<PAGE>
<PAGE> PAGE 1
000 B000000 10/31/95
000 C000000 0000897111
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 HERITAGE SERIES TRUST
001 B000000 811-7470
001 C000000 8135738143
002 A000000 880 CARILLON PARKWAY
002 B000000 ST. PETERSBURG
002 C000000 FL
002 D010000 33733
002 D020000 3500
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 Y
007 B000000 3
007 C010100 1
007 C020100 SMALL CAP STOCK FUND
007 C030100 N
007 C010200 2
007 C020200 VALUE EQUITY FUND
007 C030200 N
007 C010300 3
007 C020300 EAGLE INTERNATIONAL EQUITY PORTFOLIO
007 C030300 N
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
018 00AA00 Y
019 A00AA00 Y
019 B00AA00 11
019 C00AA00 HERITAGEXX
020 A000001 MCDONALD & COMPANY SECURITIES, INC.
020 B000001 34-0642435
020 C000001 50
020 A000002 ROBINSON HUMPHREY COMPANY, INC.
020 B000002 58-1472560
020 C000002 36
020 A000003 SMITH BARNEY SHERATION
020 B000003 13-1912900
<PAGE>
<PAGE> PAGE 2
020 C000003 26
020 A000004 RAYMOND JAMES
020 B000004 59-1237041
020 C000004 22
020 A000005 WEDBUSH MORGAN SECURITIES INC.
020 B000005 95-2495390
020 C000005 15
020 A000006 HERITAGE GROUP
020 B000006 52-1646092
020 C000006 14
020 A000007 PAINE WEBBER CAPITAL MARKETS
020 B000007 13-2638166
020 C000007 13
020 A000008 SMITH NEW COURT INC.
020 B000008 13-3169769
020 C000008 9
020 A000009 DONALDSON LUFKIN & JENRETTE
020 B000009 13-2741729
020 C000009 8
020 A000010 BENCHMARK & COMPANY, INC.
020 B000010 11-2950925
020 C000010 8
021 000000 271
022 A000001 STATE STREET BANK AND TRUST COMPANY
022 B000001 04-1867445
022 C000001 8
022 D000001 0
022 A000002 BREAN MURRAY, FOSTER SECURITIES INC.
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022 C000002 6109
022 D000002 3470
022 A000003 TROSTER SINGER CORP.
022 B000003 13-5515160
022 C000003 2977
022 D000003 4827
022 A000004 NATWEST SECURITIES CORPORATION
022 B000004 13-3341706
022 C000004 981
022 D000004 1783
022 A000005 ALLEN & COMPANY INCORPORATED
022 B000005 13-6176976
022 C000005 1265
022 D000005 1424
022 A000006 PAINEWEBBER INCORPORATED
022 B000006 13-2638166
022 C000006 889
022 D000006 1404
022 A000007 PRUDENTIAL SECURITIES, INC.
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022 C000007 841
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<PAGE>
<PAGE> PAGE 3
022 A000008 SMITH BARNET INC.
022 B000008 13-1912900
022 C000008 503
022 D000008 1247
022 A000009 DONALDSON LUFKIN & JENRETTE
022 B000009 13-2741729
022 C000009 471
022 D000009 1277
022 A000010 BROWN (ALEX) & SONS INCORPORATED
022 B000010 52-1319768
022 C000010 764
022 D000010 876
023 C000000 1451834
023 D000000 21871
026 A000000 N
026 B000000 N
026 C000000 N
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062 B00AA00 0.0
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077 A000000 Y
077 B000000 Y
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<PAGE>
<PAGE> PAGE 4
077 J000000 N
077 K000000 N
077 L000000 N
077 M000000 N
077 N000000 N
077 O000000 N
077 P000000 N
078 000000 N
080 A00AA00 GULF INSURANCE COMPANY
080 C00AA00 4275
081 A00AA00 Y
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084 A00AA00 N
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085 B00AA00 N
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<PAGE>
<PAGE> PAGE 5
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066 A000100 Y
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066 C000100 Y
066 D000100 N
066 E000100 N
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067 000100 N
068 A000100 N
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<PAGE>
<PAGE> PAGE 6
072 E000100 0
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<PAGE>
<PAGE> PAGE 7
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<PAGE>
<PAGE> PAGE 8
030 B000200 4.75
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043 000200 24
044 000200 0
066 A000200 Y
066 B000200 N
066 C000200 Y
066 D000200 N
066 E000200 N
066 F000200 N
066 G000200 N
067 000200 N
068 A000200 N
068 B000200 N
069 000200 N
071 A000200 18866
071 B000200 5137
071 C000200 7519
071 D000200 82
072 A000200 12
072 B000200 35
072 C000200 134
072 D000200 0
072 E000200 0
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072 J000200 34
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<PAGE>
<PAGE> PAGE 9
072 Q000200 21
