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<PAGE> PAGE 2
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 15
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE STEPHEN G. HILL
TITLE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> VALUE EQUITY FUND - A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 34,932,104
<INVESTMENTS-AT-VALUE> 36,955,172
<RECEIVABLES> 242,399
<ASSETS-OTHER> 38,938
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,236,509
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<OTHER-ITEMS-LIABILITIES> 215,893
<TOTAL-LIABILITIES> 712,102
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,051,766
<SHARES-COMMON-STOCK> 1,512,589
<SHARES-COMMON-PRIOR> 1,271,984
<ACCUMULATED-NII-CURRENT> 182,541
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<ACCUM-APPREC-OR-DEPREC> 2,022,372
<NET-ASSETS> 36,524,407
<DIVIDEND-INCOME> 688,321
<INTEREST-INCOME> 124,437
<OTHER-INCOME> 0
<EXPENSES-NET> 607,513
<NET-INVESTMENT-INCOME> 205,245
<REALIZED-GAINS-CURRENT> 7,282,605
<APPREC-INCREASE-CURRENT> (39,985)
<NET-CHANGE-FROM-OPS> 7,447,865
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 134,796
<DISTRIBUTIONS-OF-GAINS> 1,655,997
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<NUMBER-OF-SHARES-SOLD> 386,250
<NUMBER-OF-SHARES-REDEEMED> 235,071
<SHARES-REINVESTED> 89,426
<NET-CHANGE-IN-ASSETS> 10,850,660
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<GROSS-EXPENSE> 299,606
<AVERAGE-NET-ASSETS> 18,555,008
<PER-SHARE-NAV-BEGIN> 20.27
<PER-SHARE-NII> 0.22
<PER-SHARE-GAIN-APPREC> 5.23
<PER-SHARE-DIVIDEND> 0.15
<PER-SHARE-DISTRIBUTIONS> 1.30
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 24.27
<EXPENSE-RATIO> 1.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> VALUE EQUITY FUND - C SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> $34,932,104
<INVESTMENTS-AT-VALUE> 36,955,172
<RECEIVABLES> 242,399
<ASSETS-OTHER> 38,938
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 37,236,509
<PAYABLE-FOR-SECURITIES> 496,209
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 215,893
<TOTAL-LIABILITIES> 712,102
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 27,051,766
<SHARES-COMMON-STOCK> 1,512,589
<SHARES-COMMON-PRIOR> 1,271,984
<ACCUMULATED-NII-CURRENT> 182,541
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 7,267,728
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 2,022,372
<NET-ASSETS> 36,524,407
<DIVIDEND-INCOME> 688,321
<INTEREST-INCOME> 124,437
<OTHER-INCOME> 0
<EXPENSES-NET> 607,513
<NET-INVESTMENT-INCOME> 205,245
<REALIZED-GAINS-CURRENT> 7,282,605
<APPREC-INCREASE-CURRENT> (39,985)
<NET-CHANGE-FROM-OPS> 7,447,865
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<DISTRIBUTIONS-OF-INCOME> 134,796
<DISTRIBUTIONS-OF-GAINS> 1,655,997
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<NUMBER-OF-SHARES-SOLD> 386,250
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<SHARES-REINVESTED> 89,426
<NET-CHANGE-IN-ASSETS> 10,850,660
<ACCUMULATED-NII-PRIOR> 102,173
<ACCUMULATED-GAINS-PRIOR> 1,651,039
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 307,907
<AVERAGE-NET-ASSETS> 13,024,403
<PER-SHARE-NAV-BEGIN> 20.06
<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 5.20
<PER-SHARE-DIVIDEND> 0.03
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<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.98
<EXPENSE-RATIO> 2.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> SMALL CAP STOCK FUND - A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 234,467,657
<INVESTMENTS-AT-VALUE> 298,829,535
<RECEIVABLES> 6,130,499
<ASSETS-OTHER> 14,611,462
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<TOTAL-ASSETS> 319,621,496
<PAYABLE-FOR-SECURITIES> 6,422,769
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 849,080
<TOTAL-LIABILITIES> 7,271,849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 230,116,255
<SHARES-COMMON-STOCK> 10,334,429
<SHARES-COMMON-PRIOR> 5,026,541
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,871,514
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,361,878
<NET-ASSETS> 312,349,647
