<PAGE>
<PAGE> PAGE 1
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020 A000001 ROBINSON HUMPHREY COMPANY, INC.
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020 A000003 NATWEST SECURITIES CORPORATION
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<PAGE>
<PAGE> PAGE 2
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<PAGE>
<PAGE> PAGE 3
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<PAGE> PAGE 11
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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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<PAGE>
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<PAGE>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
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<RESTATED>
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<NAME> VALUE EQUITY FUND - CLASS A SHARES
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<PERIOD-START> OCT-31-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> $23,173,452
<INVESTMENTS-AT-VALUE> $25,235,809
<RECEIVABLES> $940,825
<ASSETS-OTHER> $46,480
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $26,223,114
<PAYABLE-FOR-SECURITIES> $410,256
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $139,111
<TOTAL-LIABILITIES> $549,367
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $21,858,178
<SHARES-COMMON-STOCK> 1,271,984
<SHARES-COMMON-PRIOR> 899,285
<ACCUMULATED-NII-CURRENT> $102,173
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $1,651,039
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $2,062,357
<NET-ASSETS> $25,673,747
<DIVIDEND-INCOME> $505,575
<INTEREST-INCOME> $63,210
<OTHER-INCOME> $0
<EXPENSES-NET> $427,596
<NET-INVESTMENT-INCOME> $141,189
<REALIZED-GAINS-CURRENT> $1,660,050
<APPREC-INCREASE-CURRENT> $1,267,164
<NET-CHANGE-FROM-OPS> $3,068,403
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $95,491
<DISTRIBUTIONS-OF-GAINS> $545,122
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 575,253
<NUMBER-OF-SHARES-REDEEMED> (235,062)
<SHARES-REINVESTED> 32,508
<NET-CHANGE-IN-ASSETS> $9,502,941
<ACCUMULATED-NII-PRIOR> $56,475
<ACCUMULATED-GAINS-PRIOR> $536,111
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $91,958
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $242,333
<AVERAGE-NET-ASSETS> $14,683,944
<PER-SHARE-NAV-BEGIN> $18.00
<PER-SHARE-NII> $0.17
<PER-SHARE-GAIN-APPREC> $2.76
<PER-SHARE-DIVIDEND> $0.11
<PER-SHARE-DISTRIBUTIONS> $0.55
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $20.27
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<RESTATED>
<SERIES>
<NUMBER> 2
<NAME> VALUE EQUITY FUND - CLASS C SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> $23,173,452
<INVESTMENTS-AT-VALUE> $25,235,809
<RECEIVABLES> $940,825
<ASSETS-OTHER> $46,480
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $26,223,114
<PAYABLE-FOR-SECURITIES> $410,256
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $139,111
<TOTAL-LIABILITIES> $549,367
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $21,858,178
<SHARES-COMMON-STOCK> 1,271,984
<SHARES-COMMON-PRIOR> 899,285
<ACCUMULATED-NII-CURRENT> $102,173
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $1,651,039
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $2,062,357
<NET-ASSETS> $25,673,747
<DIVIDEND-INCOME> $505,575
<INTEREST-INCOME> $63,210
<OTHER-INCOME> $0
<EXPENSES-NET> $427,596
<NET-INVESTMENT-INCOME> $141,189
<REALIZED-GAINS-CURRENT> $1,660,050
<APPREC-INCREASE-CURRENT> $1,267,164
<NET-CHANGE-FROM-OPS> $3,068,403
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $95,491
<DISTRIBUTIONS-OF-GAINS> $545,122
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 575,253
<NUMBER-OF-SHARES-REDEEMED> (235,062)
<SHARES-REINVESTED> 32,508
<NET-CHANGE-IN-ASSETS> $9,502,941
<ACCUMULATED-NII-PRIOR> $56,475
