| Investment Process |
| Portfolio Highlights |
| Fund PDF Fact Sheet |
| Fund Returns |
| Daily Prices (NAVs) |
| Money Market Yields |
| Top Holdings & Industries |
| Prospectuses |
(800) 421-4184
(727) 567-8143
Growth and Income Trust Profile(as of 3/31/08)
Morningstar Overall Rating*
(4 stars as of March 31, 2008)
*For the overall period ended March 31, 2008, the Fund’s Class A shares were rated 4 stars. This proprietary rating by Morningstar, Inc. reflects risk-adjusted performance among a total of 1664 large-blend category funds. Class A shares of the fund also received a 4-star rating out of 1664 and 1314 funds for the 3- and 5-year periods, respectively, and a 3-star rating out of 621 large-blend category funds for the 10-year. These ratings are subject to change every month. Funds with at least three years of performance history are assigned ratings from the fund's three-, five- and ten-year average annual returns (when available) and a risk factor that reflects fund performance relative to three-month Treasury bill monthly returns. Funds' returns are adjusted for fees and sales loads. Ten percent of the funds in an investment category receive five stars, 22.5% receive four stars, 35% receive three stars, 22.5% receive two stars and the bottom 10% receive one star. Investment return and principal value will vary so that investors have a gain or loss when shares are sold. Funds are rated for up to three time periods (3-, 5-, and 10-years) and these ratings are combined to produce an overall rating. Ratings may vary among share classes and are based on past performance. Past performance does not guarantee future results.
Key Facts (as of 3/31/08)| Class | Inception | Symbol | Fund Cusip |
| A Shares | 12/15/86 | HRCVX | 42724C-100 |
| C Shares | 4/3/95 | HIGCX | 42724C-209 |
| Total net assets | $139.32 million | ||
| Total number of holdings | 45 | ||
| Initial minimum investment | $1,000 + | ||
| Retirement account minimum | $500 + | ||
| Subsequent investment | No minimum | ||
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+ Shareholders may establish an automatic investment plan with an initial investment of $50 and subsequent investments of $50 per month. |
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Top Holdings, Industries and Asset Allocation (as of 3/31/08)
| Top Holdings | Top Industries | ||
| Telefonica | 4.89% | Telecommunications | 20.08% |
| General Electric | 3.43% | Financial Services | 7.88% |
| AT&T | 3.22% | Banks | 5.66% |
| McDonald's | 3.19% | Oil and Gas | 5.63% |
| Eli Lilly | 3.04% | Pharmaceuticals | 4.63% |
| Kraft Foods | 2.98% | ||
| Air Products & Chemicals | 2.97% | ||
| Entergy | 2.94% | Asset Allocation | |
| Intel | 2.90% | Invested Portfolio | 89.02% |
| France Telecom | 2.87% | Cash/Other | 10.98% |
The information provided above should not be construed as a recommendation to buy, sell or hold any particular security. The data is shown for informational purposes only and is not indicative of future portfolio characteristics or returns. Portfolio holdings are not stagnant and may change over time without prior notice. |
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Performance Highlights
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Average annual total returns for periods through March 31, 2008. |
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| (excluding sales charge) |
(including sales charge) |
Expense ratio |
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| Class A shares | ||||
| Life of class (12/15/86) | 8.27% | 8.03% | 1.40% | 1.35% |
| 20-year | 9.14% | 8.88% | ||
| 15-year | 8.26% | 7.91% | ||
| 10-year | 3.81% | 3.30% | ||
| 5-year | 14.60% | 13.49% | ||
| 3-year | 10.07% | 8.30% | ||
| 1-year | 1.81% | -3.03% | ||
| Year-to-date (not annualized) | -11.92% | -16.10% | ||
Class C shares |
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| Life of class (4/3/95) | 7.76% | 7.76% | 2.16% | 2.14% |
| 10-year | 3.03% | 3.03% | ||
| 5-year | 13.71% | 13.71% | ||
| 3-year | 9.23% | 9.23% | ||
| 1-year | 1.01% | 1.01% | ||
| Year-to-date (not annualized) | -12.10% | -12.98% | ||
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*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. Net performance reflects a front-end sales charge of 4.75% for A shares. A 1% CDSC for C shares is charged on redemptions made within 12 months of purchase, but not at one year. The Fund's investment advisor, Heritage Asset Management, Inc. has contractually agreed to waive or reimburse certain fees and expenses through February 28, 2009. Performance data quoted reflects reinvested dividends and capital gains. 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. Please consider the investment objectives, risks, charges, and expenses of any fund carefully before investing. Contact Heritage at (800) 421-4184 or your financial advisor for a prospectus, which contains this and other important information about the funds. Read the prospectus carefully before you invest or send money. Not FDIC insured. No bank guarantee. May lose value. Heritage Fund Distributors, Inc., Member FINRA. 880 Carillon Parkway, St. Petersburg, FL 33716 |
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Investment Process
The fund's portfolio manager applies a rigorous standard of research to identify three main types of securities:
Basic Value - Stocks of financially sound companies with well-established businesses that are selling at low valuations relative to the company's net assets or potential earning power.
Consistent Growers - Stocks of companies with steady earnings and dividend growth that are selling at attractive values and are priced below historical norms.
Emerging Franchise - A small portion of the fund's assets will be invested in value-priced stocks of companies in the process of establishing a leading position in a product, service, or market that is expected to grow at an above average rate.
Portfolio Highlights
The fund manager's goal is to uncover promising companies with sound business fundamentals whose stocks are selling at a discount to their intrinsic value.
After narrowing the equity universe down to between 100 and 150 companies using valuation parameters, the manager conducts fundamental research by visiting companies and conducting thorough financial and market analysis.
The most attractive companies are then divided into three categories of value stocks: basic value, consistent earners, and emerging franchises. Fund management selects and maintains a diversified portfolio of 35 to 50 stocks.
A Word about Risk
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.
A limited portion of the fund's net assets may be invested in foreign securities. International investing presents specific risks, such as currency fluctuations, differences in financial accounting standards, and possible political or economic instability.
| Fund Objective |
Seeks long-term capital appreciation primarily, and current income secondarily. "While we want to make money, we invest with the potential downside in mind. Stock selection is the ultimate form of risk control and we try to make each new name in the portfolio improve its risk/reward characteristics and contribute to maintaining conservative portfolio attributes."
Meet the Managers
William V. Fries, CFA William V. Fries, CFA, is a managing director of Thornburg Investment Management and co-portfolio manager. Fries joined Thornburg Investment Management in 1995. He began his investment career as a security analyst and bank investment officer. Years of Investment Experience: 32 Assumed Management: July 2001 |
Brad Kinkelaar Brad Kinkelaar is a managing director of Thornburg Investment Management and co-portfolio manager. Kinkelaar received an MBA from the J.L. Kellogg School of Management at Northwestern University. Years of Investment Experience: 12 Assumed Management: January 2006 |