<PAGE> 1
October 12, 1995
Dear Fellow Shareholders:
I am pleased to provide you with the annual report for Heritage Cash
Trust-Money Market Fund for the fiscal year ended August 31, 1995. During this
period, the net assets of your Fund increased from approximately $982 million to
$1.29 billion.
After remaining at below 3% from 1992 through early 1994, rates on our
Money Market Fund increased steadily to over 5% earlier this year. As of the end
of your Fund's most recent fiscal year, the seven-day effective yield was 5.12%.
We do not expect significant near-term action from the Federal Reserve Board
that would cause rates either to increase significantly or to fall to the levels
of two years ago.
We continue to take a very conservative approach to investing the assets of
your Fund's portfolio. Your Fund continues to maintain a AAAm rating from
Standard & Poor's reflecting the fact that our credit quality and average
maturity criteria are even more restrictive than those required by the
Securities and Exchange Commission. Heritage Cash Trust also continues to offer
you a wide range of convenient features including free checks, free checkwriting
with a $100 minimum check amount, and daily sweeps of cash to and from brokerage
accounts. In June of this year, the time period to settle securities trades with
your brokerage firm decreased from five to three days. These new "T+3" rules
make even more important the use of a cash holding place such as Heritage Cash
Trust in conjunction with your brokerage account.
Thank you for your continuing investment in Heritage Cash Trust-Money
Market Fund. We look forward to serving your investment needs for years to come.
Sincerely,
/s/ Stephen G. Hill
------------------------------
Stephen G. Hill
President
<PAGE> 2
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
REPURCHASE AGREEMENT--3.2% VALUE
- --------------------------------------------------------------------------------------------------------- --------------
<S> <C>
Repurchase Agreement with State Street Bank and Trust Company, dated August 31, 1995, @ 5.75%, to be
repurchased at $41,476,624 on September 1, 1995, (collateralized by $34,290,000 United States Treasury
Notes, 8.875%, due August 15, 2017 with a market value of $42,563,744 including interest) (cost
$41,470,000)............................................................................................. $ 41,470,000
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S)
- ------------------------ -----------------
<C> <S> <C> <C>
COMMERCIAL PAPER--85.0%
DOMESTIC--70.9%
BEVERAGES--4.6%
$ 50,000,000 The Coca-Cola Company, 5.62%-5.65%............................ 10/13/95-12/04/95 49,449,267
10,000,000 PepsiCo, Inc., 5.70%.......................................... 09/07/95 9,990,500
--------------
59,439,767
--------------
CHEMICALS--4.6%
50,000,000 Dupont (E.I.) De Nemours & Company, 5.66%-5.92%............... 09/20/95-09/22/95 49,839,506
10,000,000 Monsanto Company, 5.68%....................................... 09/06/95 9,992,111
--------------
59,831,617
--------------
COMPUTER/OFFICE EQUIPMENT--1.0%
2,500,000 Hewlett-Packard Company, 5.58%................................ 10/03/95 2,487,600
10,000,000 Xerox Credit Corporation, 5.73%............................... 10/05/95 9,945,883
--------------
12,433,483
--------------
CORPORATE FINANCE--11.5%
50,000,000 Ciesco, L.P., 5.67%-5.68%..................................... 10/11/95-11/14/95 49,490,928
50,000,000 Corporate Asset Funding Corporation, 5.64%-5.87%.............. 09/11/95-11/03/95 49,711,359
50,000,000 General Electric Capital Corporation, 5.68%-5.72%............. 09/06/95-11/24/95 49,791,430
--------------
148,993,717
--------------
DRUGS--5.7%
5,300,000 Abbott Laboratories, 5.82%.................................... 10/17/95 5,260,583
30,000,000 Lilly (Eli) & Company, 5.63%.................................. 10/12/95 29,807,813
21,000,000 Pfizer, Inc., 5.70%........................................... 09/29/95 20,906,900
18,158,000 Schering Corporation, 5.63%-5.88%............................. 10/04/95-11/02/95 18,045,761
