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<PAGE> PAGE 13
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<PAGE> PAGE 15
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SIGNATURE STEPHEN G. HILL
TITLE PRESIDENT
<PAGE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<CIK> 0000897111
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<PAYABLE-FOR-SECURITIES> $3,768,052
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $248,877
<TOTAL-LIABILITIES> $4,016,929
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $69,592,840
<SHARES-COMMON-STOCK> 4,218,919
<SHARES-COMMON-PRIOR> 3,278,424
<ACCUMULATED-NII-CURRENT> ($123,090)
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $6,245,756
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $24,530,007
<NET-ASSETS> $100,245,513
<DIVIDEND-INCOME> $288,336
<INTEREST-INCOME> $191,701
<OTHER-INCOME> $0
<EXPENSES-NET> $599,101
<NET-INVESTMENT-INCOME> ($119,064)
<REALIZED-GAINS-CURRENT> $6,374,615
<APPREC-INCREASE-CURRENT> $15,538,777
<NET-CHANGE-FROM-OPS> $21,794,328
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $35,023
<DISTRIBUTIONS-OF-GAINS> $2,897,366
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 1,119,598
<NUMBER-OF-SHARES-REDEEMED> (314,884)
<SHARES-REINVESTED> 135,781
<NET-CHANGE-IN-ASSETS> $38,419,460
<ACCUMULATED-NII-PRIOR> $30,996
<ACCUMULATED-GAINS-PRIOR> $2,768,507
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $349,476
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $100,050
<AVERAGE-NET-ASSETS> $9,024,852
<PER-SHARE-NAV-BEGIN> $18.79
<PER-SHARE-NII> ($0.10)
<PER-SHARE-GAIN-APPREC> $5.78
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.83
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $23.64
<EXPENSE-RATIO> 2.23
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000897111
<NAME> HERITAGE SERIES TRUST
<SERIES>
<NUMBER> 2
<NAME> VALUE EQUITY FUND - A SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $21,574,660
<INVESTMENTS-AT-VALUE> $23,242,406
<RECEIVABLES> $543,511
<ASSETS-OTHER> $55,457
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $23,841,374
<PAYABLE-FOR-SECURITIES> $114,838
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $131,490
<TOTAL-LIABILITIES> $246,328
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $20,461,234
<SHARES-COMMON-STOCK> 1,200,568
<SHARES-COMMON-PRIOR> 899,285
<ACCUMULATED-NII-CURRENT> $17,424
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $1,448,642
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $1,667,746
<NET-ASSETS> $23,595,046
<DIVIDEND-INCOME> $222,707
<INTEREST-INCOME> $26,427
<OTHER-INCOME> $0
<EXPENSES-NET> $192,702
<NET-INVESTMENT-INCOME> $56,432
<REALIZED-GAINS-CURRENT> $1,457,661
<APPREC-INCREASE-CURRENT> $872,553
<NET-CHANGE-FROM-OPS> $2,386,646
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $95,483
<DISTRIBUTIONS-OF-GAINS> $545,130
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 369,330
<NUMBER-OF-SHARES-REDEEMED> (100,555)
<SHARES-REINVESTED> 32,508
<NET-CHANGE-IN-ASSETS> $7,424,240
<ACCUMULATED-NII-PRIOR> $56,475
<ACCUMULATED-GAINS-PRIOR> $536,111
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $36,767
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $116,637
<AVERAGE-NET-ASSETS> $14,209,693
<PER-SHARE-NAV-BEGIN> $18.00
<PER-SHARE-NII> $0.08
<PER-SHARE-GAIN-APPREC> $2.28
<PER-SHARE-DIVIDEND> $0.11
<PER-SHARE-DISTRIBUTIONS> $0.55
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $19.70
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000897111
<NAME> HERITAGE SERIES TRUST
<SERIES>
<NUMBER> 2
<NAME> VALUE EQUITY FUND - C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $21,574,660
<INVESTMENTS-AT-VALUE> $23,242,406
<RECEIVABLES> $543,511
<ASSETS-OTHER> $55,457
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $23,841,374
<PAYABLE-FOR-SECURITIES> $114,838
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $131,490
<TOTAL-LIABILITIES> $246,328
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $20,461,234
<SHARES-COMMON-STOCK> 1,200,568
<SHARES-COMMON-PRIOR> 899,285
<ACCUMULATED-NII-CURRENT> $17,424
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $1,448,642
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $1,667,746
<NET-ASSETS> $23,595,046
<DIVIDEND-INCOME> $222,707
<INTEREST-INCOME> $26,427
<OTHER-INCOME> $0
<EXPENSES-NET> $192,702
<NET-INVESTMENT-INCOME> $56,432
<REALIZED-GAINS-CURRENT> $1,457,661