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072 T000200 24
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072 Y000200 69
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073 A010200 0.0000
073 A020200 0.0000
073 B000200 0.0000
073 C000200 0.0000
074 A000200 0
074 B000200 2225
074 C000200 0
074 D000200 0
074 E000200 0
074 F000200 15073
074 G000200 0
074 H000200 0
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074 J000200 653
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074 T000200 16171
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<PAGE>
<PAGE> PAGE 10
075 A000200 0
075 B000200 1178
076 000200 0.00
008 A000301 EAGLE ASSET MANAGEMENT, INC.
008 B000301 A
008 C000301 801-21343
008 D010301 ST. PETERSBURG
008 D020301 FL
008 D030301 33716
008 A000302 MARTIN CURRIE, INC.
008 B000302 S
008 C000302 801-15430
008 D010302 ST. PETERSBURG
008 D020302 FL
008 D030302 33716
010 A000301 EAGLE ASSET MANAGEMENT, INC.
010 B000301 21343
010 C010301 ST. PETERSBURG
010 C020301 FL
010 C030301 33716
011 A000301 RAYMOND JAMES & ASSOCIATES
011 B000301 8-10999
011 C010301 ST. PETERSBURG
011 C020301 FL
011 C030301 33716
012 A000301 HERITAGE ASSET MANAGEMENT
012 B000301 84-1720
012 C010301 ST. PETERSBURG
012 C020301 FL
012 C030301 33716
013 A000301 COOPERS & LYBRAND
013 B010301 BOSTON
013 B020301 MA
013 B030301 02110
014 A000301 RAYMOND JAMES & ASSOCIATES
014 B000301 8-10999
014 A000302 INVESTMENT MANAGEMENT & RESEARCH
014 B000302 8-17983
014 A000303 ROBERT THOMAS SECURITIES
014 B000303 8-26680
015 A000301 STATE STREET BANK & TRUST
015 B000301 C
015 C010301 BOSTON
015 C020301 MA
015 C030301 02105
015 E010301 X
024 000300 N
025 D000301 0
025 D000302 0
025 D000303 0
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<PAGE>
<PAGE> PAGE 11
025 D000305 0
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028 A010300 4641
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028 F020300 0
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028 G010300 10046
028 G020300 0
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029 000300 N
030 A000300 0
030 B000300 0.00
030 C000300 0.00
031 A000300 0
031 B000300 0
032 000300 0
033 000300 0
034 000300 Y
035 000300 0
036 A000300 N
036 B000300 0
037 000300 N
038 000300 0
039 000300 N
040 000300 Y
041 000300 Y
042 A000300 0
<PAGE>
<PAGE> PAGE 12
042 B000300 0
042 C000300 100
042 D000300 0
042 E000300 0
042 F000300 0
042 G000300 0
042 H000300 0
043 000300 32
044 000300 0
045 000300 Y
046 000300 N
047 000300 Y
048 000300 1.000
048 A010300 0
048 A020300 0.000
048 B010300 0
048 B020300 0.000
048 C010300 0
048 C020300 0.000
048 D010300 0
048 D020300 0.000
048 E010300 0
048 E020300 0.000
048 F010300 0
048 F020300 0.000
048 G010300 0
048 G020300 0.000
048 H010300 0
048 H020300 0.000
048 I010300 0
048 I020300 0.000
048 J010300 0
048 J020300 0.000
048 K010300 0
048 K020300 0.000
049 000300 N
050 000300 N
051 000300 N
052 000300 N
053 A000300 N
054 A000300 Y
054 B000300 Y
054 C000300 N
054 D000300 N
054 E000300 N
054 F000300 N
054 G000300 Y
054 H000300 Y
054 I000300 N
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054 K000300 N
<PAGE>
<PAGE> PAGE 13
054 L000300 Y
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058 A000300 N
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<PAGE>
<PAGE> PAGE 14
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<PAGE>
<PAGE> PAGE 15
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SIGNATURE STEPHEN G. HILL
TITLE PRESIDENT
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and the Board of Trustees of
Heritage Series Trust - Small Cap Stock Fund:
In planning and performing our audit of the financial statements
and financial highlights of Heritage Series Trust - Small Cap Stock Fund
for the year ended October 31, 1995, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and financial highlights and to comply
with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Heritage Series Trust - Small Cap Stock Fund 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 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, errors or irregularities may occur and 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 and financial highlights 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 October 31, 1995.