<ACCUMULATED-GAINS-PRIOR> $536,111
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $91,958
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $185,264
<AVERAGE-NET-ASSETS> $7,718,748
<PER-SHARE-NAV-BEGIN> $17.92
<PER-SHARE-NII> $0.02
<PER-SHARE-GAIN-APPREC> $2.74
<PER-SHARE-DIVIDEND> $0.07
<PER-SHARE-DISTRIBUTIONS> $0.55
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $20.06
<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
<RESTATED>
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO - CLASS A SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> $25,783,498
<INVESTMENTS-AT-VALUE> $26,335,207
<RECEIVABLES> $278,093
<ASSETS-OTHER> $68,909
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $26,682,209
<PAYABLE-FOR-SECURITIES> $626,669
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $141,254
<TOTAL-LIABILITIES> $767,923
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $24,823,156
<SHARES-COMMON-STOCK> 1,170,011
<SHARES-COMMON-PRIOR> 479,563
<ACCUMULATED-NII-CURRENT> $230,207
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $166,663
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $694,260
<NET-ASSETS> $25,914,286
<DIVIDEND-INCOME> $404,020
<INTEREST-INCOME> $81,403
<OTHER-INCOME> $0
<EXPENSES-NET> $484,023
<NET-INVESTMENT-INCOME> $1,400
<REALIZED-GAINS-CURRENT> $413,185
<APPREC-INCREASE-CURRENT> $731,979
<NET-CHANGE-FROM-OPS> $1,146,564
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $7,915
<DISTRIBUTIONS-OF-GAINS> $254,085
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 750,590
<NUMBER-OF-SHARES-REDEEMED> (72,059)
<SHARES-REINVESTED> 11,917
<NET-CHANGE-IN-ASSETS> $15,943,727
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $244,285
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $31,008
<AVERAGE-NET-ASSETS> $1,573,393
<PER-SHARE-NAV-BEGIN> $21.11
<PER-SHARE-NII> $0.10
<PER-SHARE-GAIN-APPREC> $1.04
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $22.25
<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
<RESTATED>
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO - CLASS C SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> $25,783,498
<INVESTMENTS-AT-VALUE> $26,335,207
<RECEIVABLES> $278,093
<ASSETS-OTHER> $68,909
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $26,682,209
<PAYABLE-FOR-SECURITIES> $626,669
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $141,254
<TOTAL-LIABILITIES> $767,923
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $24,823,156
<SHARES-COMMON-STOCK> 1,170,011
<SHARES-COMMON-PRIOR> 479,563
<ACCUMULATED-NII-CURRENT> $230,207
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $166,663
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $694,260
<NET-ASSETS> $25,914,286
<DIVIDEND-INCOME> $404,020
<INTEREST-INCOME> $81,403
<OTHER-INCOME> $0
<EXPENSES-NET> $484,023
<NET-INVESTMENT-INCOME> $1,400
<REALIZED-GAINS-CURRENT> $413,185
<APPREC-INCREASE-CURRENT> $731,979
<NET-CHANGE-FROM-OPS> $1,146,564
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $7,915
<DISTRIBUTIONS-OF-GAINS> $254,085
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 750,590
<NUMBER-OF-SHARES-REDEEMED> (72,059)
<SHARES-REINVESTED> 11,917
<NET-CHANGE-IN-ASSETS> $15,943,727
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $244,285
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $14,692
<AVERAGE-NET-ASSETS> $540,417
<PER-SHARE-NAV-BEGIN> $21.11
<PER-SHARE-NII> ($0.07)
<PER-SHARE-GAIN-APPREC> $1.08
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $22.12
<EXPENSE-RATIO> 2.72
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<RESTATED>
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO - EAGLE CLASS
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> OCT-31-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> $25,783,498