<APPREC-INCREASE-CURRENT> $872,553
<NET-CHANGE-FROM-OPS> $2,386,646
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $95,483
<DISTRIBUTIONS-OF-GAINS> $545,130
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 369,330
<NUMBER-OF-SHARES-REDEEMED> (100,555)
<SHARES-REINVESTED> 32,508
<NET-CHANGE-IN-ASSETS> $7,424,240
<ACCUMULATED-NII-PRIOR> $56,475
<ACCUMULATED-GAINS-PRIOR> $536,111
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $36,767
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $76,064
<AVERAGE-NET-ASSETS> $6,372,269
<PER-SHARE-NAV-BEGIN> $17.92
<PER-SHARE-NII> $0.08
<PER-SHARE-GAIN-APPREC> $2.27
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.07
<RETURNS-OF-CAPITAL> $0.55
<PER-SHARE-NAV-END> $19.57
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000897111
<NAME> HERITAGE SERIES TRUST
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO - A SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $18,954,665
<INVESTMENTS-AT-VALUE> $20,420,208
<RECEIVABLES> $365,124
<ASSETS-OTHER> $110,122
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $20,895,454
<PAYABLE-FOR-SECURITIES> $128,501
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $200,486
<TOTAL-LIABILITIES> $328,987
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $18,991,623
<SHARES-COMMON-STOCK> 908,280
<SHARES-COMMON-PRIOR> 479,563
<ACCUMULATED-NII-CURRENT> $19,879
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $130,058
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $1,424,907
<NET-ASSETS> $20,566,467
<DIVIDEND-INCOME> $174,828
<INTEREST-INCOME> $40,792
<OTHER-INCOME> $0
<EXPENSES-NET> $187,826
<NET-INVESTMENT-INCOME> $27,794
<REALIZED-GAINS-CURRENT> $139,858
<APPREC-INCREASE-CURRENT> $1,462,626
<NET-CHANGE-FROM-OPS> $1,630,278
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $7,915
<DISTRIBUTIONS-OF-GAINS> $254,085
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 423,221
<NUMBER-OF-SHARES-REDEEMED> (6,421)
<SHARES-REINVESTED> 11,917
<NET-CHANGE-IN-ASSETS> $10,595,908
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $224,285
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $6,638
<AVERAGE-NET-ASSETS> $676,809
<PER-SHARE-NAV-BEGIN> $21.11
<PER-SHARE-NII> $0.08
<PER-SHARE-GAIN-APPREC> $1.50
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $22.69
<EXPENSE-RATIO> 1.97
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000897111
<NAME> HERITAGE SERIES TRUST
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO-C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $18,954,665
<INVESTMENTS-AT-VALUE> $20,420,208
<RECEIVABLES> $365,124
<ASSETS-OTHER> $110,122
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $20,895,454
<PAYABLE-FOR-SECURITIES> $128,501
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $200,486
<TOTAL-LIABILITIES> $328,987
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $18,991,623
<SHARES-COMMON-STOCK> 908,280
<SHARES-COMMON-PRIOR> 479,563
<ACCUMULATED-NII-CURRENT> $19,879
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $130,058
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $1,424,907
<NET-ASSETS> $20,566,467
<DIVIDEND-INCOME> $174,828
<INTEREST-INCOME> $40,792
<OTHER-INCOME> $0
<EXPENSES-NET> $187,826
<NET-INVESTMENT-INCOME> $27,794
<REALIZED-GAINS-CURRENT> $139,858
<APPREC-INCREASE-CURRENT> $1,462,626
<NET-CHANGE-FROM-OPS> $1,630,278
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $7,915
<DISTRIBUTIONS-OF-GAINS> $254,085
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 423,221
<NUMBER-OF-SHARES-REDEEMED> (6,421)
<SHARES-REINVESTED> 11,917
<NET-CHANGE-IN-ASSETS> $10,595,908
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $224,285
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $2,642
<AVERAGE-NET-ASSETS> $195,368
<PER-SHARE-NAV-BEGIN> $21.11
<PER-SHARE-NII> $0.03
<PER-SHARE-GAIN-APPREC> $1.49
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $22.63
<EXPENSE-RATIO> 2.72
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000897111
<NAME> HERITAGE SERIES TRUST
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO-EAGLE SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $18,954,665
<INVESTMENTS-AT-VALUE> $20,420,208
<RECEIVABLES> $365,124
<ASSETS-OTHER> $110,122
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $20,895,454
<PAYABLE-FOR-SECURITIES> $128,501
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $200,486