--------------
74,021,057
--------------
ELECTRONICS--4.2%
5,000,000 Emerson Electric Company, 5.68%............................... 09/18/95 4,986,589
50,000,000 Motorola Credit Corporation, 5.69%-5.71%...................... 09/28/95-10/06/95 49,763,385
--------------
54,749,974
--------------
FOOD--8.0%
50,000,000 Cargill, Inc., 5.65%-5.68%.................................... 09/11/95-11/16/95 49,553,561
19,000,000 Campbell Soup Company, 5.68%-5.88%............................ 11/03/95-11/07/95 18,801,107
20,500,000 Heinz (H.J.) Company, 5.72%................................... 09/05/95-09/29/95 20,460,278
15,000,000 Kellogg Company, 5.83%........................................ 11/17/95 14,812,954
--------------
103,627,900
--------------
GRAPHIC ARTS PRINTING--0.2%
2,600,000 Donnelley (R.R.) & Sons Company, 5.73%........................ 09/20/95 2,592,137
--------------
HOUSEHOLD PRODUCTS--6.6%
35,000,000 The Kimberly-Clark Corporation, 5.63%......................... 09/21/95 34,890,528
50,000,000 The Procter & Gamble Company, 5.62%-5.92%..................... 09/07/95-11/20/95 49,816,860
--------------
84,707,388
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
2
<PAGE> 3
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1995
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S) VALUE
- ------------------------ ----------------- --------------
<C> <S> <C> <C>
OIL & GAS--10.8%
$ 40,000,000 Amoco Company, 5.63%.......................................... 09/01/95 $ 40,000,000
50,000,000 Chevron Oil Finance Company, 5.71%............................ 09/05/95 49,968,278
50,000,000 Shell Oil Company, 5.63%...................................... 10/13/95 49,671,583
--------------
139,639,861
--------------
PUBLISHING--0.5%
7,000,000 McGraw-Hill, Inc., 5.68%...................................... 10/10/95 6,956,927
--------------
RETAIL--4.9%
10,000,000 Albertson's, Inc., 5.70%...................................... 09/05/95 9,993,667
20,000,000 Penney (J.C.) Funding Corporation, 5.72%...................... 09/22/95-10/06/95 19,911,022
33,000,000 Wal-Mart Stores, Inc., 5.68%.................................. 09/06/95 32,974,196
--------------
62,878,885
--------------
TELECOMMUNICATIONS--8.3%
50,000,000 AT&T Corporation, 5.60%-5.72%................................. 09/01/95-02/02/96 49,811,825
10,000,000 Bell Atlantic Network Funding, 5.68%.......................... 09/28/95 9,957,400
3,000,000 Southwestern Bell Capital Corporation, 5.68%.................. 10/03/95 2,984,853
45,000,000 Southwestern Bell Telephone Company, 5.66%.................... 10/31/95 44,575,500
--------------
107,329,578
--------------
Total Domestic Commercial Paper............................... 917,202,291
--------------
FOREIGN-14.1%(B)
CORPORATE FINANCE--4.4%
21,400,000 The Canadian Wheat Board, 5.55%-5.67%......................... 10/12/95-02/27/96 21,050,426
27,000,000 Province of Alberta, 5.61%-5.87%.............................. 09/12/95-01/12/96 26,663,312
9,100,000 Province of British Columbia, 5.60%-5.80%..................... 11/20/95-02/05/96 8,965,411
--------------
56,679,149
--------------
DRUGS--1.5%
20,000,000 SmithKline Beecham Corporation, 5.48%......................... 11/22/95 19,750,356
--------------
FOOD--5.0%
24,500,000 Nestle Capital Corporation, 5.68%-5.92%....................... 09/15/95-11/08/95 24,273,316
40,490,000 Unilever Capital Corporation, 5.63%-5.78%..................... 09/22/95-11/21/95 40,102,262
--------------
64,375,578
--------------
ELECTRONICS--0.1%
2,000,000 Siemens Corporation, 5.70%.................................... 09/07/95 1,998,100
--------------
UTILITIES--3.1%
40,000,000 Ontario Hydro, 5.72%-5.87%.................................... 09/01/95-09/08/95 39,989,990
--------------
Total Foreign Commercial Paper................................ 182,793,173
--------------
Total Commercial Paper (cost $1,099,995,464).................. 1,099,995,464
--------------
</TABLE>
The accompanying notes are an integral part of the financial statements.