<PAGE>
This report is intended solely for the information and use of
management of Heritage Series Trust - Small Cap Stock Fund and the
Securities and Exchange Commission.
/s/__________________________
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
December 22, 1995
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and the Board of Trustees of
Heritage Series Trust - Value Equity Fund:
In planning and performing our audit of the financial statements
and financial highlights of Heritage Series Trust - Value Equity Fund for
the period December 30, 1994 (commencement of operations) to October 31,
1995, we considered its internal control structure, including procedures
for safeguarding securities, in order to determine our auditing procedures
for the purpose of expressing our opinion of the financial statements and
financial highlights and to comply with the requirements of Form N-SAR,
not to provide assurance on the internal control structure.
The management of Heritage Series Trust - Value Equity Fund 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 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, errors or irregularities may occur and 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 and financial highlights 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 October 31, 1995.
<PAGE>
This report is intended solely for the information and use of
management of heritage Series Trust - Value Equity Fund and the Securities
and Exchange Commission.
/s/_________________________
Boston, Massachusetts COOPERS & LYBRAND L.L.P.
December 22, 1995
<PAGE>
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and the Board of Trustees of
Heritage Series Trust - Eagle International Equity Portfolio:
In planning and performing our audit of the financial statements
and financial highlights of Heritage Series Trust - Eagle International
Equity Portfolio for the period of May 1, 1995 (commencement of
operations) to October 31, 1995, we considered its internal control
structure, including procedures for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our
opinion on the financial statements and financial highlights and to comply
with the requirements of Form N-SAR, not to provide assurance on the
internal control structure.
The management of Heritage Series Trust - Eagle Interna-tional
Equity Portfolio 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
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, errors or irregularities may occur and 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 and financial highlights 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 October 31, 1995.
<PAGE>
This report is intended solely for the information and use of
management of Heritage Series Trust - Eagle International Equity Portfolio
and the Securities and Exchange Commission.
/s/___________________________
Boston, Massachusetts COOPERS & LYBRAND, L.L.P.
November 29, 1995
<PAGE>
<PAGE>
For period ending 010-31-95
File Number 811-7470
77.C. Matters submitted to a vote of securities holders.
The following matter was submitted to a vote of
securities holders at a special meeting of shareholders of Heritage Series
Trust - Small Cap Stock Fund (the "Fund") held on August 7, 1995:
(1) Approval of a new Subadvisory Agreement
between Heritage Asset Management, Inc. and Eagle Asset Management, Inc.
on behalf of the Fund: 1,302,045.577 shares were voted in favor of,
50,836.027 shares were voted against, and 83,,151.271 abstained from
voting on the motion to approve the new Subadvisory Agreement between
Heritage Asset Management, Inc. and Eagle Asset Management, Inc. on behalf
of the Fund.