<TOTAL-LIABILITIES> $328,987
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $18,991,623
<SHARES-COMMON-STOCK> 908,280
<SHARES-COMMON-PRIOR> 479,563
<ACCUMULATED-NII-CURRENT> $19,879
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $130,058
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $1,424,907
<NET-ASSETS> $20,566,467
<DIVIDEND-INCOME> $174,828
<INTEREST-INCOME> $40,792
<OTHER-INCOME> $0
<EXPENSES-NET> $187,826
<NET-INVESTMENT-INCOME> $27,794
<REALIZED-GAINS-CURRENT> $139,858
<APPREC-INCREASE-CURRENT> $1,462,626
<NET-CHANGE-FROM-OPS> $1,630,278
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $7,915
<DISTRIBUTIONS-OF-GAINS> $254,085
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 423,221
<NUMBER-OF-SHARES-REDEEMED> (6,421)
<SHARES-REINVESTED> 11,917
<NET-CHANGE-IN-ASSETS> $10,595,908
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $224,285
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $178,544
<AVERAGE-NET-ASSETS> $13,810,098
<PER-SHARE-NAV-BEGIN> $20.79
<PER-SHARE-NII> $0.04
<PER-SHARE-GAIN-APPREC> $2.29
<PER-SHARE-DIVIDEND> $0.01
<PER-SHARE-DISTRIBUTIONS> $0.47
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $22.64
<EXPENSE-RATIO> 2.60
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000897111
<NAME> HERITAGE SERIES TRUST
<SERIES>
<NUMBER> 4
<NAME> GROWTH EQUITY FUND - A SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-16-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $9,379,628
<INVESTMENTS-AT-VALUE> $10,118,188
<RECEIVABLES> $105,300
<ASSETS-OTHER> $40,345
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $10,263,833
<PAYABLE-FOR-SECURITIES> $0
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $90,145
<TOTAL-LIABILITIES> $90,145
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $9,489,912
<SHARES-COMMON-STOCK> 651,003
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> ($8,953)
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> ($45,831)
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $738,560
<NET-ASSETS> $10,173,688
<DIVIDEND-INCOME> $44,883
<INTEREST-INCOME> $12,951
<OTHER-INCOME> $0
<EXPENSES-NET> $66,787
<NET-INVESTMENT-INCOME> ($8,953)
<REALIZED-GAINS-CURRENT> ($45,831)
<APPREC-INCREASE-CURRENT> $738,560
<NET-CHANGE-FROM-OPS> $683,776
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 702,776
<NUMBER-OF-SHARES-REDEEMED> (51,773)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $10,171,688
<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> $48,509
<AVERAGE-NET-ASSETS> $6,178,930
<PER-SHARE-NAV-BEGIN> $14.29
<PER-SHARE-NII> ($0.01)
<PER-SHARE-GAIN-APPREC> $1.36
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $15.64
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000897111
<NAME> HERITAGE SERIES TRUST
<SERIES>
<NUMBER> 4
<NAME> GROWTH EQUITY FUND - C SHARES
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-16-1995
<PERIOD-END> APR-30-1996
<INVESTMENTS-AT-COST> $9,379,628
<INVESTMENTS-AT-VALUE> $10,118,188
<RECEIVABLES> $105,300
<ASSETS-OTHER> $40,345
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $10,263,833
<PAYABLE-FOR-SECURITIES> $0
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $90,145
<TOTAL-LIABILITIES> $90,145
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $9,489,912
<SHARES-COMMON-STOCK> 651,003
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> ($8,953)
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> ($45,831)
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $738,560
<NET-ASSETS> $10,173,688
<DIVIDEND-INCOME> $44,883
<INTEREST-INCOME> $12,951
<OTHER-INCOME> $0
<EXPENSES-NET> $66,787
<NET-INVESTMENT-INCOME> ($8,953)
<REALIZED-GAINS-CURRENT> ($45,831)
<APPREC-INCREASE-CURRENT> $738,560
<NET-CHANGE-FROM-OPS> $683,776
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 702,776
<NUMBER-OF-SHARES-REDEEMED> (51,773)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $10,171,688
<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> $18,278
<AVERAGE-NET-ASSETS> $1,600,629
<PER-SHARE-NAV-BEGIN> $14.29
<PER-SHARE-NII> ($0.06)
<PER-SHARE-GAIN-APPREC> $1.36
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $15.59
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
<PAGE>
For period ending 04-30-96
File Number 811-7470
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 Series Trust ("Trust") and Coopers & Lybrand L.L.P. ("C&L") was
terminated.