<INVESTMENTS-AT-VALUE> $26,335,207
<RECEIVABLES> $278,093
<ASSETS-OTHER> $68,909
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $26,682,209
<PAYABLE-FOR-SECURITIES> $626,669
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $141,254
<TOTAL-LIABILITIES> $767,923
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $24,823,156
<SHARES-COMMON-STOCK> 1,170,011
<SHARES-COMMON-PRIOR> 479,563
<ACCUMULATED-NII-CURRENT> $230,207
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> $166,663
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $694,260
<NET-ASSETS> $25,914,286
<DIVIDEND-INCOME> $404,020
<INTEREST-INCOME> $81,403
<OTHER-INCOME> $0
<EXPENSES-NET> $484,023
<NET-INVESTMENT-INCOME> $1,400
<REALIZED-GAINS-CURRENT> $413,185
<APPREC-INCREASE-CURRENT> $731,979
<NET-CHANGE-FROM-OPS> $1,146,564
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $7,915
<DISTRIBUTIONS-OF-GAINS> $254,085
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 750,590
<NUMBER-OF-SHARES-REDEEMED> (72,059)
<SHARES-REINVESTED> 11,917
<NET-CHANGE-IN-ASSETS> $15,943,727
<ACCUMULATED-NII-PRIOR> $0
<ACCUMULATED-GAINS-PRIOR> $244,285
<OVERDISTRIB-NII-PRIOR> $0
<OVERDIST-NET-GAINS-PRIOR> $0
<GROSS-ADVISORY-FEES> $0
<INTEREST-EXPENSE> $0
<GROSS-EXPENSE> $438,324
<AVERAGE-NET-ASSETS> $16,863,929
<PER-SHARE-NAV-BEGIN> $20.79
<PER-SHARE-NII> ($0.01)
<PER-SHARE-GAIN-APPREC> $1.84
<PER-SHARE-DIVIDEND> $0.01
<PER-SHARE-DISTRIBUTIONS> $0.47
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $22.14
<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
<RESTATED>
<SERIES>
<NUMBER> 4
<NAME> GROWTH EQUITY FUND - CLASS A SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-16-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> $14,825,586
<INVESTMENTS-AT-VALUE> $17,274,188
<RECEIVABLES> $381,589
<ASSETS-OTHER> $35,331
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $17,691,108
<PAYABLE-FOR-SECURITIES> $329,330
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $115,313
<TOTAL-LIABILITIES> $444,643
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $14,852,184
<SHARES-COMMON-STOCK> 974,243
<SHARES-COMMON-PRIOR> 140
<ACCUMULATED-NII-CURRENT> $0
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> ($54,321)
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $2,448,602
<NET-ASSETS> $17,246,465
<DIVIDEND-INCOME> $116,274
<INTEREST-INCOME> $33,225
<OTHER-INCOME> $0
<EXPENSES-NET> $188,983
<NET-INVESTMENT-INCOME> ($39,484)
<REALIZED-GAINS-CURRENT> ($54,321)
<APPREC-INCREASE-CURRENT> $2,448,602
<NET-CHANGE-FROM-OPS> $2,354,797
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 1,083,178
<NUMBER-OF-SHARES-REDEEMED> (109,075)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $17,244,465
<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> $127,292
<AVERAGE-NET-ASSETS> $7,714,535
<PER-SHARE-NAV-BEGIN> $14.29
<PER-SHARE-NII> ($0.03)
<PER-SHARE-GAIN-APPREC> $3.48
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $17.74
<EXPENSE-RATIO> 1.65
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<RESTATED>
<SERIES>
<NUMBER> 4
<NAME> GROWTH EQUITY FUND - CLASS C SHARES
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1996
<PERIOD-START> NOV-16-1995
<PERIOD-END> OCT-31-1996
<INVESTMENTS-AT-COST> $14,825,586
<INVESTMENTS-AT-VALUE> $17,274,188
<RECEIVABLES> $381,589
<ASSETS-OTHER> $35,331
<OTHER-ITEMS-ASSETS> $0
<TOTAL-ASSETS> $17,691,108
<PAYABLE-FOR-SECURITIES> $329,330
<SENIOR-LONG-TERM-DEBT> $0
<OTHER-ITEMS-LIABILITIES> $115,313
<TOTAL-LIABILITIES> $444,643
<SENIOR-EQUITY> $0
<PAID-IN-CAPITAL-COMMON> $14,852,184
<SHARES-COMMON-STOCK> 974,243
<SHARES-COMMON-PRIOR> 140
<ACCUMULATED-NII-CURRENT> $0
<OVERDISTRIBUTION-NII> $0
<ACCUMULATED-NET-GAINS> ($54,321)
<OVERDISTRIBUTION-GAINS> $0
<ACCUM-APPREC-OR-DEPREC> $2,448,602
<NET-ASSETS> $17,246,465
<DIVIDEND-INCOME> $116,274