3
<PAGE> 4
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF NET ASSETS
AUGUST 31, 1995
(CONTINUED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL FINAL
AMOUNT MATURITY DATE(S) VALUE
- ------------------------ ----------------- --------------
<C> <S> <C> <C>
CORPORATE NOTES--0.8%
Navistar Financial Corporation, Owner Trust, 1995-A, A-1,
$ 7,822,338 5.90%......................................................... 05/20/96 $ 7,823,232
3,000,000 Mobil Oil Corporation, 6.75%.................................. 10/01/95 3,001,749
--------------
Total Corporate Notes (cost $10,824,981)...................... 10,824,981
--------------
U.S. GOVERNMENT AND AGENCY SECURITIES--13.2%
21,381,469 Agency for International Development - Jamaica, 6.33%(d)...... 03/30/19 21,381,469
11,815,000 Agency for International Development - Sri-Lanka, 6.08%(d).... 06/15/12 11,883,727
50,000,000 Federal Home Loan Bank, 5.44%-6.53%........................... 09/26/95-02/15/96 49,588,489
48,500,000 Federal Home Loan Mortgage Corporation, 5.79%-6.01%........... 10/03/95-05/13/96 48,299,171
30,000,000 Federal National Mortgage Association, 5.50%-5.97%............ 12/12/95-06/12/96 29,825,690
10,000,000 U.S. Treasury Note, 4.625%.................................... 02/15/96 9,939,176
--------------
Total U.S. Government and Agency Securities
(cost $170,917,722)......................................... 170,917,722
--------------
TOTAL INVESTMENTS (cost $1,323,208,167)(c), 102.3%(a).................................... 1,323,208,167
OTHER ASSETS AND LIABILITIES, net, (2.3%)(a)............................................. (29,468,446)
--------------
NET ASSETS (net asset value, offering and redemption price of $1.00 per share divided by
1,294,009,037 shares outstanding), consisting of paid-in-capital net of accumulated net
realized loss of $269,316, 100.00%..................................................... $1,293,739,721
==============
</TABLE>
- ---------------
(a) Percentages are based on net assets.
(b) U.S. dollar denominated.
(c) The aggregate identified cost for federal income tax purposes is the same.
(d) Floating rate notes, which reset on a weekly basis.
The accompanying notes are an integral part of the financial statements.
4
<PAGE> 5
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
STATEMENT OF OPERATIONS
FOR THE YEAR ENDED AUGUST 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<S> <C> <C>
Investment Income
Interest................................................................................. $65,182,402
Expenses (Notes 1 and 4):
Management fee......................................................................... $5,436,551
Distribution fee....................................................................... 1,687,221
Shareholder servicing.................................................................. 1,437,554
Custodian/Fund accounting fees......................................................... 128,072
Amortization of state registration expenses............................................ 124,628
Reports to shareholders................................................................ 117,471
Federal registration fees.............................................................. 88,595
Professional fees...................................................................... 47,085
Insurance.............................................................................. 27,832
Trustees' fees and expenses............................................................ 9,923
Other.................................................................................. 26,059
----------
Total expenses before waiver..................................................... 9,130,991
Fees waived by Manager (Note 4).......................................................... (244,972) 8,886,019
---------- -----------
Net investment income.................................................................... 56,296,383
Realized Loss on Investments
Net realized loss from investment transactions........................................... (269,316)
-----------
Net increase in net assets resulting from operations..................................... $56,027,067
===========
</TABLE>
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
-----------------------------------
AUGUST 31, 1995 AUGUST 31, 1994
--------------- ---------------
<S> <C> <C>
Increase in net assets:
Operations:
Net investment income.......................................................... $ 56,296,383 $ 28,081,361
Net realized loss from investment transactions................................. (269,316 ) (15,719)
--------------- ---------------
Net increase in net assets resulting from operations............................. 56,027,067 28,065,642
Distributions to shareholders from net investment income ($.050 and $.029 per
share, respectively)........................................................... (56,296,383 ) (28,065,642)
Increase in net assets from Fund share transactions (Note 2)..................... 312,390,427 56,392,416
--------------- ---------------
Increase in net assets........................................................... 312,121,111 56,392,416
Net assets, beginning of year.................................................... 981,618,610 925,226,194
--------------- ---------------
Net assets, end of year.......................................................... $1,293,739,721 $ 981,618,610
============== ==============
</TABLE>
The accompanying notes are an integral part of the financial statements.
5
<PAGE> 6
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
The following table includes selected data for a share outstanding throughout
each period and other performance information derived from the financial
statements.