(2) The reports of C&L on the financial statements for the
past two fiscal years 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 two most recent
fiscal years 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 two most recent fiscal years 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 June 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 04-30-96
File Number 811-7470
Sub-Item 77.K
Exhibit B
COOPERS & LYBRAND L.L.P.
June 26, 1996
Securities and Exchange Commission
450 5th Street, N.W.
Washington, D.C. 20549
Gentlemen:
We have read the statements made by Heritage Series 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 six months
ended April 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 04-30-96
File Number 811-7470
77.O. Transactions effected pursuant to Rule 10f-3.
The following information relates to transactions
effected by each Series of the Registrant pursuant to Rule 10f-3 during
the six month period ended April 30, 1996:
SMALL CAP STOCK FUND
Security: Kensey Nash
Date of purchase: 12/13/95
Date offering commenced: 12/13/95
Purchase price: $12.00
Commission: $.50
Securities acquired from: NATWEST
Amount purchased: $36,000
Total Offering: $2.7 million
SMALL CAP STOCK FUND
Security: Phymatrix
Date of purchase: 01/24/96
Date offering commenced: 01/24/96
Purchase price: $15.00
Commission: $.63
Securities acquired from: Smith Barney
Amount purchased: $375,000
Total Offering: $7.15 million
SMALL CAP STOCK FUND
Security: World Color Press
<PAGE>
Date of purchase: 01/24/96
Date offering commenced: 01/24/96
Purchase price: $19.00
Commission: $.62
Securities acquired from: Donaldson, Lufkin, Jenrette
Amount purchased: $190,000
Total Offering: $13.79 million
SMALL CAP STOCK FUND
Security: Aavid Thermal Technologies
Date of purchase: 01/30/96
Date offering commenced: 01/30/96
Purchase price: $ 9.50
Commission: $.38
Securities acquired from: Montgomery Securities
Amount purchased: $ 47,500
Total Offering: $ 2.3 million
SMALL CAP STOCK FUND
Security: Vocaltec Ltd
Date of purchase: 02/07/96
Date offering commenced: 02/07/96
Purchase price: $19.00
Commission: $.74
Securities acquired from: Robertsen, Stephens
<PAGE>
Amount purchased: $ 9,500
Total Offering: $ 2.5 million
SMALL CAP STOCK FUND
Security: Bank United Financial Corp.
Date of purchase: 02/22/96
Date offering commenced: 02/22/96
Purchase price: $ 7.00
Commission: $.27
Securities acquired from: Friedman, Billings
Amount purchased: $210,000
Total Offering: $ 3.1 million
SMALL CAP STOCK FUND
Security: Trident, Inc.
Date of purchase: 02/27/96
Date offering commenced: 02/27/96
Purchase price: $16.00
Commission: $.66
Securities acquired from: Prudential Securities
Amount purchased: $640,000
Total Offering: $ 1.8 million
SMALL CAP STOCK FUND
Security: Superior Services
Date of purchase: 03/08/96
<PAGE>
Date offering commenced: 03/08/96
Purchase price: $11.50
Commission: $.46
Securities acquired from: Alex Brown
Amount purchased: $345,000
Total Offering: $ 3.55 million
SMALL CAP STOCK FUND
Security: Vanstar Corp.