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> SMALL CAP STOCK FUND-A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> $53,374,408
<INVESTMENTS-AT-VALUE> $62,365,639
<RECEIVABLES> $2,120,656
<ASSETS-OTHER> $40,317
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $64,526,612
<PAYABLE-FOR-SECURITIES> $2,506,063
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $194,496
<TOTAL-LIABILITIES> $2,700,559
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $50,035,319
<SHARES-COMMON-STOCK> 3,278,424
<SHARES-COMMON-PRIOR> 2,563,874
<ACCUMULATED-NII-CURRENT> $30,996
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $2,768,507
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $8,991,231
<NET-ASSETS> $61,826,053
<DIVIDEND-INCOME> $547,047
<INTEREST-INCOME> $406,626
<OTHER-INCOME> $0
<EXPENSES-NET> $889,059
<NET-INVESTMENT-INCOME> $64,614
<REALIZED-GAINS-CURRENT> $2,899,946
<APPREC-INCREASE-CURRENT> $6,857,583
<NET-CHANGE-FROM-OPS> $9,822,143
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $33,618
<DISTRIBUTIONS-OF-GAINS> $2,501,284
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 1,218,483
<NUMBER-OF-SHARES-REDEEMED> 664,615
<SHARES-REINVESTED> 160,682
<NET-CHANGE-IN-ASSETS> $20,301,699
<ACCUMULATED-NII-PRIOR> ($27,981)
<ACCUMULATED-GAINS-PRIOR> $2,526,517
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $465,132
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $889,059
<AVERAGE-NET-ASSETS> $47,130,310
<PER-SHARE-NAV-BEGIN> $16.20
<PER-SHARE-NII> $0.02
<PER-SHARE-GAIN-APPREC> $3.62
<PER-SHARE-DIVIDEND> $0.01
<PER-SHARE-DISTRIBUTIONS> $0.97
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $18.86
<EXPENSE-RATIO> 1.88
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> SMALL CAP STOCK FUND-C SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> NOV-01-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> $53,374,408
<INVESTMENTS-AT-VALUE> $62,365,639
<RECEIVABLES> $2,120,656
<ASSETS-OTHER> $40,317
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $64,526,612
<PAYABLE-FOR-SECURITIES> $2,506,063
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $194,496
<TOTAL-LIABILITIES> $2,700,559
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $50,035,319
<SHARES-COMMON-STOCK> 3,278,424
<SHARES-COMMON-PRIOR> 2,563,874
<ACCUMULATED-NII-CURRENT> $30,996
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $2,768,507
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $8,991,231
<NET-ASSETS> $61,826,053
<DIVIDEND-INCOME> $547,047
<INTEREST-INCOME> $406,626
<OTHER-INCOME> $0
<EXPENSES-NET> $889,059
<NET-INVESTMENT-INCOME> $64,614
<REALIZED-GAINS-CURRENT> $2,899,946
<APPREC-INCREASE-CURRENT> $6,857,583
<NET-CHANGE-FROM-OPS> $9,822,143
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $33,618
<DISTRIBUTIONS-OF-GAINS> $2,501,284
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 1,218,483
<NUMBER-OF-SHARES-REDEEMED> 664,615
<SHARES-REINVESTED> 160,682
<NET-CHANGE-IN-ASSETS> $20,301,699
<ACCUMULATED-NII-PRIOR> ($27,981)
<ACCUMULATED-GAINS-PRIOR> $2,526,517
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $465,132
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $889,059
<AVERAGE-NET-ASSETS> $47,130,310
<PER-SHARE-NAV-BEGIN> $15.67
<PER-SHARE-NII> ($0.02)
<PER-SHARE-GAIN-APPREC> $3.14
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $18.79
<EXPENSE-RATIO> 2.36
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> MAY-01-1995
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> $9,942,143
<INVESTMENTS-AT-VALUE> $9,904,230
<RECEIVABLES> $333,546
<ASSETS-OTHER> $57,313
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $10,295,089
<PAYABLE-FOR-SECURITIES> $137,734
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $186,796
<TOTAL-LIABILITIES> $324,530
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $9,763,993
<SHARES-COMMON-STOCK> 479,563
<SHARES-COMMON-PRIOR> 50