<TABLE>
<CAPTION>
FOR THE YEARS ENDED AUGUST 31,
----------------------------------------------------------------------------------------------
1995 1994 1993 1992 1991 1990 1989 1988 1987 1986+
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF
PERIOD.............. $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment
income (a)........ .050(b) .029(b) .025(b) .038(b) .063 .077 .084 .065 .054(b) .050(b)
LESS DISTRIBUTIONS:
Dividends from net
investment income
and net realized
gains (a)......... (.050) (.029) (.025) (.038) (.063) (.077) (.084) (.065) (.054) (.050)
------ ------ ------ ------ ------ ------ ------ ------ ------ ------
NET ASSET VALUE, END
OF PERIOD........... $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000 $1.000
====== ====== ====== ====== ====== ====== ====== ====== ====== ======
TOTAL RETURN %........ 5.00 2.87 2.48 3.77 6.27 7.73 8.38 6.46 5.43 5.05(d)
RATIOS TO AVERAGE
DAILY NET ASSETS
(%)/SUPPLEMENTAL
DATA:
Operating expenses,
net............... .79(b) .79(b) .78(b) .78(b) .79 .81 .90 .94 1.00(b) 1.00(b)
Net investment
income............ 5.00(b) 2.87(b) 2.47(b) 3.75(b) 6.20 7.73 8.51 6.47 5.45(b) 6.56(b)
Net assets, end
of period
($ millions)...... 1,294 982 925 953 890 727 475 230 153 139
</TABLE>
- ---------
+ For the period November 25, 1985 (commencement of operations) to August 31,
1986.
(a) Includes net realized gains (losses) which were ($.001), ($.001), $.001,
$.001, $.001, ($.001), $.001, $.001, ($.001) and less than $.003 per share,
respectively.
(b) Excludes management fees waived by the Manager in the amount of less than
$.001, $.001, $.001, $.001, $.001 and $.001 per share, respectively. The
operating expense ratios including such items would be .81%, .81%, .81%,
.78%, 1.01% and 1.12% (annualized), respectively.
(c) Annualized.
(d) Not annualized.
6
<PAGE> 7
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
Note 1: SIGNIFICANT ACCOUNTING POLICIES. Heritage Cash Trust (the "Trust") is
organized as a Massachusetts business trust and is registered under the
Investment Company Act of 1940, as amended, as a no-load, diversified,
open-end management investment company consisting of two separate
investment portfolios, the Money Market Fund (the "Fund") and the
Municipal Money Market Fund. The Fund is designed for investors who wish
to participate in a supervised portfolio of debt securities with
remaining maturities of not more than 397 days. The Fund offers two
classes of shares, Class A and Class C Shares. Class C Shares may be
acquired only through exchanges of Class C Shares of other Heritage
Mutual Funds. At August 31, 1995, there were no Class C Shares
outstanding. The policies described below are followed consistently by
the Fund in the preparation of its financial statements in conformity
with generally accepted accounting principles.
Security Valuation: The Fund uses the amortized cost method of security
valuation (as set forth in Rule 2a-7 under the Investment Company Act of
1940, as amended). The amortized cost of an instrument is determined by
valuing it at cost at the time of purchase and thereafter
accreting/amortizing any purchase discount/premium at a constant rate
until maturity, regardless of the effect of fluctuating interest rates
on the market value of the instrument.
Repurchase Agreements: The Fund enters into repurchase agreements
whereby the Fund, through its custodian, receives delivery of the
underlying securities, the market value of which at the time of purchase
is required to be an amount equal to at least 100% of the resale price.
Federal Income Taxes: The Fund is treated as a single corporate taxpayer
as provided for in The Tax Reform Act of 1986, as amended. The Fund's
policy is to comply with the requirements of the Internal Revenue Code
of 1986, as amended, which are applicable to regulated investment
companies and to distribute substantially all of its taxable income to
its shareholders. Accordingly, no provision has been made for federal
income and excise taxes. As of August 31, 1995, the Fund has net tax
basis capital loss carryforwards of $9,682 and $6,037 which may be
applied to any net taxable gains until their expiration dates in 2001
and 2002, respectively. In addition the Fund has post-October losses
that the Fund has deferred in the amount of $269,316.
Distribution of Income and Gains: Distributions from net investment
income and net realized gains available for distribution are declared
daily and paid monthly. The Fund uses the identified cost method for
determining realized gain or loss on investment transactions for both
financial and federal income tax reporting purposes.
State Registration Expenses: State registration fees are amortized based
either on the time period covered by the registration or as related
shares are sold, whichever is appropriate for each state.
