Heritage Funds Lipper Leaders as of March 31, 2008

Heritage Growth and Income Trust Heritage International Equity Fund Heritage Mid Cap Stock Fund

What it means to be a Lipper Leader for Total Return
A Lipper Leader for Total Return is a fund that has provided superior total returns when compared to a group of similar funds. Lipper Leaders for Total Return may be the best fit for investors who want the best historical return, without looking at risk. This measure alone may not be suitable for investors who want to avoid downside risk. For more risk-averse investors, Total Return ratings can be used with Preservation and/or Consistent Return ratings to make an appropriate selection that balances the risk and return.

What it means to be a Lipper Leader for Consistent Return
A Lipper Leader for Consistent Return is a fund that has provided superior consistency and risk-adjusted returns when compared to a group of similar funds. Lipper Leaders for Consistent Return may be the best fit for investors who value a fund's year-to-year consistency relative to other funds in a particular peer group.

Investors are cautioned that some peer groups are inherently more volatile than others, and even Lipper Leaders for Consistent Return in the most volatile groups may not be well suited to shorter-term goals or less risk-tolerant investors. Lipper ratings for Total Return are computed for all Lipper classifications with five or more distinct portfolios. The ratings are subject to change every month and are calculated for the following time periods: three-year, five-year, 10-year and overall. The overall calculation is based on an equal-weighted average of percentile ranks for the Total Return metrics over three-year, five-year and 10-year periods (if applicable). The highest 20 percent of funds in each classification are named Lipper Leaders for Total Return and are rated 5. The next 20 percent receive a rating of 4; the middle 20 percent are rated 3; the next 20 percent are rated 2, and the lowest 20 percent are rated 1.

Lipper ratings for Consistent Return reflect funds' historic returns, adjusted for volatility, relative to peers. Ratings for Consistent Return are computed for all Lipper classifications with five or more distinct portfolios. The ratings are subject to change every month and are calculated for the following time periods: three-year, five-year, 10-year and overall. The overall calculation is based on an equal-weighted average of percentile ranks for the Consistent Return metrics over three-year, five-year and 10-year periods (if applicable). The highest 20 percent of funds in each classification are named Lipper Leaders for Consistent Return and are rated 5. The next 20 percent receive a rating of 4; the middle 20 percent are rated 3; the next 20 percent are rated 2, and the lowest 20 percent are rated 1.

These funds received the following Lipper ratings for the overall, three-, five- and, when applicable, 10-year periods, respectively:

Heritage Growth and Income Trust within equity-income category. Total Return: overall rating of four (among 212 funds); Lipper Leader (among 212 and 144 funds, respectively); and two (among 96 funds). Consistent Return: overall rating of four (among 207 funds); Lipper Leader (among 206 and 141 funds, respectively); and one (among 91 funds).

Heritage International Equity Fund within international multi-cap core category. Total Return: overall rating of four (among 264 funds); Lipper Leader (among 264 funds); four (among 198 funds); and 2 (among 86 funds). Consistent Return: overall rating of four (among 257 funds); three (among 257 funds); Lipper Leader (among 192 funds); and three (among 82 funds).

Heritage Mid Cap Stock Fund within mid-cap core category. Total Return: overall rating of four (among 283 funds); Lipper Leader (among 283 funds); two (among 229 funds); and Lipper Leader (among 96 funds). Consistent Return: overall rating of three (among 280 funds); Lipper Leader (among 279 funds); one (among 226 funds); and three (among 92 funds).

International investing presents specific risks, such as currency fluctuations, differences in financial accounting standards, and potential political and economic instability. These risks are further accentuated in emerging market countries, where risks can also include possible economic dependency on revenues from particular commodities or on international aid or development assistance, currency transfer restrictions, and liquidity risks related to lower trading volumes. Investing in small- and mid-cap stocks may involve greater risks than investing in larger, more established companies. These companies often have narrow markets and more limited managerial and financial resources.

Investing in mid-cap stocks may involve greater risks that investing in larger, more established companies, including the risk of more volatile trading than with large-cap stocks.

Average annual total returns for Class A shares as of March 31, 2008: Heritage Growth and Income Trust: one-year, -3.03 percent; three-year, 8.30 percent; five-year, 13.49 percent; and 10-year, 3.30 percent. Class A share expense ratio is 1.40 percent. Heritage International Equity Fund: one-year, -4.92 percent; three-year, 14.80 percent; five-year, 20.92 percent; and 10-year, 5.20 percent. Class A share expense ratio is 1.45 percent. Heritage Mid Cap Stock Fund: one-year, -8.21 percent; three-year, 6.79 percent; five-year, 12.08 percent; and 10-year, 9.43 percent. Class A share expense ratio is 1.13 percent.

Performance data quoted represents past performance which does not guarantee future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Performance data quoted reflects reinvested dividends and capital gains. Net performance reflects a front-end sales charge of 4.75 percent for A shares. Current performance may be higher or lower than the performance data quoted. To obtain more current performance, please visit the Returns and Prices section of the website. Past performance does not guarantee future results.

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