<DIVIDEND-INCOME> 1,408,365
<INTEREST-INCOME> 887,092
<OTHER-INCOME> 0
<EXPENSES-NET> 2,855,600
<NET-INVESTMENT-INCOME> (560,143)
<REALIZED-GAINS-CURRENT> 18,888,445
<APPREC-INCREASE-CURRENT> 42,301,556
<NET-CHANGE-FROM-OPS> 60,629,858
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 9,911,582
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<NUMBER-OF-SHARES-SOLD> 5,952,593
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<SHARES-REINVESTED> 428,532
<NET-CHANGE-IN-ASSETS> 191,570,779
<ACCUMULATED-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,856,831
<AVERAGE-NET-ASSETS> 147,991,995
<PER-SHARE-NAV-BEGIN> 24.08
<PER-SHARE-NII> (0.02)
<PER-SHARE-GAIN-APPREC> 8.21
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.88
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 30.39
<EXPENSE-RATIO> 1.25
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 1
<NAME> SMALL CAP STOCK FUND - C SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 234,467,657
<INVESTMENTS-AT-VALUE> 298,829,535
<RECEIVABLES> 6,130,499
<ASSETS-OTHER> 14,661,462
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<TOTAL-ASSETS> 319,621,496
<PAYABLE-FOR-SECURITIES> 6,422,769
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 849,080
<TOTAL-LIABILITIES> 7,271,849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 230,116,255
<SHARES-COMMON-STOCK> 10,334,429
<SHARES-COMMON-PRIOR> 5,026,541
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 17,871,514
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 64,361,878
<NET-ASSETS> 312,349,647
<DIVIDEND-INCOME> 1,408,365
<INTEREST-INCOME> 887,092
<OTHER-INCOME> 0
<EXPENSES-NET> 2,855,600
<NET-INVESTMENT-INCOME> (560,143)
<REALIZED-GAINS-CURRENT> 18,888,445
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<NUMBER-OF-SHARES-SOLD> 5,952,593
<NUMBER-OF-SHARES-REDEEMED> 1,073,237
<SHARES-REINVESTED> 428,532
<NET-CHANGE-IN-ASSETS> 191,570,779
<ACCUMULATED-NII-PRIOR> 0
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<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1,609,998
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<GROSS-EXPENSE> 998,769
<AVERAGE-NET-ASSETS> 50,007,762
<PER-SHARE-NAV-BEGIN> 23.84
<PER-SHARE-NII> (0.23)
<PER-SHARE-GAIN-APPREC> 8.10
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 1.88
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<PER-SHARE-NAV-END> 29.83
<EXPENSE-RATIO> 2.00
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> GROWTH EQUITY FUND - A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 32,859,425
<INVESTMENTS-AT-VALUE> 42,864,875
<RECEIVABLES> 495,814
<ASSETS-OTHER> 32,724
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 43,393,413
<PAYABLE-FOR-SECURITIES> 426,057
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 174,754
<TOTAL-LIABILITIES> 600,811
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,199,284
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<SHARES-COMMON-PRIOR> 974,243
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 587,868
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 42,792,602
<DIVIDEND-INCOME> 261,178
<INTEREST-INCOME> 105,451
<OTHER-INCOME> 0
<EXPENSES-NET> 551,817
<NET-INVESTMENT-INCOME> (185,188)
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<NUMBER-OF-SHARES-SOLD> 1,087,754
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 25,546,137
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (54,321)
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<GROSS-EXPENSE> 307,004
<AVERAGE-NET-ASSETS> 19,033,529
<PER-SHARE-NAV-BEGIN> 17.74
<PER-SHARE-NII> (0.07)
<PER-SHARE-GAIN-APPREC> 6.10
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<PER-SHARE-NAV-END> 23.77
<EXPENSE-RATIO> 1.61
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> GROWTH EQUITY FUND - C SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 32,859,425
<INVESTMENTS-AT-VALUE> 42,864,875
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<ASSETS-OTHER> 32,724
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<PAYABLE-FOR-SECURITIES> 426,057
<SENIOR-LONG-TERM-DEBT> 0