<INTEREST-INCOME> $33,225
<OTHER-INCOME> $0
<EXPENSES-NET> $188,983
<NET-INVESTMENT-INCOME> ($39,484)
<REALIZED-GAINS-CURRENT> ($54,321)
<APPREC-INCREASE-CURRENT> $2,448,602
<NET-CHANGE-FROM-OPS> $2,354,797
<EQUALIZATION> $0
<DISTRIBUTIONS-OF-INCOME> $0
<DISTRIBUTIONS-OF-GAINS> $0
<DISTRIBUTIONS-OTHER> $0
<NUMBER-OF-SHARES-SOLD> 1,083,178
<NUMBER-OF-SHARES-REDEEMED> (109,075)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> $17,244,465
<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> $61,691
<AVERAGE-NET-ASSETS> $2,570,427
<PER-SHARE-NAV-BEGIN> $14.29
<PER-SHARE-NII> ($0.15)
<PER-SHARE-GAIN-APPREC> $3.47
<PER-SHARE-DIVIDEND> $0.00
<PER-SHARE-DISTRIBUTIONS> $0.00
<RETURNS-OF-CAPITAL> $0.00
<PER-SHARE-NAV-END> $17.61
<EXPENSE-RATIO> 2.40
<AVG-DEBT-OUTSTANDING> $0
<AVG-DEBT-PER-SHARE> $0
<PAGE>
</TABLE>
<PAGE>
For period ended 10-31-96
File Number 811-7470
Sub-Item 77.B
Series 1 ,2, 3, 4
Suite 2800 Telephone (813) 223-7577
400 North Ashley Street
P.O.Box 2640
Tampa, FL 33601-2640
______________________________________________________________________________
PRICE WATERHOUSE LLP
December 16, 1996
To the Board of Trustees
of Heritage Series Trust
In planning and performing our audit of the financial statements of the Heritage
Series Trust (the "Trust") for the year ended October 31, 1996, we considered
its internal control structure, including procedures for safeguarding
securities, in order to determine our auditing procedures for the purposes of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, and not to provide assurance on the internal control
structure.
The management of the Trust is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are appropriately
safeguarded against loss from unauthorized use or disposition and that
transactions are executed in accordance with management's authorization and
recorded properly to permit preparation of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and may not be detected. Also, projection of any
evaluation of the structure to future periods is subject to the risk that it may
become inadequate because of changes in conditions or that the effectiveness of
the design and operation may deteriorate.
<PAGE>
<PAGE>
Our consideration of the internal control structure would not necessarily
disclose all matters in the internal control structure that might be material
weaknesses under standards established by the American Institute of Certified
Public Accountants. A material weakness is a condition in which the design or
operation of the specific internal control structure elements does not reduce to
a relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
occur and not be detected within a timely period by employees in the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses as defined above as of
October 31, 1996.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission.
/s/ Price Waterhouse LLP
- -------------------------------
Price Waterhouse LLP
<PAGE>
<PAGE>
For period ending 10-31-96
File Number 811-7470
77.C. Matters submitted to a vote of securities holders.
The following matters were submitted to a vote of securities holders at
a special meeting of shareholders of Heritage Series Trust - Value Equity Fund
(the "Fund") held on May 24, 1996:
(1) Approval of the Subadvisory Agreement between Heritage Asset Management,
Inc. and Dreman Value Advisors, Inc.: 588,124.098 shares were voted in favor of,
19,989.757 shares were voted against, and 40,043.613 abstained from voting on
the motion to approve the Subadvisory Agreement between Heritage Asset
Management, Inc. and Dreman Value Advisors, Inc.
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
For period ending 10-31-96
File Number 811-7470
Series 1, 3, 4
Item 77.O Transactions effected pursuant to Rule 10f-3.