<ACCUMULATED-NII-CURRENT> $0
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $244,285
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> ($37,719)
<NET-ASSETS> $9,970,559
<DIVIDEND-INCOME> $46,873
<INTEREST-INCOME> $26,429
<OTHER-INCOME> $0
<EXPENSES-NET> $83,988
<NET-INVESTMENT-INCOME> ($10,686)
<REALIZED-GAINS-CURRENT> $254,971
<APPREC-INCREASE-CURRENT> ($37,719)
<NET-CHANGE-FROM-OPS> $206,566
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 493,157
<NUMBER-OF-SHARES-REDEEMED> 13,644
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $9,969,559
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $0
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $83,988
<AVERAGE-NET-ASSETS> $6,406,871
<PER-SHARE-NAV-BEGIN> $20.00
<PER-SHARE-NII> ($0.03)
<PER-SHARE-GAIN-APPREC> $0.82
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $20.79
<EXPENSE-RATIO> 2.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> VALUE EQUITY FUND-A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> DEC-30-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> $16,502,378
<INVESTMENTS-AT-VALUE> $17,297,571
<RECEIVABLES> $848,056
<ASSETS-OTHER> $61,555
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $18,207,182
<PAYABLE-FOR-SECURITIES> $1,919,273
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $117,103
<TOTAL-LIABILITIES> $2,036,376
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $14,783,027
<SHARES-COMMON-STOCK> 899,285
<SHARES-COMMON-PRIOR> 21,064
<ACCUMULATED-NII-CURRENT> $56,475
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $536,111
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $795,193
<NET-ASSETS> $16,170,806
<DIVIDEND-INCOME> $133,861
<INTEREST-INCOME> $34,714
<OTHER-INCOME> $0
<EXPENSES-NET> $112,100
<NET-INVESTMENT-INCOME> $56,475
<REALIZED-GAINS-CURRENT> $536,111
<APPREC-INCREASE-CURRENT> $795,193
<NET-CHANGE-FROM-OPS> $1,387,779
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 931,221
<NUMBER-OF-SHARES-REDEEMED> 53,000
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $15,869,806
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $0
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $228,074
<AVERAGE-NET-ASSETS> $7,564,191
<PER-SHARE-NAV-BEGIN> $14.29
<PER-SHARE-NII> $0.08
<PER-SHARE-GAIN-APPREC> $3.63
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $18.00
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> VALUE EQUITY FUND-C SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1995
<PERIOD-START> DEC-30-1994
<PERIOD-END> OCT-31-1995
<INVESTMENTS-AT-COST> $16,502,378
<INVESTMENTS-AT-VALUE> $17,297,571
<RECEIVABLES> $848,056
<ASSETS-OTHER> $61,555
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $18,207,182
<PAYABLE-FOR-SECURITIES> $1,919,273
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $117,103
<TOTAL-LIABILITIES> $2,036,376
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $14,783,027
<SHARES-COMMON-STOCK> 899,285
<SHARES-COMMON-PRIOR> 21,064
<ACCUMULATED-NII-CURRENT> $56,475
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $536,111
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $795,193
<NET-ASSETS> $16,170,806
<DIVIDEND-INCOME> $133,861
<INTEREST-INCOME> $34,714
<OTHER-INCOME> $0
<EXPENSES-NET> $112,100
<NET-INVESTMENT-INCOME> $56,475
<REALIZED-GAINS-CURRENT> $536,111
<APPREC-INCREASE-CURRENT> $795,193
<NET-CHANGE-FROM-OPS> $1,387,779
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 931,221
<NUMBER-OF-SHARES-REDEEMED> 53,000
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $15,869,806
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $0
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $228,074
<AVERAGE-NET-ASSETS> $7,564,191
<PER-SHARE-NAV-BEGIN> $15.27
<PER-SHARE-NII> $0.01
<PER-SHARE-GAIN-APPREC> $2.64
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $17.92
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
</TABLE>