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<TOTAL-LIABILITIES> 600,811
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 32,199,284
<SHARES-COMMON-STOCK> 1,811,914
<SHARES-COMMON-PRIOR> 974,243
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
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<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 42,792,602
<DIVIDEND-INCOME> 261,178
<INTEREST-INCOME> 105,451
<OTHER-INCOME> 0
<EXPENSES-NET> 551,817
<NET-INVESTMENT-INCOME> (185,188)
<REALIZED-GAINS-CURRENT> 818,812
<APPREC-INCREASE-CURRENT> 7,556,848
<NET-CHANGE-FROM-OPS> 8,190,472
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<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> (54,321)
<OVERDISTRIB-NII-PRIOR> 0
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 244,813
<AVERAGE-NET-ASSETS> 10,372,613
<PER-SHARE-NAV-BEGIN> 17.61
<PER-SHARE-NII> (0.24)
<PER-SHARE-GAIN-APPREC> 6.05
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<PER-SHARE-NAV-END> 23.42
<EXPENSE-RATIO> 2.36
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO - A SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 38,139,346
<INVESTMENTS-AT-VALUE> 40,084,014
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<PAYABLE-FOR-SECURITIES> 853,462
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<TOTAL-LIABILITIES> 1,118,201
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<PAID-IN-CAPITAL-COMMON> 38,658,990
<SHARES-COMMON-STOCK> 1,745,457
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<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,049,917
<OVERDISTRIBUTION-GAINS> (40,256)
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<NET-ASSETS> 41,614,923
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<INTEREST-INCOME> 132,268
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<EXPENSES-NET> 885,902
<NET-INVESTMENT-INCOME> (131,673)
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<DISTRIBUTIONS-OF-INCOME> 399,751
<DISTRIBUTIONS-OF-GAINS> 205,544
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 727,183
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<PER-SHARE-NII> 0.05
<PER-SHARE-GAIN-APPREC> 2.28
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<PER-SHARE-NAV-END> 23.97
<EXPENSE-RATIO> 1.97
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO - C SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 38,139,346
<INVESTMENTS-AT-VALUE> 40,084,014
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<OVERDISTRIBUTION-GAINS> (40,256)
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<NET-INVESTMENT-INCOME> (131,673)
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<GROSS-EXPENSE> 70,126
<AVERAGE-NET-ASSETS> 2,578,263
<PER-SHARE-NAV-BEGIN> 22.12
<PER-SHARE-NII> (0.13)
<PER-SHARE-GAIN-APPREC> 2.25
<PER-SHARE-DIVIDEND> 0.34
<PER-SHARE-DISTRIBUTIONS> 0.17
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<PER-SHARE-NAV-END> 23.73
<EXPENSE-RATIO> 2.72
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> EAGLE INTERNATIONAL EQUITY PORTFOLIO - EAGLE SHARES
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1997
<PERIOD-START> OCT-31-1996
<PERIOD-END> OCT-31-1997
<INVESTMENTS-AT-COST> 38,139,346
<INVESTMENTS-AT-VALUE> 40,084,014
<RECEIVABLES> 2,420,420
<ASSETS-OTHER> 228,690
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 42,733,124
<PAYABLE-FOR-SECURITIES> 853,462
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 264,739
<TOTAL-LIABILITIES> 1,118,201
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 38,658,990
<SHARES-COMMON-STOCK> 1,745,457
<SHARES-COMMON-PRIOR> 1,170,011
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1,049,917
<OVERDISTRIBUTION-GAINS> (40,256)
<ACCUM-APPREC-OR-DEPREC> 1,946,272
<NET-ASSETS> 41,614,923
<DIVIDEND-INCOME> 621,961
<INTEREST-INCOME> 132,268
<OTHER-INCOME> 0
<EXPENSES-NET> 885,902
<NET-INVESTMENT-INCOME> (131,673)
<REALIZED-GAINS-CURRENT> 1,349,757
<APPREC-INCREASE-CURRENT> 1,252,012
<NET-CHANGE-FROM-OPS> 2,470,096
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 399,751
<DISTRIBUTIONS-OF-GAINS> 205,544