HERITAGE SERIES TRUST - SMALL CAP STOCK FUND:
DATE SECURITIES
DATE OF OFFERING PURCHASE ACQUIRED AMOUNT TOTAL
SECURITY: PURCHASE: COMMENCED: PRICE: COMMISSION: FROM: PURCHASED: OFFERING:
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1. Autonomous
Technologies 5/01/96 5/01/96 8.00 $0.32 Hanifen Immoff $160,000 $20,000,000
2. Forensic
Technologies 5/09/96 5/09/96 8.50 $0.36 Utterberg Harris $850,000 $15,300,000
Donaldson, Lufkin,
3. Excel Communications 5/10/96 5/10/96 15.00 $0.60 Jenrette $75,000 $150,000,000
4. General Surgical
Innovations 5/10/96 5/10/96 15.00 $0.59 Ocwen & Co. $30,000 $37,500,000
5. Trico Marine
Services 5/16/96 5/16/96 16.00 $0.67 Schroder Wertheim $40,000 $41,600,000
6. Wyndham Hotel Corp 5/21/96 5/21/96 16.00 $0.67 Smith Barney $112,000 $58,400,000
7. Cardiogenesis Corp 5/22/96 5/22/96 20.00 $0.84 Bear Stearns $100,000 $60,000,000
8. Security First Friedman Billings
Network Bank 5/23/96 5/23/96 20.00 $0.70 & Ramsey $200,000 $48,000,000
9. Suburban Lodges of
America 5/23/96 5/23/96 17.00 $0.48 Montgomery Sec. $85,000 $51,000,000
10. Thermo Optek 6/07/96 6/07/96 13.50 $0.52 Natwest $135,000 $40,500,000
11. Collaborative
Clinical Research 6/11/96 6/11/96 13.50 $0.55 McDonald & Co. $27,000 $24,300,000
12. Strayer Education
Inc. 7/25/96 7/25/96 10.00 $0.40 Legg Mason $850,000 $30,000,000
Friedman Billings
13. First Alliance Corp 7/26/96 7/26/96 17.00 $0.61 & Ramsey $340,000 $59,500,000
14. R & G Financial Friedman Billings
Corp, Class B 8/22/96 8/22/96 14.50 $0.60 & Ramsey $290,000 $33,350,000
15. Gradal Industries,
Inc. 8/28/96 8/28/96 10.00 $0.42 McDonald & Co. $40,000 $35,000,000
16. RMH Teleservices
Inc. 9/19/96 9/19/96 15.00 $0.52 Smith Barney $625,000 $35,000,000
17. Ocwen Financial Friedman Billings
Corp. 9/25/96 9/25/96 15.00 $0.63 & Ramsey $150,000 $30,000,000
18. United Auto Group
Inc. 10/23/96 10/23/96 30.00 $1.22 J.P. Morgan $210,000 $165,000,000
</TABLE>
<PAGE>
<PAGE>
<TABLE>
<CAPTION>
HERITAGE SERIES TRUST - GROWTH EQUITY FUND
DATE SECURITIES
DATE OF OFFERING PURCHASE ACQUIRED AMOUNT TOTAL
SECURITY: PURCHASE: COMMENCED: PRICE: COMMISSION: FROM: PURCHASED: OFFERING:
<C> <C> <C> <C> <C> <C> <C> <C> <C>
1. Associates First 5/07/96 5/07/96 29.00 $0.80 Goldman Sachs $290,000 $1,943,000,000
Capital Corp.
</TABLE>
<TABLE>
<CAPTION>
HERITAGE SERIES TRUST - VALUE EQUITY FUND
DATE SECURITIES
DATE OF OFFERING PURCHASE ACQUIRED AMOUNT TOTAL
SECURITY: PURCHASE: COMMENCED: PRICE: COMMISSION: FROM: PURCHASED: OFFERING:
<C> <C> <C> <C> <C> <C> <C> <C> <C>
1. Associates First 5/07/96 5/07/96 29.00 $0.80 Goldman Sachs $290,000 $1,943,000,000
Capital Corp.
</TABLE>
<PAGE>
<PAGE>
<PAGE>