Capital Accounts: The Fund reports the undistributed net investment
income and accumulated net realized gain (loss) accounts on a basis
approximating amounts available for future tax distributions (or to
offset future taxable realized gains when a capital loss carryforward is
available). Accordingly, the Fund may periodically make
reclassifications among certain capital accounts without impacting the
net asset value of the Fund.
Other: Investment transactions are recorded on a trade date basis which
is generally the same as settlement date. Interest income is recorded on
the accrual basis.
Note 2: FUND SHARES. At August 31, 1995, there was an unlimited number of
shares of beneficial interest of no par value authorized. Transactions
in shares of the Fund during the years ended August 31, 1995 and 1994,
at a constant net asset value of $1.00 per share, were as follows:
<TABLE>
<CAPTION>
FOR THE YEARS ENDED
---------------------------------------
AUGUST 31, 1995 AUGUST 31, 1994
----------------- ---------------
<S> <C> <C>
Shares sold.......................................................... 4,788,622,703 4,409,461,564
Shares issued in reinvestment of distributions....................... 55,467,958 27,661,751
Shares redeemed...................................................... (4,531,700,234) (4,380,730,899 )
----------------- ---------------
Net increase....................................................... 312,390,427 56,392,416
Shares outstanding:
Beginning of year.................................................. 981,618,610 925,226,194
----------------- ---------------
End of year........................................................ 1,294,009,037 981,618,610
================= ==============
</TABLE>
7
<PAGE> 8
- --------------------------------------------------------------------------------
HERITAGE CASH TRUST -- MONEY MARKET FUND
NOTES TO FINANCIAL STATEMENTS
(CONTINUED)
- --------------------------------------------------------------------------------
Note 3: PURCHASES, SALES AND MATURITIES OF SECURITIES. For the year ended
August 31, 1995, purchases, sales and maturities of short-term
investment securities excluding repurchase agreements aggregated
$10,019,437,155, $56,386,369 and $9,694,617,000, respectively. Purchases
and sales of U.S. government obligations aggregated $9,897,656 and
$25,782,143, respectively.
Note 4: MANAGEMENT, DISTRIBUTION, SHAREHOLDER SERVICING AGENT AND TRUSTEES'
FEES. Under the Fund's Investment Advisory and Administration Agreement
with Heritage Asset Management, Inc. (the "Manager"), the Fund agrees to
pay to the Manager for investment advice, portfolio management services
(including the placement of brokerage orders), and certain compliance
and administrative services a fee equal to an annual rate of 0.50% of
the first $500,000,000 of the Fund's average daily net assets, 0.475% of
the next $500,000,000, 0.45% of the next $500,000,000, 0.425% of the
next $500,000,000, and 0.40% of any excess over $2,000,000,000 of such
net assets, computed daily and payable monthly. The annual effective
management fee rate after fee waivers for the year ended August 31, 1995
was .46%. The amount payable to the Manager as of August 31, 1995 was
$295,047. The agreement also provides for a reduction in such fees in
any year to the extent that operating expenses of the Fund exceed
applicable state expense limitations. For the period January 2, 1992 to
December 31, 1992, the Manager voluntarily agreed to waive its fees and,
if necessary, reimburse the Fund to the extent that the Fund's annual
operating expenses exceeded .77%, on an annual basis, of the Fund's
average daily net assets. Effective January 1, 1993, this voluntary
expense limitation was changed to .79%, on an annual basis, of the
Fund's average daily net assets. Under these arrangements, management
fees of $244,972 ($.0002 per share) were waived during the year ended
August 31, 1995. If total Fund expenses fall below the expense
limitation agreed to by the Manager before the end of the year ending
August 31, 1997, the Fund may be required to pay the Manager a portion
or all of the waived management fee. In addition, the Fund may be
required to pay the Manager a portion or all of the management fee
waived ($207,108) in the prior year ended August 31, 1994 if total Fund
expenses fall below the annual expense limitation before the end of the
year ending August 31, 1996.
The Manager is also the Dividend Paying and Shareholder Servicing Agent
for the Fund. The amount payable to the Manager for such expenses as of
August 31, 1995 was $255,000. In addition, the Manager performs Fund
Accounting services for the Fund and charged $35,932 during the current
year of which $6,000 was payable as of August 31, 1995.
