
Agent are all wholly owned subsidiaries of Raymond James Financial, Inc.
Trustees of the Fund also serve as Trustees for Heritage Cash Trust,
Heritage Capital Appreciation Trust, Heritage Income Trust, Heritage
Series Trust and Heritage U.S. Government Income Fund, investment
companies that also are advised by the Manager of the Trust
(collectively called the Heritage mutual funds). Each Trustee of the
Heritage mutual funds who is not an interested person of the Manager
receives an annual fee of $8,000 and an additional fee of $2,000 for
each combined quarterly meeting of the Heritage mutual funds attended.
Trustees' fees and expenses are shared equally by each of the Heritage
mutual funds.
Note 5: FEDERAL INCOME TAXES. For the year ended September 30, 1997, to reflect
reclassifications arising from permanent book/tax differences primarily
attributable to market discount and distributions from Real Estate
Investment Trust, the Fund charged undistributed net investment income
$154,298, and credited paid in capital $132,986 and accumulated net
realized gain $21,312.
16
<PAGE> 18
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Shareholders and Board of Trustees of
Heritage Income-Growth Trust
In our opinion, the accompanying statement of assets and liabilities, including
the investment portfolio, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Heritage Income-Growth Trust (the
"Fund") at September 30, 1997, and the results of its operations for the year
then ended and the changes in its net assets and the financial highlights for
each of the two years in the period then ended, in conformity with generally
accepted accounting principles. These financial statements and financial
highlights (hereafter referred to as "financial statements") are the
responsibility of the Fund's management; our responsibility is to express an
opinion on these financial statements based on our audits. We conducted our
audits of these financial statements in accordance with generally accepted
auditing standards which require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and
evaluating the overall financial statement presentation. We believe that our
audits, which included confirmation of securities at September 30, 1997 by
correspondence with the custodian and brokers and the application of alternative
auditing procedures where confirmations from brokers were not received, provide
a reasonable basis for the opinion expressed above. The financial statements of
the Fund for the year ended September 30, 1995, including the financial
highlights for each of the periods indicated, were audited by other independent
accountants whose report dated November 27, 1995 expressed an unqualified
opinion on those statements.
/s/ Price Waterhouse
Price Waterhouse LLP
Tampa, Florida
November 12, 1997
- --------------------------------------------------------------------------------
1997 FEDERAL INCOME TAX NOTICE
(UNAUDITED)
- --------------------------------------------------------------------------------
During the year ended September 30, 1997, the Fund paid to shareholders
$3,507,790 or $1.00 per share from long-term capital gains. For such period
32.54% of the income dividends qualified for the dividend received deduction
available to corporations.
17
<PAGE> 19
HERITAGE FAMILY OF FUNDS (TM)
From Our Family to Yours: The Intelligent Creation of Wealth.
HERITAGE MONEY MARKET FUNDS
Cash Trust Money Market
Cash Trust Municipal Money Market
HERITAGE BOND FUNDS
Intermediate Government
High Yield
HERITAGE STOCK FUNDS
Income-Growth
Value Equity
Growth Equity
Capital Appreciation
Mid Cap
Small Cap
International
We are pleased that many of you are also investors in these funds. For
information and a prospectus for any of these mutual funds, please contact your
financial advisor. Please read the prospectus carefully before you invest in
any of the funds.
This report is for the information of shareholders of Heritage Income-Growth
Trust. It may also be used as sales literature when preceded or accompanied by a
prospectus.
(C)1997 Heritage Asset Management, Inc.
6.5M 9/97 [RECYCLE LOGO] Printed on recycled paper
[HERITAGE LOGO] Heritage Income-Growth Trust
P.O. Box 33022
St. Petersburg, FL 33733
- ----------------------------------------------------------------
Address Change Requested