Date of purchase: 03/11/96
Date offering commenced: 03/11/96
Purchase price: $10.00
Commission: $.38
Securities acquired from: Robertsen Stephens
Amount purchased: $100,000
Total Offering: $14.7 million
SMALL CAP STOCK FUND
Security: Platinum Entertainment, Inc.
Date of purchase: 03/12/96
Date offering commenced: 03/12/96
Purchase price: $13.00
Commission: $1.10
Securities acquired from: Donaldson, Lufkin, Jenrette
Amount purchased: $260,000
<PAGE>
Total Offering: $2.65 million
SMALL CAP STOCK FUND
Security: Thermo Sentron
Date of purchase: 03/27/96
Date offering commenced: 03/27/96
Purchase price: $16.00
Commission: $.42
Securities acquired from: NATWEST
Amount purchased: $480,000
Total Offering: $2.5 million
SMALL CAP STOCK FUND
Security: Arterial Vascular
Date of purchase: 04/03/96
Date offering commenced: 04/03/96
Purchase price: $21.00
Commission: $.84
Securities acquired from: Cowen & Co.
Amount purchased: $210,000
Total Offering: $5.0 million
SMALL CAP STOCK FUND
Security: Sykes Enterprises
Date of purchase: 04/30/96
Date offering commenced: 04/30/96
<PAGE>
Purchase price: $18.00
Commission: $.75
Securities acquired from: Robert W. Baird
Amount purchased: $180,000
Total Offering: $3.2 million
GROWTH EQUITY FUND
Security: Estee Lauder
Date of purchase: 11/16/95
Date offering commenced: 11/16/95
Purchase price: $26.00
Commission: $.85
Securities acquired from: Goldman Sachs/J.P. Morgan
Amount purchased: $130,000
Total Offering: $400 million
GROWTH EQUITY FUND
Security: Lucent Technologies
Date of purchase: 04/03/96
Date offering commenced: 04/03/96
Purchase price: $27.00
Commission: $.65
Securities acquired from: Morgan Stanley
Amount purchased: $135,000
Total Offering: $300 million
<PAGE>
VALUE EQUITY FUND
Security: Estee Lauder
Date of purchase: 11/16/95
Date offering commenced: 11/16/95
Purchase price: $26.00
Commission: $.85
Securities acquired from: Goldman Sachs
Amount purchased: $26,000
Total Offering: $400 million
<PAGE>
<PAGE>
Coopers Coopers & Lybrand L.L.P.
& Lybrand a professional services firm
To the Trustees of
Heritage Family of Funds:
We have examined the accompanying Description of the Operations and
Control Procedures of the Multiple Share Class System of Heritage Asset
Management, Inc. ("Management") (Section I), investment manager of
Heritage Cash Trust - Money Market Fund; Heritage Capital Appreciation
Trust; Heritage Income-Growth Trust; Heritage Income Trust - Diversified
Portfolio, Limited Maturity Government Portfolio and Institutional
Government Portfolio; Heritage Series Trust - Small Cap Stock Fund and
Value Equity Fund (the "Funds"), related to the Multiple Share Class
System (the "System") for Class A and Class C Shares. Our examination
included procedures to obtain reasonable assurance about whether (1) the
accompanying description presents fairly, in all material respects, the
aspects of Management's policies and procedures, related to the System,
that may be relevant to the Funds' internal control structure, (2) the
control structure policies and procedures included in the description were
suitably designed to achieve the control objectives specified in the
description, if those policies and procedures were complied with
satisfactorily, and (3) such policies and procedures had been placed in
operation as of October 31, 1995. The control objectives were specified
by Management to meet conditions in the application, filed with the
Securities and Exchange Commission on February 3, 1995, pursuant to
Section 6(c) of the Investment Company Act of 1940, as amended, for an
order of exemption from Sections 18(f), 18(g), 18(i), 2(a)(32), 2(a)35,
22(c) and 22(d) of such act and Rule 22c-1 thereunder. Our examination
was performed in accordance with standards established by the American
Institute of Certified Public Accountants and included those procedures we
considered necessary in the circumstances to obtain a reasonable basis for
rendering our opinion.
In our opinion, the accompanying description of the aforementioned
operations and control procedures presents fairly, in all material
respects, the relevant aspects of Management's policies and procedures,
related to the System, that had been placed in operation by the Funds as
of October 31, 1995. Also, in our opinion, the policies and procedures,
as described, are suitably designed to provide reasonable assurance that
the specified control objectives would be achieved if the described
policies and procedures were complied with satisfactorily.