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 727,183
<NUMBER-OF-SHARES-REDEEMED> 177,429
<SHARES-REINVESTED> 25,692
<NET-CHANGE-IN-ASSETS> 15,700,637
<ACCUMULATED-NII-PRIOR> 230,207
<ACCUMULATED-GAINS-PRIOR> 166,664
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 260,480
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 715,134
<AVERAGE-NET-ASSETS> 27,504,295
<PER-SHARE-NAV-BEGIN> 22.14
<PER-SHARE-NII> (0.11)
<PER-SHARE-GAIN-APPREC> 2.28
<PER-SHARE-DIVIDEND> 0.31
<PER-SHARE-DISTRIBUTIONS> 0.17
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 23.83
<EXPENSE-RATIO> 2.60
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
For period ended 10-31-97
File Number 811-7470
Sub-Item 77.B
All Series
Suite 2800 Telephone (813) 223-7577
400 North Ashley Street
Tampa, FL 33601-2640
PRICE WATERHOUSE LLP
To the Shareholders and 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, 1997, we considered
its internal control structure, including control activities for safeguarding
securities, in order to determine our auditing procedures for the purpose of
expressing our opinion on the financial statements and to comply with the
requirements of Form N-SAR, not to provide assurance on internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In fulfilling this responsibility, estimates and judgments by
management are required to assess the expected benefits and related costs of
control activities. Generally, control activities that are relevant to an audit
pertain to the entity's objective of preparing financial statements for external
purposes that are fairly presented in conformity with generally accepted
accounting principles. Those control activities include the safeguarding of
assets against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors or irregularities
may occur and not be detected. Also, projection of any evaluation of internal
control 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 internal control would not necessarily disclose all matters
in internal control 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 any
specific internal control components 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 internal control,
including control activities for safeguarding securities, that we consider to be
material weaknesses as defined above as of October 31, 1997.
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
Tampa, Florida
December 17, 1997
For period ended 10/31/97
File No. 811-7470
Sub-Item 77.O
Series Number 1
<TABLE>
<CAPTION>
HST - Small Cap Stock Fund
The following transactions were effected by the Small Cap Stock Fund pursuant to Rule 10f-3 during the period:
Security: Date of Purchase: Date offering Purchase Commission: Securities acquired Amount Total
commenced: price: from: purchased: Offering:
<S> <C> <C> <C> <C> <C> <C> <C>
Iteq, Inc. May 21, 1997 May 21, 1997 6.88 $0.26 Everen Securities $34,375 $34,000,000
Somanetics May 30, 1997 May 30, 1997 4.00 $0.26 Brean Murray $400,000 $8,400,000
RCM technologies June 10, 1997 June 10, 1997 9.5 $0.36 Legg Mason $53,560 $2,500,000
Star Tek June 19, 1997 June 19, 1997 15.00 $0.63 DLJ $500,000 $55,000,000
Sawtek, Inc. July 01, 1997 July 01, 1997 33.50 $0.98 Hambrecht & Quist $5,000 $3,000,000
Innkeepers U.S.A July 24, 1997 July 24, 1997 14.00 $0.45 Lehman Brothers $700,000 $119,000,000
Armor Holdings July 25, 1997 July 25, 1997 10.13 $0.36 Dillon Read $506,250 $40,500,000
Parkway Properties September 18, 1997 September 18, 1997 33.69 $1.05 Paine Webber $90,956 $101,062,500
N.S Group September 19, 1997 September 19, 1997 30.00 $0.95 Smith Barney $35,000 $7,500,000
Mid-Atlantic Realty October 14, 1997 October 14, 1997 13.00 $0.77 Legg Mason $650,000 $45,500,000
Mid-Atlantic Realty October 14, 1997 October 14, 1997 13.00 $0.77 Salomon $838,500 $45,500,000
Mac-Gray Corp. October 17, 1997 October 17, 1997 11.00 $0.77 Salomon $110,000 $44,000,000
Assisted Living Concepts October 21, 1997 October 21, 1997 100.00 $35.00 Schroder $1,000,000 $50,000,000
Middleby October 30, 1997 October 30, 1997 10.00 $0.60 Schroder $1,000,000 $26,100,000
</TABLE>