Pursuant to a plan adopted in accordance with Rule 12b-1 of the
Investment Company Act of 1940, as amended, the Fund pays Raymond James
& Associates, Inc. (the "Distributor") a fee equal to 0.15% of average
daily net assets for the services it provides in connection with the
promotion and distribution of Fund shares. Such fee is accrued daily and
payable monthly. The amount payable to the Distributor as of August 31,
1995 was $169,255. The Manager, Distributor, Fund Accountant and
Shareholder Servicing Agent are all wholly-owned subsidiaries of Raymond
James Financial, Inc.
Trustees of the Trust also serve as Trustees for Heritage Capital
Appreciation Trust, Heritage Income-Growth Trust, Heritage Income Trust,
Heritage Series Trust and Heritage U.S. Government Income Fund, mutual
funds that are also advised by the Manager or its affiliates
(collectively referred to as the Heritage Mutual Funds). Each Trustee of
the Heritage Mutual Funds who is not an interested person of the Manager
receives an annual fee of $8,000 and an additional fee of $2,000 for
each combined quarterly meeting of the Heritage Mutual Funds attended.
Trustees' fees and expenses are shared equally by each of the Heritage
Mutual Funds.
8
<PAGE> 9
- --------------------------------------------------------------------------------
REPORT OF INDEPENDENT ACCOUNTANTS
- --------------------------------------------------------------------------------
To the Shareholders and Board of Trustees of
Heritage Cash Trust-Money Market Fund:
We have audited the accompanying statement of net assets of Heritage Cash
Trust-Money Market Fund as of August 31, 1995, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the nine years in the period then ended and for the period November 25,
1985 (commencement of operations) to August 31, 1986. These financial statements
and financial highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
August 31, 1995 by correspondence with the custodian. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Heritage Cash Trust-Money Market Fund as of August 31, 1995, the results of its
operations for the year then ended, the changes in its net assets for each of
the two years in the period then ended, and the financial highlights for each of
the nine years in the period then ended and for the period November 25, 1985
(commencement of operations) to August 31, 1986 in conformity with generally
accepted accounting principles.
/s/ Coopers & Lybrand
------------------------------------
Boston, Massachusetts
October 12, 1995
9
<PAGE> 10
(This Page Intentionally Left Blank)
<PAGE> 11
HERITAGE CASH TRUST-MONEY MARKET FUND is a member of the Heritage Family of
mutual funds. Other investment alternatives available to you from Heritage
include:
- HERITAGE CASH TRUST
MUNICIPAL MONEY MARKET FUND
- HERITAGE CAPITAL APPRECIATION TRUST
- HERITAGE INCOME-GROWTH TRUST
- HERITAGE INCOME TRUST
DIVERSIFIED PORTFOLIO
LIMITED MATURITY GOVERNMENT PORTFOLIO
- HERITAGE SERIES TRUST
SMALL CAP STOCK FUND
VALUE EQUITY FUND
- HERITAGE U.S. GOVERNMENT INCOME FUND
(A CLOSED-END FUND THAT TRADES ON THE
NEW YORK STOCK EXCHANGE)
We are pleased that many of you are also investors in these funds. For
information and a prospectus for any of these funds, please contact your account
executive. Please read the Prospectus carefully before you invest in any of the
funds.
<PAGE> 12
LOGO
HERITAGE
--------------
CASH TRUST(TM)
--------------
MONEY MARKET FUND
A money market fund
----------------------------
seeking high current income
----------------------------
consistent with liquidity
----------------------------
and preservation of capital
----------------------------
ANNUAL REPORT
and Investment Performance
Review for the Year Ended
AUGUST 31, 1995
A member of the
Heritage Family of Mutual Funds(TM)
Heritage Cash Trust
Money Market Fund
P.O. Box 33022
St. Petersburg, FL 33733
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Address Change Requested
Annual Report
INVESTMENT ADVISOR/
SHAREHOLDER SERVICING AGENT/
FUND ACCOUNTANT
Heritage Asset Management, Inc.
P.O. Box 33022
St. Petersburg, FL 33733
(800) 421-4184
DISTRIBUTOR
Raymond James & Associates, Inc.
P.O. Box 12749
St. Petersburg, FL 33733
(813) 573-3800
LEGAL COUNSEL
Kirkpatrick & Lockhart LLP
INDEPENDENT ACCOUNTANTS
Coopers & Lybrand L.L.P.
This report is for the information of shareholders of
Heritage Cash Trust-Money Market Fund, It may also be used as
sales literature when preceded or accompanied by a prospectus.
93M 10/95