In addition to the procedures we considered necessary to render our
opinion as expressed in the previous paragraph, we applied tests, listed
in Section III, to specific policies and procedures, to obtain evidence
about their effectiveness in meeting the control objectives, described in
Section II, during the period from September 29, 1995 to October 31, 1995.
The specific policies and procedures are listed in Section II and the
Coopers & Lybrand L.L.P. is a member of Coopers & Lybrand,
a limited liability association incorporated in Switzerland.
<PAGE>
nature, timing, extent and results of the tests are listed in Section III.
In our opinion, the policies and procedures that were tested, as described
in Section II, were operating with sufficient effectiveness to provide
reasonable, but not absolute, assurance that the control objectives,
specified in Section II, were achieved during the period from
September 29, 1995 to October 31, 1995. However, the scope of our
engagement did not include tests to determine whether control objectives
not listed in Section II and not tested in Section III were achieved;
accordingly, we express no opinion on the achievement of control
objectives not listed in Section II and not tested in Section III.
The description of policies and procedures at Heritage Asset Management,
Inc. is as of October 31, 1995 and information about tests of the
operating effectiveness of specified policies and procedures covers the
period from September 29, 1995 to October 31, 1995. Any projection of
such information to the future is subject to the risk that, because of
change, the description may no longer portray the system in existence.
The potential effectiveness of specified policies and procedures at
Heritage Asset Management, Inc. is subject to inherent limitations and,
accordingly, errors or irregularities may occur and not be detected.
Furthermore, the projection of any conclusions, based on our findings, to
future periods is subject to the risk that changes may alter the validity
of such conclusions.
This report is intended solely for the use by the Trustees of the Funds
and the management of Heritage Asset Management, Inc. and for filing with
the Securities and Exchange Commission and should not be used for any
other purpose.
/s/ Coopers & Lybrand L.L.P
COOPERS & LYBRAND L.L.P.
Boston, Massachusetts
December 1, 1995
<PAGE>
SECTION I
Description of the Operations and Control Procedures
of the Multiple Share Class System of
Heritage Asset Management, Inc.
Effective April 3, 1995, Management commenced operations of the Multiple
Share Class System (the "System"), pursuant to an application for order of
exemption filed with the Securities and Exchange Commission. The System
presently consists of two classes of shares, Class A and Class C. Each
class of shares represents interests in the same portfolio of investments
of the Fund, respectively, and is identical in all respects, except with
respect to the impact of different Rule 12b-1 plan payments, expenses
allocable exclusively to each class, the exchange privilege of each class,
voting rights which pertain to Rule 12b-1 plans and the designation of
each class of shares of the Funds. In addition, the shares of each class
are subject to different sales charges. Class A Shares are offered with a
front-end sales charge. Class C Shares are subject to a declining
contingent deferred sales charge of 1% of the lower of net asset value or
purchase price payable when redemptions occur within one year of the
original sale.
The System is comprised of policies and procedures resident in the general
ledger system on a mainframe computer, and supported by the performance of
certain manual control procedures on the Multiple Class Share Back-up
Pricing Schedule (the "Schedule"). These policies and procedures were
established for consistent use by the Heritage Family of Funds offering
multiple classes of shares, and should differ only with respect to the
allocation of income and expenses between classes of shares, depending on
the Funds' dividend policies (e.g., periodic or daily).
The System was approved by the Funds' Trustees prior to implementation.
The Rule 12b-1 plans for Class A and Class C Shares were approved by the
Trustees.
Percentages to allocate income, expenses, and realized/unrealized
gains/losses are calculated by the System under the value of outstanding
shares method.
The net investment income dividend of Class A and Class C is determined on
the record date using the following formula approved by the Trustees:
I-1
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
Gross Rate = Total Income of Fund - Total Common Expenses of Fund
Total Class A and Class C Shares
Class A Rate = Gross Rate Class C Rate = Gross Rate
-Total Class A Specific Expenses - Total Class C Specific Expenses
Total Class A Shares Total Class C Shares
</TABLE>
Net realized capital gain distribution rates are calculated by dividing
the amount to be distributed for the Fund by the total shares outstanding.
This rate is then used for both classes of shares by fund accounting.
The distribution and dividend rates for Class A and Class C Shares from
net investment income and capital gains are approved by the Trustees.
For the period from April 3, 1995 through September 28, 1995, the daily
allocation percentage based on the net assets at the beginning of the day
included the prior day's closing net assets for both classes, but did not
give effect to shares processed as of the close of business for the
previous day. The process for performing this calculation was revised
effective September 29, 1995, net assets of the classes for the Funds were
adjusted and contributions to paid-in capital were made in full by the
Manager to the affected Funds.
To allocate income, expenses and realized/unrealized gains/losses and
calculate periodic dividends, the System includes a number of formalized,
documented policies and procedures as of October 31, 1995 that are
described, together with specific control objectives in Section II of this
report.
Section III presents information about the tests of operating
effectiveness of specified policies and procedures, covering the period
September 29, 1995 to October 31, 1995.
Control policies and procedures performed by Management for the Funds,
including all aspects of fund accounting other than the allocations
maintained by the System, pricing of investments, and those resident at
the transfer agent are not addressed in this report.
I-2
<PAGE>
SECTION II
Control Objectives and Procedures of the
Multiple Share Class System of
Heritage Asset Management, Inc.
The following represents the internal accounting control objectives and
procedures for the allocation of income, expenses, realized/unrealized
gains/losses, calculation of periodic dividends and the computation of the
net asset value for each class of shares. It does not cover the internal
accounting control procedures surrounding the processing of information
into the Funds' primary accounting system.
Control Objectives Control Procedures
------------------ ------------------
A. Shares of beneficial interest 1. Shares of beneficial interest
activity as represented by activity is reported by the
the Fund's transfer agent is transfer agent for each class
recorded for each class in an on a trade-date-plus-one
accurate and timely manner basis. Information reported
to the fund accountant
includes share and dollar
opening balance, activity for
the day and closing balances.
B. Common expenses are allocated 1. Class-specific expenses are
and class specific expenses determined by formula (12b-1
are charged to the correct fees). All other fund level
class of shares. accounting, including the
pricing of the Funds'
investment portfolio, is
subject to the same controls
existing in the single class
environment.
C. Income and capital gain 1. Income and capital gain
distributions are applied to distributions are authorized
the correct class of shares. by the Treasurer of the Funds
and communicated to fund
accounting.
II-1
<PAGE>
Control Objectives Control Procedures
------------------ ------------------
D. Income, other operating 1. Prior day's ending total net
expenses and assets for each class of
realized/unrealized shares for the current day is
gains/losses are allocated to agreed to the prior day's
each class of shares based amounts on the general ledger
upon the relative net asset system.
value of outstanding shares
of each class at the 2. The daily net shares of
beginning of the day (after beneficial interest activity
adjusting for current day's for each class for the current
shares of beneficial interest day is agreed to the
activity of the respective information provided by the
classes). transfer agent as described in
Control Procedure A.1, above.
3. Percentage of net assets by
class is calculated for each
class of shares based upon the
information from the prior
day's Schedule, Procedure D.1
and the information provided
by the transfer agent.
4. The allocation of Fund income,
other operating expenses, and
realized/unrealized
gains/losses is calculated
based upon the applicable
percentages calculated in
Control Procedure D.3 for net
assets.
5. The above procedures are
reviewed and approved by the
Director of Fund Accounting.
II-2
<PAGE>
Control Objectives Control Procedures
------------------ ------------------
E. Divided rates and daily net 1. The sum of each class' net
asset value per share for assets, shares outstanding,
each class of shares reflect net investment income (loss)
the allocation of income, and realized/unrealized
expenses, and gains/losses is agreed to the
realized/unrealized gain/loss composite totals for the Fund
amounts, including the amount and to the general ledger
of any direct expenses system.
charged to each class of
shares and also reflect the 2. Net assets for each class are
amount of income and capital proved to the opening balances
gain distributions to each adjusted for the day's
class of shares. activity (shares outstanding
for each class are compared to
daily activity sheets received
from the transfer agent) and
the composite total net assets
for the Fund are agreed to the
general ledger system.
3. Relative movements of net
asset value per share (and
dividend levels for the daily
distribution Fund) are checked
by the fund accountant for
reasonableness against
anticipated results.
4. The above procedures are
reviewed and approved by the
Director of Fund Accounting.
5. In conjunction with the
preparation of monthly
internal financial reports,
the relative performance
(total return basis) and
expense ratios of the Funds
are compared to anticipated
results by the Treasurer of
the Funds.
II-3
<PAGE>
SECTION III
Testing Compliance with Internal Control
Structure Policies and Procedures for the Period
From September 29, 1995 to October 31, 1995
The tests described below were applied to the policies and procedures of
the System to obtain evidence as to their effectiveness in achieving the
control objectives, described in Section II. Subsequent to the initiation
of this test Management determined that the daily allocation percentages
for the classes needed to be revised to include shares processed as of the
close of business of the previous day (see Section I). The revision
became effective on September 29, 1995. Prior to our testing, for the
period April 3, 1995 through September 28, 1995, we selected several days
for all Funds for the purpose of gaining an understanding, concentrating
on the procedures for determining daily allocation percentages between
classes. This understanding indicated that the allocation percentages did
not include the effect of shares processed as of the close of business of
the previous day. For testing purposes on all Funds, we selected six days
during the period September 29 to October 31, 1995 to perform these tests
of operating effectiveness. From these dates we selected all Funds (6)
with periodic dividends to test the System's policies and procedures with
respect to its periodic dividend policy. Our performance of these tests
of operating effectiveness as they relate to periodic dividend funds,
described below, did not result in exceptions.
With respect to the Schedule, which recalculates a significant portion of
calculations performed by the general ledger system, we tested its
effectiveness with the following procedures:
Agreed "Prior Day NAV" per share for each class of shares, to the
previous day's Schedule.
Agreed "Shares Outstanding Beginning of Day" to previous day's
Schedule and to the daily activity sheet received from the
transfer agent for each class of shares.
Agreed "Prior Day NAV" per share to the rounded NAV included on
the daily activity sheet for each class of shares.
Agreed "Net Share Activity" in shares for each class of shares to
the respective daily activity sheet.
Recalculated "Current Shares Outstanding" for each class of
shares, by adding "Shares Outstanding Beginning of the Day" and
"Net Share Activity" in shares.
Agreed "Current Shares Outstanding" to the daily activity sheet
for each class of shares.
III-1
<PAGE>
Recalculated "Adjusted Total" by multiplying "Prior Day NAV" per
share and "Current Shares Outstanding" for each class of shares.
Recalculated "% of Assets" by dividing "Adjusted Total Assets" for
each class of shares by "Adjusted Total Assets Composite."
Agreed "Daily Income - Composite" to the general ledger system.
Agreed "Daily Realized/Unrealized Gain/Loss - Composite" to the
general ledger system.
Recalculated the allocation for each class of shares of "Total
Income - Composite" by multiplying the "Total Income - Composite"
by each class' "% of Assets by Class." Recalculated for each
class of shares distribution fees by multiplying "Adjusted Totals
Assets by Class" annual accrual rates in the applicable
prospectus.
Recalculated "Advisor Fee - Composite" and "Other Expenses -
Composite" amounts by multiplying the annual accrual disclosed in
the respective prospectus by "Current Day Net Assets Composite."
Recalculated for each class of shares common expenses by
multiplying the common expenses composite by "% of Net Assets" by
class.
Recalculated "Daily Expenses - Composite," and for each class of
shares, by totaling all class specific expenses.
Agreed "Daily Expenses - Composite" to general ledger system.
Agreed ending "Composite Net Assets" and "Net Assets" by class to
the general ledger system.
Agreed the "Net Asset Value" per share by class to the general
ledger system.
We reviewed a sample of eight monthly/quarter dividend calculations for
all Funds (4) which made distributions during the period from April 3,
1995 to October 31, 1995. We tested the effectiveness of the distribution
calculation with the following procedures:
Agreed Fund level income and expenses to monthly general ledger
system reports.
Agreed shares by class to the general ledger system.
Recalculated "Common Dividend" per share by dividing the Fund level net
income (income less expenses) by total fund shares.
Agreed class specific expenses to monthly general ledger system
reports.
III-2
<PAGE>
Recalculated "Specific Dividend Adjustment" by dividing specific
expenses by respective class of shares.
Recalculated "Dividend" per share by class by subtracting
"Specific Dividend Adjustment" from "Common Dividend."
III-3
<PAGE>
